Shares of CleanSpark surged 22% on Tuesday after the bitcoin miner announced a 20-year lease on a data center in Georgia, signaling its continued expansion into digital infrastructure beyond cryptocurrency mining.
CleanSpark said it signed a 20-year, triple network lease with an undisclosed global investment-grade technology company for a 175-megawatt data center at its Sandersville, Georgia, campus. The company expects the deal to generate about $6.6 billion in contract revenue over the initial term, rising to $11.6 billion if the lessee exercises two five-year extension options.
Under the agreement, the tenant will install computing infrastructure at the site, with phased deliveries to begin in the fourth quarter of 2027.
The deal is the latest sign of CleanSpark’s drive to diversify beyond its core bitcoin mining business and capitalize on growing demand for artificial intelligence and high-performance computing infrastructure. Despite the shift, CleanSpark remains one of the largest public bitcoin holders.
Over the past year, CleanSpark has gradually accumulated bitcoins. Source: BitcoinTreasures.NET
Shares of CleanSpark ( CLSK ) hit an intraday high of $15.10 before paring some of the gains at midday in the US. Shares are up about 11% recently, compared with less than a 1% gain for the CoinShares Bitcoin Miners ETF ( WGMI ) sector.
On the topic: Crypto Biz: Bitcoin Maximalism Meets the Realities of Capital Markets
Bitcoin miners are looking for new sources of income
CleanSpark’s expansion comes at a time when bitcoin miners are facing mounting pressure from a weaker mining economy, including declining revenues and lower profit margins after the halving in 2024. In March, the company reported net loss in the second fiscal quarter in the amount of 378 million dollars, with almost 60% of the losses coming from the decline in the value of Bitcoin.
In February, the company named after sold some of his BTC holdings to help fund operations and growth initiatives.
However, the company showed better results than many of its peers. While several miners sold a significant portion of their Bitcoin holdings to shore up liquidity, CleanSpark remained a pure accumulator. How This is reported by Cointelegraphpublic miners sold approximately 15,000 BTC between October and the end of February.
It is expected to report fiscal Q3 results on Aug. 6 with analysts’ consensus estimate of a loss of $0.25 per share, compared with a profit of $0.79 in the same quarter last year, according to Yahoo Finance. It has missed Wall Street estimates for the past three quarters in a row.
On the topic: CoreWeave shows how the infrastructure of the crypto era has quietly become the foundation of artificial intelligence
