financemagnates.com
On December 23, Creek Road Miners, Inc., a cryptocurrency mining company, announced that it has bought 600 Bitmain Antminer S19xp (140Th) machines as part of its efforts to expand its crypto mining capabilities and to acquire more mining revenue. Once installed, these machines are expected to add over 125 Petahash (Ph/s) per second in hashing power to the company’s existing operations. However, the company did not disclose the financial terms.
Scott D. Kaufman, Chief Executive Officer of Creek Road Miners, talked about the purchase and said: “In 2022, we are working towards scaling our operations by executing on our Five Cornerstone Strategy. We truly value and appreciate BITMAIN’s ongoing support as we work towards achieving our strategic growth initiatives.”
The purchase follows one week after Creek Road Miners announced plans to start the process of uplifting to a national securities exchange. The company selected NYSE American stock exchange for the uplifting. However, completion of the uplifting is subject to meeting certain requirements and the approval of the exchange.
Mining Delayed by Supply Chain Crisis
The announcement by Creek Road Miners comes at a time when crypto mining machines continue to be demanded by companies. Institutions continue grabbing Bitcoin miners amid the crypto’s recent price rally.
Last month, Fortress Technologies Bitcoin mining firm ordered 4,500 Bitmain Antminer S19j Pro machines to obtain a greater share of mining revenue. This month, TeraWulf Inc BTC mining company purchased 15,000 computers from Bitmain Technologies Limited for about $169 million and installed the machines at its mining facility in upstate New York. To date, over ten companies have announced bulk pre-orders of Bitcoin mining machines whose value is worth more than $500 million.
In the ongoing boom in Bitcoin, mining firms are scrambling to mine as much of the currency as they can. However, the business is being hindered by China’s crypto crackdown, Covid-19 pandemic, and also by the traffic jam in the global supply chain. The stopped-up channels of global commerce and trade have especially delayed shipments of machines that run day and night to mine Bitcoin.