CleanSpark, an American Bitcoin (BTC) mining firm, recently announced that it has purchased 45,000 Antminer S19 XP ASIC mining rigs for $144.9 million. Once delivered by Antminer by the end of September, these units are expected to add an estimated 6.3 exahashes per second (EH/s) of mining power to the firm’s already existing capacity of 6.7 EH/s. This latest purchase is expected to account for an estimated 3.8% of the entire Bitcoin network’s hash rate.
Zach Bradford, CEO of CleanSpark, stated that the Antminer S19 XP is the most power-efficient bitcoin mining machine available in the market today, and is a key component in their continuing work to build some of the most efficient bitcoin mining facilities in the country. The firm’s goal is to reach 16 EH/s in hash rate by the end of 2023, and this acquisition is just the latest step in that direction.
CleanSpark plans to deploy all of the acquired units at its Bitcoin mining facility in Sandersville, Georgia. The plant is currently undergoing a 150-megawatt power expansion, and over 90% of its mining electricity will come from low-carbon energy sources. The remaining 10% will be sourced from traditional power sources, but the firm expects to gradually shift towards more sustainable energy sources over time.
The company also claimed that this bearish market has continued to provide them with opportunities to maximize ROI, including the chance to purchase the industry’s best miner at an industry-leading price. In February, the firm had purchased another 20,000 ASICs which are scheduled for operations this quarter.
CleanSpark’s mining facilities currently operate on clean energy generated from its multiple solar farms across the US, including those in California and Arizona. In 2022, the firm had total assets worth $486.8 million and $59.8 million in total liabilities.
While many argue that Bitcoin mining uses up a considerable amount of energy, CleanSpark’s efforts to rely on renewable energy sources indicate a move towards a more sustainable future for Bitcoin mining. This is particularly important given recent warnings from climate scientists of the dire consequences of global warming if the world is not able to rapidly transition to renewable energy sources.
Additionally, CleanSpark’s purchase of the Antminer S19 XP is a significant investment towards the future of Bitcoin mining. The Antminer S19 XP is currently considered the most power-efficient bitcoin mining machine on the market. This indicates that CleanSpark is positioning itself as a leader in the industry by securing the best possible equipment for its mining operations. As such, the company’s steady commitment to growth, sustainability, and efficiency in Bitcoin mining is expected to contribute to the development of a stronger Bitcoin network.
In conclusion, CleanSpark’s investment in 45,000 Antminer S19 XP ASIC mining rigs is a significant move forward towards increasing its hash rate and positioning itself as a leader in the Bitcoin mining industry. With its commitment to sustainability and efficiency, CleanSpark’s investment is expected to contribute significantly towards the development of the Bitcoin network, strengthening its position in the cryptocurrency industry. Additionally, this investment helps shift the industry towards renewable energy sources while also maximizing ROI, paving the way for a more sustainable future.
