CleanSpark Boosts Mining Capacity With New Machinery Worth $145 Million

The US-based cryptocurrency miner – CleanSpark – bought 45,000 items of the Antminer S19 XP BTC mining machines for $144.9 million. 

The present computing energy of CleanSpark is 6.7 EH/s, whereas the set up of the brand new tools is predicted to push it to 13 EH/s. 

Preparing for the Halving

According to the deal, the producer will distribute 25,000 items in August, whereas the remaining 20,000 ought to arrive in September. CleanSpark plans to deploy all of them at its mining facility in Sandersville, Georgia. 

Zach Bradford – CEO of CleanSpark – mentioned the Antminer S19 XP is “the most power-efficient bitcoin mining machine available in the market today” and raised hopes it would flip right into a “key component” for the corporate’s operations.

He defined that the multi-million buy and the supply of first-class equipment is a part of the agency’s technique previous to the Bitcoin halving that’s anticipated to happen within the spring of 2024. 

The pivotal occasion, lowering the speed at which new cash are created, will lower block rewards in half – from the present 6.25 BTC to three.125 BTC. Many consultants imagine the method will gas a worth surge of the first cryptocurrency, much like earlier events.

“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,” Bradford mentioned.

The 45,000 new machines also needs to increase the mining capability of the group to 13 EH/s by September 2023. Bradford argued that the crypto winter had given corporations an opportunity to accumulate trendy tools at an industry-leading worth:

“We have chosen other units, such as the S19 jPro+, over the S19 XP in the past because we believed the gap would close on the delta between the ROI of other units and the XP. Our patience has paid off.”

CleanSpark’s Mining Expansion

The firm acquired a web site in Washington, Georgia, for $16.2 million in the summertime of 2022. It just lately began enlarging the power so it could ultimately accommodate 16,000 miners. CEO Bradford is decided that the growth will add 50 MW to the prevailing 36 MW of infrastructure:

“This second phase more than doubles the size of the existing operation. We are looking forward to expanding our relationship with the Washington City community and to being able to support the construction jobs that will come with this expansion.”