Bitcoin mining company CleanSpark has received approval 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 passing a 3-1 rezoning on the 50-acre site. The change would change the zone from B3 to B4, which would open up opportunities for more robust infrastructure and support for energy-intensive operations.
CleanSpark plans to install a 30 megawatt mining facility on the site.
Mountain City Mayor Jerry Jordan has previously expressed justified optimism, noting that while the mine could bring economic benefits and create jobs, the city must remain alert to potential problems.
Officials see the project as a potential turning point similar to the economic recovery in Rockdale, Texas, where bitcoin miners moved after their largest employer closed in 2008.
However, the approval was not without controversy. Plans to build the facility near a residential area raised concerns about noise levels and environmental impact.
Some residents have expressed concerns that the development will negatively impact their quality of life and property values. A petition against the development states:
“The tranquil atmosphere we value so much is under threat. The sounds of nature, the tranquility and the clean air define Mountain City. The introduction of this high-energy industrial activity challenges the very essence of what makes our city unique.”
At the time of publication, the petition had collected 1,575 signatures from local residents.
Following the announcement, CleanSpark shares rose 11.27% to $12.33, their highest level this year.
In addition to the stock price boost, CleanSpark’s decision to expand its Tennessee mining operations comes on the heels of the company’s recent successes.
Last month, CleanSpark announced that its hashrate had increased to 50 EH/s, as well as improved efficiency in 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 achievements, Zach Bradford, CEO and President of CleanSpark, noted:
“This growth has not been an accident. It is the result of building and operating our own infrastructure, often from scratch, which has given us the control, resilience and scalability needed to become a leader in this industry.”
Source: cryptonews.net
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