Cleanspark Bolsters Hashrate With $40.5M Purchase of 12,500 Bitcoin Miners

On June 1, 2023, Cleanspark, a publicly-traded bitcoin mining firm, declared the acquisition of 12,500 Antminer S19 XP bitcoin miners for $40.5 million. The buy is anticipated to boost Cleanspark’s hashrate by an additional 1.76 exahash per second (EH/s).

Acquisition to Boost Cleanspark’s Hashpower by 1.76 EH/s

Throughout 2023, Cleanspark (Nasdaq: CLSK) has secured a substantial variety of application-specific built-in circuit (ASIC) bitcoin miners. In February, the corporate procured 20,000 new Bitmain mining rigs for $43.6 million, and in mid-April, it bought 45,000 Antminer S19 XP models. The agency’s most up-to-date acquisition concerned 12,500 Antminer S19 XP bitcoin miners at a price of $40.5 million.

Cleanspark reveals that the expense stood at roughly $23 per terahash ($/TH), which is lower than the present market worth. The agency disclosed that 6,000 machines would arrive in June, whereas the remaining models could be delivered in August. These ASIC bitcoin mining machines will probably be stationed throughout Cleanspark’s information facilities. The firm claims that “low-carbon energy sources” account for 90% of the bitcoin miner’s energy provide.

Zach Bradford, Cleanspark CEO, mentioned in an announcement that “this purchase ensures that we are prepared to meet and potentially exceed our year-end target of 16 EH/s and also positions us to be one of the most power-efficient miners on an energy-per- hashrate basis.” He additionally talked about that “this additional machine purchase also gives us substantial optionality to replace the units in our existing fleet that consume more than 30 joules per terahash while allowing us to maintain less efficient machines only if the economics support doing so.”

Cleanspark’s announcement comes on the heels of a difficult crypto bear market endured by bitcoin miners in the course of the latter a part of 2022. Additionally, quite a few different mining companies have additionally skilled growth in latest instances. For occasion, Stronghold Digital partnered with Cantaloupe Digital LLC, a subsidiary of ASIC bitcoin miner producer Canaan. This deal elevated Stronghold’s hashrate by 400 petahash per second (PH/s), and on May 30, Stronghold unveiled that it had reached 3 EH/s in regards to the firm’s whole hashpower.

Amid the crypto bear market, Cleanspark has found numerous alternatives. Gary A. Vecchiarelli, Cleanspark’s CFO, acknowledged, “we continue to make use of opportunities created by the current market conditions to prepare for next year’s bitcoin halving.” He continued, “this order of XPs not only adds to our hashrate, but the efficiency of these machines also results in less power consumed per bitcoin mined compared to older generation miners, which should translate to higher margins.”

What are your ideas on Cleanspark’s strategic acquisitions? Share your ideas and opinions about this topic within the feedback part under.