CleanSpark announced a $144.9M expansion deal to double its mining capacity. CleanSpark stated that the new fleet would provide the company with 6.3 exahash per second (EH/s) of computational power, effectively doubling its Bitcoin mining efforts.
Keynotes
- CleanSpark announced that it had paid $144.9 million for 45,000 Antminer S19 XP Bitcoin mining devices.
- According to the platform, the new fleet will add 6.3 EH/s of computational power to the company’s current 6.7 EH/s.
Bitcoin mining is accomplished by employing sophisticated hardware capable of solving extremely complex computational mathematical problems. The Antminer S19 XP units are among the most energy-efficient Bitcoin mining machines available.
CleanSpark, a Bitcoin mining company based in the United States, announced today the completion of a $144.9 million deal to purchase 45,000 Antminer S19 XP Bitcoin mining machines from Bitmain.
According to the purchase agreement, the manufacturer will first deliver 25,000 of the total 45,000 units in August, followed by the remaining 20,000 units in September, to its facility in Sandersville, Georgia.
Once deployed, these machines will add more than 6.3 EH/s of computing power to CleanSpark’s existing hashrate of 6.7 EH/s, representing a 95% increase and nearly doubling its initial mining capacity.
The acquisition announcement comes as Bitcoin surpassed $30k for the first time in nearly a year, potentially reviving the Bitcoin mining industry. In turn, Bitcoin’s global hashrate has increased, surpassing the 400 EH/s range this year, while the network’s difficulty has also reached all-time highs.
Zach Bradford, CEO of CleanSpark, said,
“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.”
He added,
“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.”
CleanSpark aims to have 16 EH/s of computing power by the end of the year. It lowered its 2023 guidance from 22.4 EH/s in December 2022, citing construction delays by one of its partners, Lancium. Another 2.44 EH/s of machines purchased at a discount in February are expected to be operational at a Washington State facility later in Q2.
The $144.9M investment clearly establishes CleanSpark as a key player in the mining industry. As the BTC market evolves, CleanSpark’s bold move could serve as a catalyst for positive change and continued growth in the cryptocurrency mining sector.
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Caleb is a technical writer at AlteBlock with over 2 years of experience in covering DeFi-related content such as crypto news, exchange reviews, and guides. He is also a Civil engineering graduate who can be found on-site when not writing an article.
