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CleanSpark Acquires Thousands of BTC Mining Rigs Amid Distressed Markets

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Pavan A Follow

INDIA

Nov, 03 2022

Nov, 03 2022

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The bitcoin miner CleanSpark announced on Nov. 1, 2022, that it had acquired 3,853 Bitmain-branded Antminer S19J Pro mining rigs for $5.9 million. Since June, CleanSpark has purchased 26,500 mining machines for bitcoin. 

 

Data from Hashrate Index revealed that bitcoin miners cost $15.50 per terahash - substantially less than the current market price of $22.94 for a machine of the same efficiency. 

 

By the year's end, CleanSpark plans to raise its year-end goals to 5.5 exahash per second (EH/s) following the announcement that its hashrate had exceeded 5 exahash per second.

 

CleanSpark announced a week later that it had purchased new bitcoin mining rigs for $5.9 million. Each machine in the Antminer S19J Pro mining rig produces 96 terahash per second (TH/s). It has purchased 26,500 miners since the onset of the "bear market conditions" - a period when companies have had to sell off equipment or even consider bankruptcy. 

 

Zach Bradford, CEO of CleanSpark, said on Tuesday, “This most recent purchase demonstrates how CleanSpark continues to execute in distressed markets.”

 

He adds, “Our unwavering focus on sustainability has provided us with a strong balance sheet and operating strategy that has allowed us to acquire machines at incredible prices, grow our hashrate, and increase our daily bitcoin production in anticipation of market conditions improving over the next several months.” 

 

Matthew Schultz, the executive chairman of CleanSpark, told Cointelegraph earlier this week that one of the company's operating strategies was to view Bitcoin mining as a way to improve energy development. It improves the efficiency of its mining operations by purchasing excess energy from several city councils in the United States, but it also helps these communities save on energy costs. 


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Pavan A

CBW - External Analyst

INDIA

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