CleanSpark’s Expansion into AI Data Centers Boosts Stock by 14% as Bitcoin Mining Continues

Key Points

• Las Vegas-based Bitcoin mining company CleanSpark plans to expand into artificial intelligence data centers and AI infrastructure.
• The firm aims to utilize its experience from establishing Bitcoin mining facilities to quickly expand into the AI sector.

Bitcoin mining company CleanSpark, based in Las Vegas, has announced its expansion plans into the development and operation of artificial intelligence data centers and AI infrastructure.

The company intends to leverage the knowledge and experience it has acquired from setting up Bitcoin mining facilities to execute a swift expansion in the AI sector.

Expansion into AI

Jeffrey Thomas, who previously orchestrated the Kingdom of Saudi Arabia’s multi-billion AI data center program, has been hired by CleanSpark as Senior Vice President of AI Data Centers to supervise the expansion.

Scott Garrison, the company’s Chief Development Officer, stated that CleanSpark had recently contracted for additional power and real estate in College Park to provide high-value compute to the greater Atlanta metro area.

The company is also evaluating more opportunities to construct large-scale facilities.

Bitcoin Miners Show Signs of Recovery

CleanSpark’s expansion comes at a time of volatility for the cryptocurrency and digital assets markets.

After hitting new all-time highs in the $125,000 range in early October, Bitcoin’s price fell to around $105,000.

Despite the market downturn, miners seem to be displaying signs of a strong recovery at the start of the week of Oct. 20.

Data from Companiesmarketcap indicates that nearly every Bitcoin mining firm in the top 20 by market cap is showing a rising recovery pattern.

The top five Bitcoin mining firms by cap, IREN, Riot, Cipher, Marathon, and CleanSpark, have seen an average increase of 9.72% for the past 24 hours, as of Oct. 20, with CleanSpark up nearly 14%.

On the other hand, the market size for AI data centers appears to be growing exponentially.

Despite being dominated by companies like Nvidia, Microsoft, Meta, Google, Amazon, and IBM, there is still a strong demand for more entrants to the sector.

According to Gartner analysts, global AI expenditure is projected to hit $2 trillion in 2026, with the growth largely driven by AI data center and infrastructure investment.