CleanSpark Acquires 2 New Facilities For $9.3 Million

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CleanSpark
CleanSpark

Zach Bradford, CEO of CleanSpark, stated in a news statement that “this acquisition ensures that we’ll have sufficient infrastructure to accomplish our year-end target of 16 EH/s.” Additionally, it keeps us in the top spot among miners in terms of energy use per hash rate. 

Six thousand Antminer S19 XPs and S19J Pro+ mining machines, which CleanSpark ordered earlier this year, will be used in the new facility. According to Hashrate Index, the former machine is among the most efficient ones accessible with a power efficiency of 21.5 joules per terahash (J/TH). For Bitcoin miners, maintaining a viable operation depends mostly on growing hashrate and reducing facility expenses such as electricity and maintenance. 

CleanSpark Has Ambitious Projects Ready 

Sustainability-focused Bitcoin miner CleanSpark has agreed to pay $9.3 million for two operational mining facilities in Dalton, Georgia, continuing a year-long pattern of big investments in the mining sector.

The transaction, which is anticipated to finalize later this week, will increase CleanSpark’s fleet’s mining capability by almost 1 exahash per second. One quintillion hashes make up one exahash.

To be the first to solve a challenging mathematical issue and produce the next block of Bitcoin, mining rigs produce hashes, or guesses, as quickly as they can. A higher hashrate increases the likelihood that the company will profit from the Bitcoin (BTC) rewards associated with the upcoming block on the network. 

So far this year, CleanSpark has invested more than $200 million in the purchase of new rigs.

CleanSpark paid $43.6 million for 20,000 S19J Pro+s machines back in February, or $13.15 per terahash ($/TH). It then bought 45,000 S19 XPs in April for $23/TH, or about $144 million, and used some of its current machinery as collateral to secure a loan to acquire further machinery.

For $23/TH (or $40.5 million), the business purchased a second fleet of 12,500 S19 XPs in June, of which 6,000 are expected to arrive this month. 

According to CleanSpark CFO Gary A. Vecchiarelli, the business’ most recent acquisition has already been covered by cash on hand and is anticipated to start bringing in money very soon.