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Wednesday, April 17, 2024

CleanSpark Scoops Up 12,500 Bitcoin Mining Machines for $40.5 Million

Sustainability-focused Bitcoin mining agency CleanSpark is increasing its ASIC fleet by 12,500 models after investing $40.5 million into new {hardware}. 

The added gear is projected to deliver CleanSpark’s whole hash price to over 16 exahashes per second (EH/s). 

CleanSpark’s Mining Low cost

In line with a press release from CleanSpark on Thursday, the agency’s newly bought fleet of Antminer S19 XP machines labored out to a price of $23 per terahash ($/TH). 

Knowledge from Hashrate Index reveals that is barely decrease than the trade common of $23.27/TH for machines of comparable effectivity. On this matter, CleanSpark stated:

“The Antminer S19 XP models have a power-efficiency ranking of 21.5 joules per terahash (J/TH) and a bitcoin mining compute energy (or hashrate) of 141 terahash per second (TH/s) every, for a mixed whole hash price of 1.76 exahashes per second (EH/s).”

Prices for high-efficiency ASICs have persistently declined since June of final yr, when Bitcoin’s freefall to beneath $20,000 made mining BTC far much less worthwhile than through the bull market. 

Bitcoin’s return above $26,000 in March did little to interrupt that development, although this can be as a result of rising effectivity of ASIC machines over time. Certainly, although Bitcoin’s value stays down 61% from its all-time excessive, its global hash rate continues to interrupt information with minimal interruption.

After this buy, Cleanspark’s whole fleet would technically symbolize 4.7% of worldwide hashrate mixed. Nevertheless, its new machines gained’t go energetic instantly, with 6000 anticipated to reach from the producer in June, and the remaining 6500 anticipated for August.

The corporate’s CEO, Zach Bradford, additionally steered that the brand new fleet might change present, much less environment friendly machines, somewhat than merely including to them, relying on how the economics play out.

CleanSpark’s Heavy Mining Investments

CleanSpark has already revealed purchases for tens of hundreds of machines throughout a number of bulletins this yr. This consists of 20,000 Antminer S19j Professional+ models for $13.15/TH in February and 45,000 Antminer S19 XP models for $23/TH in April

Solely the primary of these bought has been paid off in full thus far, with “important progress” made on paying off the April purchase. On the latest funding, CleanSpark CEO Gary A. Vecchiarelli stated the corporate has “already absolutely funded and paid for the primary half of this buy, or roughly 6,650 machines.”

In late 2022, main North American mining corporations together with Core Scientific and Iris Vitality struggled to pay down debt after taking out related nine-figure loans to buy new machines. 

Different corporations like Grayscale and CleanSpark intentionally waited for the crypto bear market to set in earlier than deploying main capital towards mining infrastructure.


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