Bitcoin farm near Sandersville posts record earnings as construction project continues

A bitcoin miner in Washington County is reporting record production as it works to build a 150-megawatt expansion to its facility. 

“We had our best quarter and best fiscal year ever,” said CleanSpark CEO Zach Bradford. 

The company mined 6,903 bitcoin during its fiscal year, representing the period Oct. 1, 2022, to Sept. 30. CleanSpark sold 80 bitcoin in September at an average of about $26,800 per bitcoin, totaling about $2.2 million. 

Bitcoin is the world’s largest and most popular cryptocurrency, which is a digital currency created by using encryption algorithms. Bitcoins are created, traded and stored in a blockchain, which is a sort of digital transaction ledger. 

To earn new bitcoins, data validators called “miners” must perform extremely complex math calculations by producing the right multidigit hexadecimal number. When the puzzle is solved, a bitcoin is produced, and another math problem is tackled. 

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CleanSpark also offered an update on its Sandersville expansion. The steel structure and roof for Building 1 are complete and the indoor switchgear – such as fuses and other power conductors – is in place. Structures for Buildings 2 and 3 are in progress, and indoor switchgear has been installed in Building 2. 

“The remaining seven mining buildings are in various stages of construction, from underground conduit installations to slab concrete for the structures and transformers,” CleanSpark said in a statement. “No serious delays have been reported and site construction remains on track for year-end completion.” 

CleanSpark, which also runs three other Georgia bitcoin mines in Washington, Norcross and College Park, acquired the Sandersville site in October 2022.