CleanSpark’s Tennessee expansion boosts stock 11% amid local unrest
2025/07/02 12:00Bitcoin 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.”
The post CleanSpark’s Tennessee expansion boosts stock 11% amid local unrest appeared first on CryptoSlate.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Overnight US stock market crash: A reflexivity storm triggered by a $100 billion “early exit”
A wave of $100 billion in mechanical selling pressure triggered a "head start" on Wall Street, but these early moves by smart money instead accelerated the sell-off: the Nasdaq fell 6.4% in a single day, semiconductors plunged 12%, and the “best of the year” AI and energy barbell trades collapsed within 48 hours. Even more dangerously, lagging selling pressure is still on its way. This reflexive storm demonstrates that when everyone knows the same script and acts on it simultaneously, the script itself stops working.
U.S. stocks plunge amid midterm election turbulence! Wall Street's bullish expectations dashed, short-term selling pressure may be hard to ease
For weeks, major Wall Street trading institutions have been saying that stock market gains would resume after the US midterm elections. However, Thursday's market performance brought a dramatic reversal to this prediction.
Bernstein Comments on Datadog (DDOG.US) Q3 Financial Report: Strong Performance but Guidance "Not Surprising", Lowers AI Business Revenue Expectations
Bernstein lowered Datadog's target price from $350 to $273, but maintained its "outperform" rating.
S&P evaporates 2.8 trillion in a single day, BTIG warns: This is not the bottom, the real sell-off has just begun
BTIG Chief Technical Strategist Krinsky warns that yesterday's sharp decline in the US stock market is not the bottom, but just the beginning. Nearly 70% of S&P 500 components are still trading above their 200-day moving average, and elevated breadth indicators suggest that the sell-off is far from over. If "defensive sectors" such as healthcare and consumer staples start to fall as well, the real "generals and soldiers falling together" will occur, and the S&P may head straight for 7000 points.
Crypto prices
More
