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CleanSpark invests $144.9 million in bitcoin mining equipment to increase its hashrate.

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CleanSpark invests $144.9 million in bitcoin mining equipment to increase its hashrate.



Crypto miner CleanSpark (CLSK) paid $144.9 million for 45,000 brand-new Bitmain Antminer S19 XPs, which, once installed, will nearly double its present computational capacity, or hashrate. 

This is the most recent in a string of distressed assets that the miner has bought since the summer of 2022.

Once they are delivered and deployed, the 45,000 Antminers will increase CleanSpark's fleet's 6.7 EH/s computing capacity by more than 6.3 EH/s. Bitcoin just crossed $30,000 for the first time in almost a year, which may have revived interest in bitcoin mining.

The first batch of 25,000 rigs from Bitmain will be available for delivery in August, and the remaining rigs will follow in September. These will be set up at a location in Sandersville, Georgia, that CleanSpark purchased in September from Mawson Infrastructure (MIGI). 

By the end of the year, CleanSpark hopes to have 16 EH/s of processing power. In December 2022, it decreased its 2023 guidance from 22.4 EH/s, citing Lancium, one of its partners, building delays. Later in Q2, a facility in Washington state is anticipated to have another 2.44 EH/s of machines that were purchased at a bargain in February online.

According to Zach Bradford, CEO of CleanSpark, "as bitcoin's halving approaches, our focus on operational efficiency, our technical know-how, and our treasury management strategy, will all play a critical role in establishing CleanSpark's position among the top bitcoin mining companies in America."

Article Credit: Coindesk

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