CleanSpark (CSLK), the sustainable Bitcoin mining firm, has taken the opportunity provided by the bear trend to expand its mining infrastructure. The Las Vegas-based company purchased more than 1,000 Whatminers to increase its existing capacity.
CleanSpark Seizes an Unprecedented Opportunity
The latest purchase of an additional 93 petahashes per second (PH/s) of operation power will boost CleanSparks’ mining capacity. Accordingly, 1,061 Whatsminer M30S machines are currently in operation in partnership with Coinmint in a shared location.
Moreover, the computers are Bitcoin-based mining systems, which are called ASICs. The specialized mining devices are expected to be integrated into CleanSpark’s facility next month.
It is worth noting that the sustainable Bitcoin miner took advantage of the current state of the crypto market. The drop in the value of the BTC has led to a decline in the prices of mining tools.
Thus, the ASIC machines are oversupplied because they cannot be plugged in to begin Bitcoin mining due to the challenging capital market. Most importantly, Bitcoin miners are also in a fix due to difficulty negotiating energy agreements with partners. All these have contributed in no small way to the declining cost of mining rigs.
Miners have difficulties maintaining optimum activities on rigs paid for; as a result, most miners still owe some deposits. And CleanSpark’s decision to swing into action will clear the backlog of mining rig orders.
With this purchase, CleanSpark has made the second largest mine acquisition in a single month. Last month, CleanSpark completed the purchase of 1,800 Antminer S19 XP machines via a deal mediated by Cryptech Solutions, a privately held vendor of mining hardware.
Zach Bradford, CEO of CleanSpark, noted that the market had presented an opportunity too good to be overlooked. The company adopted a hybrid approach by co-owning mining infrastructure and at the same time upgrading its mining tools.
Bradford added that this would allow CleanSpark to steadily grow its Bitcoin mining potential and position itself as a force in the sector.
Increasing Bitcoin Mining Output
The company’s press release shows its mining capacity has grown more than 47% in the past six months. Accordingly, its Bitcoin production also shot up by 50% due to the rapid hashrate increase.
Commenting on the improved performance, Bradford reiterated that the key performance index (KPI) indicates a positive trend. The CleanSpark CEO noted that the company’s growth is outpacing the forecasted global hash rate.
Meanwhile, CleanSpark’s ability to always be one step ahead of any network difficulty change is commendable. And Bradford believes that their strategy is focused on providing efficiency and accurate execution of goals.
Furthermore, the current market has allowed CleanSpark to purchase mining rigs at discounts to expand its mining operations.
Meanwhile, CleanSpark did not reveal the amount it shelled out to pay for the mining rigs. But sources close to the deal disclosed that the deal for a single ASIC is $60 per terahash.
The prices may differ due to the hash rate and other variables.