CleanSpark Expands Operations, buys more Bitcoin Mining Rigs

CleanSpark Expands Operations, buys more Bitcoin Mining Rigs

CleanSpark, an American-based Bitcoin mining company, has announced that it acquired 3,843 units of Antminer S19 pro-Bitcoin mining machine at an approximate cost of $6 million, bringing the total machines purchased by the company since the bear market to a staggering 26,500.

Zach Bradford, the CleanSpark chief executive officer, said. 

“This most recent purchase demonstrates how CleanSpark continues to execute in distressed markets. 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 hash rate, and increase our daily bitcoin production in anticipation of market conditions improving over the next several months.”

CleanSpark Purchases So Far

In late Q3 2022, CleanSpark said it had purchased a 36MW facility in Washington, Georgia, which included the machines. Later on, in September, the crypto mining firm went ahead and bought an additional 10k new Bitmain Antminer S19j pro units. Early last month, in October, the company went further to acquire an 80MW facility in Sandersville, Georgia; the property housed over 6,500 mining machines.

These successive purchases can best be described as top-up purchases as it continued to drive their expansion. In June, CleanSpark kicked off the summer with a purchase contract takeover of 1,800 Antminer S19 XP units and a partnership with TMGCore Inc. for an immersion cooling expansion.

In July, the company, in a bid to increase its mining capacity by 93 PH/s, acquired 1,061 Whatsminer machines at discounted prices.  

CleanSpark uses renewable energy or low carbon source to power its machines. It currently has four major operational facilities with a total of 50,000 bitcoin mining machines and a daily production rate of 19.2 Bitcoin. 

Their purchases are paying dividends because their combined hash rate has hit its year-end guidance mark of 5 EH/s, forcing them to raise their year-end guidance to 5.5 EH/s. 

The company expects to hit a 22.4 EH/s year-end guidance by 2023, making it one of the world’s largest publicly traded bitcoin mining companies.

CleanSpark Plans for the Future

The CleanSpark futuristic plans are enclosed in the Private Securities Litigation Reform Act of 1995. It comprises statements regarding the conclusion process for acquiring Mawson’s bitcoin mining facility. This will result in attaining the anticipated benefits for CleanSpark (improved hash rate/timing) and plans to expand the facility.

CleanSpark (NASDAQ; CLSK) has been an indigenous American Bitcoin miner since 2014 and has been at the forefront of helping people achieve energy independence for their homes and businesses.

In 2020, CleanSpark deployed top-notch expertise in developing sustainable infrastructure for Bitcoin, an essential tool for financial independence and inclusion.

CleanSpark believes it can improve the planet by sourcing and investing in low-carbon energy, like wind, solar, nuclear, and hydro.

Mathew Schultz, the Executive Chairman at CleanSpark, sees Bitcoin mining as a “potential solution for creating more opportunities for energy development.”

Besides being Forbes 2022 American best small company, CleanSpark Company holds the 44th spot on the Financial Times’ List of the 500 Fastest Growing Companies in America.

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