CleanSpark, a Bitcoin mining company, has recently been granted approval to construct a new mining facility in Mountain City, Tennessee. The local Mountain City Board of Mayor and Aldermen voted 3-1 to rezone a 50-acre site from B3 to B4 zoning, allowing for the development of a 30-megawatt Bitcoin mining facility.
Mountain City Mayor Jerry Jordan has expressed cautious optimism about the project, acknowledging the potential economic benefits and job creation it may bring to the town. However, there are concerns from residents about the impact of the facility on their quality of life and property values. A petition opposing the facility has garnered 1,575 signatures from locals who fear that the industrial activity could disrupt the serene environment and clean air that define Mountain City.
Despite the controversy surrounding the project, CleanSpark’s stock has seen an 11.27% increase to $12.33 following the news of the facility’s approval. This rise in stock value comes on the heels of CleanSpark’s recent success, with the company reaching a hashrate of 50 EH/s and recording improved fleet efficiency. Additionally, CleanSpark’s Digital Asset Management division is managing over 12,500 self-mined Bitcoins.
CEO and President of CleanSpark, Zach Bradford, attributed the company’s growth to their approach of building and operating their own infrastructure, which has allowed them to lead in the industry. The decision to expand mining operations in Tennessee signifies CleanSpark’s commitment to continued growth and success in the Bitcoin mining sector.
Overall, the approval of the mining facility in Mountain City marks a significant development for CleanSpark and the town, with potential economic benefits and job opportunities on the horizon. However, it will be important for the company to address concerns from residents and mitigate any potential negative impacts of the facility on the local community.