Bitcoin Miner Cleanspark is reportedly approved to build a new mining facility in Mountain City, Tennessee.
The mayor of Mountain City and councillors approved the development of the mine after a 3-1 vote to rezone the 50-acre target facility, according to the report. The land will transition from B3 to B4 zoning, enabling higher capacity infrastructure and energy-intensive operations.
CleanSpark plans to build a 30-megawatt Bitcoin mining facility on its site.
Mountain City Mayor Jerry Jordan previously expressed cautious optimism and said that while the mine may provide economic benefits and job creation, the town must remain vigilant against unexpected shortcomings.
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 biggest employer closure in 2008.
However, approval is not without controversy. Plans to build the facility near residential areas have raised concerns about noise and environmental impact.
Some residents fear that the facility will have a negative impact on quality of life and property value. According to a petition against the facility:
“Our treasures are under threat. The sound of nature, tranquility and clean air define mountain cities. The introduction of this high-energy industrial activity poses a risk to the essence of what makes our town special.”
At the time of reporting, the petition had received 1,575 signatures from locals.
CleanSpark stock rises
Following the development news, CleanSpark shares rose 11.27% to $12.33, the highest level seen by stocks this year.
In addition to rising stock values, CleanSpark’s decision to expand its mining operations in Tennessee follows the company’s recent success.
Last month, CleanSpark said it had increased its hashrate to 50 EH/s and also recorded an improvement in fleet efficiency.
The company added that it is also growing its digital asset management division, managing over 12,500 self-my India Bitcoin.
Commenting on these milestones, Zach Bradford, CEO and President of Cleanspark, said:
“This growth didn’t happen by chance. It’s often the result of building and running our own infrastructure, which gave us the control, resilience and scalability we need to lead in this industry.”