CleanSpark, the Nasdaq-listed bitcoin miner, mentioned on July 14 that it has signed a 20-year infrastructure lease with an unnamed high-investment-grade international know-how firm at its campus in Sandersville, Georgia.
The deal marks the agency’s largest step from pure bitcoin mining towards high-performance computing for hyperscale shoppers.
The lease covers knowledge heart infrastructure that can help 175 megawatts of crucial IT load. CleanSpark expects the preliminary time period to generate $6.6 billion in contracted income, a determine that will climb to $11.6 billion if the tenant workout routines each extension choices.
The corporate has not too long ago introduced that it will repurpose a part of its electrical energy capability and mining infrastructure to energy AI knowledge facilities, aiming to diversify past bitcoin mining.
CleanSparks’ common annual internet working revenue from the settlement ought to attain $330 million. First deliveries are due within the fourth quarter of 2027.
In an extra signal of the tenant’s urge for food, the 2 sides executed a letter of intent and an exclusivity association overlaying CleanSpark’s complete Texas portfolio, a base of as much as 885 megawatts of secured and deliberate energy capability. Ought to that convert into agency contracts, CleanSpark’s transition into an infrastructure landlord for artificial-intelligence and cloud workloads would deepen.
CleanSpark holds 13,924 bitcoin
The announcement lands as CleanSpark’s core mining enterprise posts data. The corporate produced 614 bitcoin in early July and lifted its operational hashrate to 50 exahashes per second, an organization excessive.
Treasury holdings rose to 13,924 bitcoin, one of many bigger company stashes amongst public miners. Administration has stored a lot of its mined bitcoin quite than promote into the market, a guess on the asset’s long-term value.
Wall Road has warmed to the compute pivot. Residents started protection with an Outperform score and a $27 value goal, citing the shift towards hyperscale compute capability. Chardan lifted its goal to $19 from $16 and stored a Purchase score. Each notes framed the Sandersville lease as proof that CleanSpark can monetize its energy and land belongings past mining, the place margins swing with bitcoin’s value and community issue.
Investor response has been combined. Shares of CleanSpark gained greater than 20% in pre-market on the information however have since dropped to 9% positive aspects on the day.
The Georgia lease affords considerably of a hedge. Contracted lease from a creditworthy tenant supplies a income stream that doesn’t rise and fall with hash costs, whereas the corporate retains its mining fleet and bitcoin treasury intact.
The subsequent take a look at is execution: bringing 175 megawatts on-line earlier than the shut of 2027 and turning the Texas letter of intent into signed leases.