CleanSpark's Tennessee expansion sends shares up 11% amid local unrest
Bitcoin mining company CleanSpark has received permission to build a new mining facility in Mountain City, Tennessee, local outlet WCYB reported on July 2.
According to the report, the Mountain City Board of Mayor and Aldermen approved the mine project by a 3-1 vote to change the zoning on the 50-acre site from B3 to B4, which would allow for more robust infrastructure and support for energy-intensive operations.
CleanSpark intends to build a 30-megawatt Bitcoin mining facility on the site.
Mountain City Mayor Jerry Jordan has previously expressed cautious optimism, noting that while the mine could bring economic benefits and jobs, the city should be alert to potential unexpected developments.
Officials see the project as a potential turning point, comparable to the economic revival in Rockdale, Texas, where bitcoin miners moved after their largest employer closed in 2008.
However, the approval was not without controversy. The plan to build the facility near residential areas raised concerns about noise and environmental impact.
Some locals are concerned that the development could negatively impact their quality of life and property values. According to a petition against the project:
“The peace and quiet we value so much are under threat. The sounds of nature, peace and clean air define our lives in Mountain City. The introduction of this high-energy industry challenges the very essence of our city.”
At the time of publication, the petition had collected 1,575 signatures from local residents.
CleanSpark Shares Rise
Following the news, CleanSpark shares rose 11.27% to $12.33, their highest this year.
In addition to the rising stock price, CleanSpark's decision to expand its Tennessee mining operations comes on the heels of the company's recent successes.
Last month, CleanSpark reported that its hashrate had increased to 50 EH/s and also saw improvements in the efficiency of its fleet.
The company added that its digital asset management division is also showing growth, managing more than 12,500 independently mined bitcoins.
Commenting on these important developments, Zach Bradford, CEO and President of CleanSpark, noted:
“This growth has not been an accident. It has been the result of building and operating our own infrastructure, often from scratch, giving us the control, stability, and scalability we need to lead the industry.”
Source: cryptonews.net
