The cryptocurrency market is buzzing with a bullish vibe as Bitcoin miner CleanSpark announces a $144.9 million expansion deal, aimed at doubling its BTC mining capacity. This major development comes as Bitcoin experiences a recent breakout above the $30K mark, rekindling enthusiasm among mining firms and miners.
CleanSpark Purchased 45,000 Of Bitmain’s Antminer S19 XP
CleanSpark Inc, a leading Bitcoin Miner in America, has today unveiled the purchase of 45,000 Bitmain’s new Antminer S19 XP Bitcoin mining machines at a total cost of $144.9 million.
The manufacturer is set to deliver all units by the end of September, and once deployed, these machines will add more than 6.3 exahashes per second (EH/s) of computing power to CleanSpark’s existing hashrate of 6.7 EH/s, marking a substantial 95% increase.
According to the purchase agreement, the manufacturer will deliver 25,000 of the total 45,000 units in August, followed by the remaining 20,000 units in September. CleanSpark plans to install all purchased units at its Bitcoin mining facility in Sandersville, Georgia, which is currently being expanded by 150 megawatts (MW). As the new equipment arrives and extra rack space becomes accessible, the company will install the units in multiple phases, with the goal of having all machines fully operational by year’s end.
Zach Bradford, CEO of CleanSpark, said, “The Antminer S19 XP is the most power-efficient Bitcoin mining machine available in the market today, and a key component in our continuing work to build some of the most efficient bitcoin mining facilities in the country.”
He added, “As bitcoin’s halving draws closer, our focus on operational efficiency, our technical expertise, and our treasury management strategy, will all play a crucial role in solidifying CleanSpark’s position among the top bitcoin mining companies in America.”
CleanSpark Mines Bitcoin With Low Carbon Energy Sources
CleanSpark primarily mines Bitcoin using eco-friendly energy sources, which make up more than 90% of its energy mix. The company adheres to a prudent capital management approach, selling some of its mined bitcoins to fund growth initiatives. This strategy, in combination with CleanSpark’s unique mining model, has enabled the firm to attain one of the top hashrate realization rates among its competitors since January 2022.
Bradford went on to explain that the bear market has consistently offered them chances to optimize ROI, including the ability to acquire the industry’s top miner at a leading price. He mentioned that they had previously opted for units like the S19 jPro+ over the S19 XP, as they believed the ROI gap between other units and the XP would eventually narrow.
He said, “Securing these units under contract provides us with approximately 15.9 EH/s of machines on hand or under contract for delivery this year. This is an important step toward our target of 16 EH/s by year end. With approximately 99% of the required servers secured, we have addressed a key variable and can turn our full attention to the build-out of infrastructure at our campuses.”
The most recent procurement of mining equipment adds to a prior announcement in February, which involved the purchase of 20,000 machines. These devices have been fully paid for and are now being transported to CleanSpark’s Washington-based facility. They are expected to be operational within this quarter, boosting CleanSpark’s operational hashrate by an additional 2.44 EH/s.
The $144.9 million investment not only positions CleanSpark as a critical player in the mining industry but also sends a strong message about the importance of clean, sustainable mining practices. As the BTC market continues to evolve, this bold move by CleanSpark may serve as a catalyst for positive change and continued growth within the cryptocurrency mining sector.
