Bitcoin mining company Cleanspark has announced the purchase of 45,000 Antminer S19 XP bitcoin mining devices from Bitmain for a total price of $144.9 million. The new machines will be delivered to the company’s mining facility in Sandersville, Georgia, with the first shipment of 25,000 expected in August and the remaining 20,000 delivered in September. The move comes as a number of bitcoin mining firms make large purchases of application-specific integrated circuit (ASIC) bitcoin mining rigs after taking a brief break in 2022.
Cleanspark’s latest acquisition of ASIC bitcoin miners follows the company’s purchase of 20,000 Bitmain mining rigs in mid-February using Bitmain coupons that saved the firm millions. The new fleet is expected to add 6.3 exahash per second (EH/s) of computational power to the company’s current 6.7 EH/s, with all the new devices expected to be fully operational by the end of 2023.
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In a statement, Zach Bradford, the CEO of Cleanspark, said, “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. This bear market has continued to provide us with opportunities to maximize ROI including the chance to purchase the industry’s best miner at an industry-leading price.”
Bitcoin miners had a difficult year in 2022, and 2023 has proven to be a different story so far. Presently, bitcoin (BTC) prices have risen more than 80% higher since the last day of 2022. Bitcoin’s global hashrate has jumped higher, surpassing the 400 EH/s range this year, while the network’s difficulty has also reached all-time highs.
The acquisition of the Antminer S19 XP machines cements Cleanspark’s position as one of the leading bitcoin mining companies in America. The investment in mining rigs marks an effort to stay competitive with other mining firms as computational power remains a key factor in mining profitability.
Cleanspark’s mining facility in Sandersville, Georgia, is currently in the midst of a 150-megawatt (MW) expansion, and the new fleet of ASIC devices will boost its mining operational capabilities significantly. The company’s focus on operational efficiency and technical expertise will be important in making the most of its investment in the new devices.
Bitcoin mining is an energy-intensive activity, and the industry has come under fire for its large carbon footprint. In recent years, there has been a push by some bitcoin mining companies to move towards renewable energy sources to reduce their environmental impact. As bitcoin mining becomes increasingly competitive, mining rigs manufacturers are also competing to produce machines with higher computational power that are more energy-efficient.
Cleanspark’s decision to invest in the Antminer S19 XP machines from Bitmain is a clear indication that the company is prioritizing its position in the competitive bitcoin mining market while also focusing on operational efficiency and sustainability. With the bitcoin halving approaching, bitcoin’s mining rewards are set to be halved, which is expected to decrease the profitability of mining operations. However, with the investment in the new ASIC devices, Cleanspark is positioning itself to remain competitive and profitable in the evolving bitcoin mining landscape.
