Cleanspark Boosts Bitcoin Mining Capacity With Acquisition of 20,000 Bitmain Rigs

Bitcoin mining operation Cleanspark has acquired 20,000 brand-new Bitmain mining rigs for $43.6 million, the company reported. Once installed, Cleanspark expects to increase its capacity by 37% by adding roughly 2.44 exahash per second (EH/s) to the firm’s fleet.

Cleanspark CEO Says Proprietary Mining Model Gives Company Greater Control and Efficiency

Cleanspark, the publicly listed bitcoin mining firm (Nasdaq: CLSK), has announced that it acquired 20,000 Antminer S19j Pro+ units for $43.6 million. The company stated that it used coupons that saved it 25%, bringing the total price down to $32.3 million at settlement.

Cleanspark anticipates sending 15,000 application-specific integrated circuit (ASIC) miners to its mining facility in Washington, Georgia.

The bitcoin miner said that the mining machines are expected to be delivered by the end of May. Once fully operational, they will add 2.44 EH/s to Cleanspark’s current 6.6 EH/s of computational power, resulting in a total of 9 EH/s of SHA256 hashpower for the bitcoin mining company.

“Building and owning our own mining campuses at multiple locations provides us with a level of agility and reliability that cannot be achieved otherwise,” Zach Bradford, CEO of Cleanspark, said in a statement sent to Bitcoin.com News. “As machines are delivered to us we will have rackspace waiting for them at one of our sites.”

The Cleanspark executive added:

This is the advantage of proprietary mining or the ‘prop mining’ model. We exercise tremendous control over our infrastructure and, therefore, our ability to be highly efficient in the way we allocate our resource

Cleanspark stated that it will deploy 15,000 application-specific integrated circuit (ASIC) miners at its facility in Washington, Georgia. Some of the new ASICs may be redirected to the company’s other locations in the United States. Bitcoin miners had a difficult time in 2022 during the “crypto winter,” but mining operations have benefited from the significant improvement in bitcoin (BTC) prices in 2023.

Cleanspark’s shares have declined 33.4% over the last six months but have risen 68.66% year-to-date. Despite the acquisition news, CLSK shares dropped 4.78% against the U.S. dollar in the last 24 hours of trading. At the close of Wall Street trading on Feb. 16, 2023, CLSK finished the day at $3.39 per share on Thursday afternoon Eastern Time.