Bitcoin miner CleanSpark buys 20,000 ASICs, expanding capacity by 37%

Bitcoin mining company CleanSpark on Thursday announced the purchase of 20,000 new ASIC machines after the asset rose to nearly $25,000 the previous day.

The new rigs will add 2.44 exahashes per second (EH/s) to their existing processing power of 6.6 EH/s. One exahash equals one trillion hashes—Inputs to solve the complex math problems required to mine new blocks.

That brings the company’s total hashrate to 9 EH/s—a 37% increase—which accounts for 2.8% of the hash rate of the entire Bitcoin network current numbers by Bitinfocharts.

CleanSpark expects to pay about $32.3 million for the purchase, a 25% discount, or a total price per terrahash of about $13.25, the company said in a press release.

The machines purchased by the company were Antminer S19j Pro+ units, which are 22% more productive than the Antminer S19j Pro announced in 2021. Deliveries are expected early next month with all batches arriving at the Company’s mine site by the end of May.

CleanSpark, which markets itself as a sustainability-focused miner, operates multiple mining facilities across the United States, including a facility in Washington, Georgia, to which it will ship 15,000 of its newly purchased machines. the extension, announced will more than double its infrastructure capacity from 36 megawatts to 86 megawatts in the past month.

The expansion comes just two months after American mining giants like scientific core It declared bankruptcy, while others like Iris Energy saw a number of mining machines go into liquidation because they couldn’t repay their debts.

Iris, however, recently announced plans to rebuild its capacity after Blockstream earlier this week confirmed a $125 million raise to expand its hosting services in late January.

“While it’s premature to assume a bull market, the rising price momentum is making miners much more optimistic,” CleanSpark’s chief communications officer Isaac Holyoak said via email. “Especially when you compare today’s BTC prices to the end of 2022, when miners also saw higher energy costs.”

Bitcoin’s 49% year-to-date rise makes mining a more profitable endeavor, as miner rewards tend to be a fixed number of BTC per block. Data from Glassnode last month recommended that the average bitcoin miner returned to a net winning position when the asset reclaimed $18,800.

Despite the momentum, Holoyak said his company has yet to move into HODL mode. “We continue to sell a large portion of our bitcoins and invest them in infrastructure and machinery,” he wrote.

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