CleanSpark’s Tennessee expansion boosts stock 11% amid local unrest

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Bitcoin miner CleanSpark has reportedly received approval to build a new mining facility in Mountain City, Tennessee, local media outlet WCYB reported on July 2.

According to the report, the Mountain City Board of Mayor and Aldermen approved the mine’s development after a 3-1 vote to rezone the targeted 50-acre site. The land will shift from B3 to B4 zoning, allowing for higher-capacity infrastructure and energy-intensive operations.

CleanSpark plans to construct a 30-megawatt Bitcoin mining facility on the site.

Mountain City Mayor Jerry Jordan has previously voiced cautious optimism, stating that while the mine may offer economic benefits and job creation, the town must remain vigilant against unforeseen drawbacks.

The authorities see the project as a potential turning point, similar to the economic revival experienced in Rockdale, Texas, after Bitcoin miners moved in following the closure of its largest employer in 2008.

However, the approval has not been without controversy. The plan to build the facility near a residential area has sparked concerns about noise and environmental impact.

Some residents fear the facility will negatively affect their quality of life and property values. According to a petition opposing the facility:

“The serene environment we treasure is under threat. The sounds of nature, the tranquility, and the clean air define Mountain City. The introduction of this high-energy, industrial activity poses a risk to the very essence of what makes our town special.”

As of press time, the petition had garnered 1,575 signatures from locals.

CleanSpark stock rises

Following news of this development, CleanSpark’s shares rose 11.27% to $12.33, the highest level the stock has seen this year.

Besides the rising stock value, CleanSpark’s decision to expand its mining operations in Tennessee follows the company’s recent success.

Last month, CleanSpark said its hashrate increased to 50 EH/s, and it also recorded improved fleet efficiency.

The company added that its Digital Asset Management division is also growing, managing over 12,500 self-mined Bitcoins.

Commenting on these milestones, Zach Bradford, CleanSpark’s CEO and President, said:

“This growth didn’t happen by chance. It’s the result of building and operating our own infrastructure, often from the ground up, which has given us the control, resilience, and scalability needed to lead in this industry.”