- CleanSpark announced a $144.9 million expansion deal to purchase 45,000 Bitmain’s Antminer S19 XP Bitcoin mining machines.
- The new machines will increase CleanSpark’s computing power by 95% and double its BTC mining capacity, positioning the company as a key player in the mining industry.
The crypto market is buzzing with a bullish vibe following the announcement of a $144.9 million expansion deal by Bitcoin miner CleanSpark, which aims to double its BTC mining capacity. This significant development comes as Bitcoin recently broke through the $30K barrier, rekindling interest among mining firms and miners.
CleanSpark Purchased 45,000 Of Bitmain’s Antminer S19 XP
CleanSpark Inc, a leading Bitcoin miner in the United States, recently announced the purchase of 45,000 Bitmain’s new Antminer S19 XP Bitcoin mining machines for $144.9 million.
The manufacturer expects to deliver all units by the end of September. Once operational, these machines will add more than 6.3 exahashes per second (EH/s) of computing power to CleanSpark’s current hash rate of 6.7 EH/s, representing a significant 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 intends to install all purchased units at its Bitcoin mining facility in Sandersville, Georgia, which is currently being expanded by 150 megawatts (MW).
As new equipment arrives and additional rack space becomes available, the company will install the units in stages to have all machines fully operational by the end of the year.
Zach Bradford, CEO of CleanSpark, stated, “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.”
“As Bitcoin halving draws closer, our focus on operational efficiency, technical expertise, and treasury management strategy will all play a critical role in solidifying CleanSpark’s position among top Bitcoin mining companies in America,” he added.
CleanSpark Uses Low-Carbon Energy Sources to Mine Bitcoin
CleanSpark primarily mines Bitcoin with eco-friendly energy sources, which account for more than 90% of its energy mix. The company follows a prudent capital management strategy, selling some of its mined bitcoins to fund growth initiatives. This strategy, combined with CleanSpark’s distinct mining model, has allowed the company to achieve one of the highest hash rate realization rates among its competitors since January 2022.
Bradford went on to say that the bear market has consistently provided them with opportunities to maximize ROI, such as the ability to acquire the industry’s top miner at a maximum price.
He mentioned that they had previously chosen units such as the S19 jPro+ over the S19 XP because they believed the ROI gap between the XP and other departments would eventually close.
According to him, “Securing these units under contract gives us approximately 15.9 EH/s of machines on hand or under contract for delivery this year. This is a significant step toward our goal of 16 EH/s by the end of the year. With approximately 99% of the required servers secured, we have addressed a key variable and can devote our full attention to the infrastructure build-out at our campuses.”
The most recent mining equipment purchase follows a February announcement involving the purchase of 20,000 machines. These devices have been paid for in full and are being transported to CleanSpark’s Washington-based facility. They are expected to be operational this quarter, increasing CleanSpark’s operating hash rate by 2.44 EH/s.
CleanSpark’s $144.9 million investment establishes it as a critical player in the mining industry and sends a strong message about the importance of clean, sustainable mining practices. As the BTC market evolves, CleanSpark’s bold move may catalyze positive change and continued growth in the cryptocurrency mining sector.
