CleanSpark Buys 45,000 Bitmain Antminer S19 XPs for $144.9 Million

CleanSpark, a crypto miner, has announced the purchase of 45,000 Bitmain Antminer S19 XPs for $144.9 million, which will nearly double its current computing power. This is the latest in a series of acquisitions of distressed assets by the miner, which started in the summer of 2022. The acquisition announcement comes as bitcoin crossed $30,000 for the first time in nearly a year, which could reinvigorate the bitcoin mining space.

The 45,000 Antminers will add over 6.3 exahash/second (EH/s) of computing power to CleanSpark's fleet of 6.7 EH/s, once delivered and installed. The first batch of 25,000 rigs will be ready for delivery in August from Bitmain, and the rest are scheduled for September. They will be installed at a site in Sandersville, Georgia, which CleanSpark acquired from Mawson Infrastructure (MIGI) in September.

CleanSpark aims to have 16 EH/s of computing power by the end of the year. It lowered its 2023 guidance in December 2022 from 22.4 EH/s, citing delays in construction by one of its partners, Lancium. Another 2.44 EH/s of machines that it acquired at a discount in February are expected to be online at a Washington state facility later in Q2.

"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," said Zach Bradford, CEO of CleanSpark.

CleanSpark's purchase of the Bitmain Antminer S19 XPs represents a significant investment in bitcoin mining infrastructure. The Antminers are known for their high hashrate and energy efficiency, making them popular among miners looking to increase their computing power while minimizing energy costs.

CleanSpark's strategy of acquiring distressed assets has allowed the company to quickly expand its mining operations and increase its computing power. The company's acquisition of the Sandersville site in Georgia, where the new Antminers will be installed, demonstrates its commitment to expanding its mining operations in the United States.

Bitcoin's recent price increase could provide a significant boost to CleanSpark's mining operations. As the price of bitcoin increases, so too does the reward for mining it. This could lead to increased demand for mining equipment and infrastructure, which would benefit CleanSpark and other mining companies.

CleanSpark's focus on operational efficiency and technical expertise will be key to its success in the competitive bitcoin mining industry. By minimizing energy costs and maximizing computing power, the company can increase its profitability and solidify its position as one of the top bitcoin mining companies in America.

In conclusion, CleanSpark's purchase of 45,000 Bitmain Antminer S19 XPs represents a significant investment in bitcoin mining infrastructure. The company's strategy of acquiring distressed assets has allowed it to quickly expand its mining operations and increase its computing power.