Sandersville leaders are excited to highlight the economic benefits of expanding bitcoin in our town, as this promising digital currency has the potential to revolutionize our local businesses and attract new investments.
CleanSpark, a company specializing in bitcoin mining, has recently begun construction on a massive facility in Sandersville, Georgia. The facility, which will house hundreds of computers dedicated to mining bitcoin, is expected to have a power output of 250 megawatts, ten times what is needed to power the entire city. This expansion is a result of the increasing demand for bitcoin and the company’s desire to meet that demand.
Isaac Holyoak, Chief Communications Officer at CleanSpark, explains that bitcoin is like cash for the digital age. Unlike other digital currencies that have a CEO, bitcoin operates autonomously. This unique aspect of bitcoin has contributed to CleanSpark’s record profits and the growing interest in the cryptocurrency.
Sandersville City Administrator, Judy McCorkle, highlights the advantages of having such a facility in their city. With an abundance of energy in Georgia, the city can reduce electric bills for its residents and businesses. The revenue generated from CleanSpark’s operations can also benefit the community by potentially reducing property taxes and funding infrastructure projects.
Bo Ginn, Site Manager at the facility, projects that once the expansion is complete, the company will be contributing significant sums of money to the city each month. He estimates that they will pay around $500,000 in taxes alone, totaling approximately $6 million per year. This additional funding will be allocated to schools, roads, and other community infrastructure projects that have been neglected in the past.
McCorkle suggests that the city’s property tax rate may eventually be as low as one mill, thanks to the revenue generated by CleanSpark. The city is also considering using the funds to build a hotel, further boosting the local economy.
CleanSpark aims to have the facility fully operational in the coming months, further solidifying their position as a leading bitcoin mining company. This expansion not only benefits CleanSpark but also has a positive impact on the local economy and community.