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CleanSpark Boosts Mining Capacity With New Machinery Worth $145 Million

source-logo  cryptopotato.com 16 April 2023 15:59, UTC

The US-based cryptocurrency miner – CleanSpark – purchased 45,000 units of the Antminer S19 XP BTC mining machines for $144.9 million.

The current computing power of CleanSpark is 6.7 EH/s, while the installation of the new equipment is expected to push it to 13 EH/s.

Preparing for the Halving

According to the deal, the manufacturer will distribute 25,000 units in August, while the remaining 20,000 should arrive in September. CleanSpark plans to deploy all of them at its mining facility in Sandersville, Georgia.

Zach Bradford – CEO of CleanSpark – said the Antminer S19 XP is “the most power-efficient bitcoin mining machine available in the market today” and raised hopes it will turn into a “key component” for the company’s operations.

He explained that the multi-million purchase and the delivery of first-class machinery is part of the firm’s strategy prior to the Bitcoin halving that is expected to occur in the spring of 2024.

The pivotal event, reducing the rate at which new coins are created, will cut block rewards in half – from the current 6.25 BTC to 3.125 BTC. Many experts believe the process will fuel a price surge of the primary cryptocurrency, similar to previous occasions.

“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,” Bradford said.

The 45,000 new machines should also boost the mining capacity of the organization to 13 EH/s by September 2023. Bradford argued that the crypto winter had given firms a chance to acquire modern equipment at an industry-leading price:

“We have chosen other units, such as the S19 jPro+, over the S19 XP in the past because we believed the gap would close on the delta between the ROI of other units and the XP. Our patience has paid off.”

CleanSpark’s Mining Expansion

The company acquired a site in Washington, Georgia, for $16.2 million in the summer of 2022. It recently started enlarging the facility so it can eventually accommodate 16,000 miners. CEO Bradford is determined that the expansion will add 50 MW to the existing 36 MW of infrastructure:

“This second phase more than doubles the size of the existing operation. We are looking forward to expanding our relationship with the Washington City community and to being able to support the construction jobs that will come with this expansion.”