CleanSpark expands Wyoming Bitcoin mining with 100 MW wind power site

Wyoming expansion details

CleanSpark acquired two Bitcoin mining sites in Wyoming for $18.75 million. This agreement provides 75 MW of power capacity. The Cheyenne location is a 30 MW immersion-cooled facility. A second site provides 45 MW. These two sites add over 7 EH/s to the company hashrate. CleanSpark uses S21 and S21 Pro machines for this deployment. The Cheyenne site uses S21 immersion XPs. This site adds 2 EH/s to the hashrate. The 45 MW site adds 3 EH/s. The company can expand the Wyoming sites by an additional 55 MW. This expansion follows growth in Mississippi and Georgia. CleanSpark manages eight data centers in the American south. It co-locates 50 MW of machines in New York. The University of Wyoming launched a Bitcoin Research Institute. Senator Lummis introduced the BITCOIN Act. These developments support the expansion in Wyoming. High-line voltage connection from the substation is complete for both Wyoming sites. Immersion cooling equipment delivery continues. CleanSpark acquired three Bitcoin mining sites in Mississippi in February 2024. Those sites have a hashrate of 2.4 EH/s. The company expanded into Mississippi three months after its expansion into Georgia.

Efficiency and hardware specifications

Efficiency determines the success of any mining operation. A miner consumes power in watts. Performance is measured in joules per terahash (J/TH). The formula for J/TH is Power Consumption (Watts) divided by Hashrate (TH/s). The Antminer S21 XP consumes 3,645 W and produces 270 TH/s. This equals 13.5 J/TH. A machine using 9.5 J/TH uses nearly half the electricity of an 18.5 J/TH machine for the same hashrate. The Cheyenne facility utilizes immersion cooling to manage the thermal output of S21 immersion XP machines, a technology that provides much better efficiency than air-cooled systems for high-density Bitcoin mining. Users calculate daily costs by dividing wattage by 1,000 to find kilowatts. Then, multiply kilowatts by 24 to find daily kilowatt-hours. Finally, multiply that by the electricity price. For an Antminer S21 XP, the daily usage is 87.48 kWh. If the electricity price is $0.07 per kWh, the daily cost is $6.12. You should run your own numbers before you buy any machine.

Corporate scale and diversification

CleanSpark targets a 50 EH/s hashrate. The company holds 12,101 Bitcoin in its treasury as of April 2025. It reached 42.4 EH/s in April 2025. The company closed a $650 million convertible bond. It also secured a $200 million revolving credit facility with Coinbase. CleanSpark signed a 20-year, $6.6 billion lease in Sandersville, Georgia. This site provides 175 megawatts of critical IT load. The agreement generates $330 million in annual revenue. First data hall deliveries arrive in the fourth quarter of 2027. This lease shows the company can monetize power and land for AI workloads. However, liquid-cooled construction for AI facilities costs between $12 million and $13 million per megawatt. CleanSpark reported $162.3 million in revenue for the quarter ended December 31, 2024. Net income for that period was $246.8 million. This is a massive increase from $25.9 million in the prior year. The company’s total assets reached $2.8 billion. Total liquidity was $1.2 billion. The company holds $929.1 million in Bitcoin. The company has 35 sites in its portfolio.

Electricity costs and market viability

Electricity makes up 80% of mining costs. A miner must find cheap power to survive a bear market. In 2021, high revenues allowed miners to ignore electricity prices. The break-even price for an Antminer S19j Pro was $567 per MWh at the peak. The average US industrial electricity price was $73 per MWh. Now, the break-even price for an Antminer S19j Pro is $79 per MWh. The average US industrial electricity price is $82 per MWh. Running machines at the average rate prevents profit for some models. The Antminer S9 needs electricity priced at $24 per MWh to be profitable. The Antminer S17 requires rates of $69 per MWh or lower. A miner must find the break-even rate. The break-even rate is Daily BTC Revenue divided by (Power in kW x 24). If the local electricity rate exceeds this number, the miner loses money. Can the company maintain these margins if network difficulty continues to rise?