Bitcoin Miner Cleanspark Acquires 3,853 Bitmain-Made BTC Mining Rigs for $5.9 Million

On Nov. 1, 2022, the bitcoin miner Cleanspark revealed it acquired 3,853 Bitmain-brand Antminer S19J Pro mining rigs for $5.9 million. According to Cleanspark, the company has purchased 26,500 bitcoin mining machines since the crypto winter started in June.

After the bitcoin (BTC) mining company Cleanspark (Nasdaq: CLSK) said its total hashrate exceeded 5 exahash per second (EH/s), the firm explained it would raise its year-end goals to 5.5 EH/s by the year’s end. A week later, Cleanspark disclosed that the bitcoin mining firm has acquired a new batch of mining rigs for $5.9 million or $15.50 per terahash. The bitcoin mining company purchased a total of 3,853 Antminer S19J Pro units, a mining rig that produces roughly 96 terahash per second (TH/s) per machine.

“This most recent purchase demonstrates how CleanSpark continues to execute in distressed markets,” the CEO of Cleanspark, Zach Bradford, said on Tuesday. “Our unwavering focus on sustainability has provided us with a strong balance sheet and operating strategy that has allowed us to acquire machines at incredible prices, grow our hashrate, and increase our daily bitcoin production in anticipation of market conditions improving over the next several months.”

Cleanspark says that at the start of the bear market in June, it was able to acquire a total of 26,500 mining rigs. Today, the company has a total of four operational sites and about 50,000 mining rigs operating. With the 50K machines, the company has tapped “a daily production high of 19.2 bitcoin.” The company’s recent moves during the crypto winter come at a time when bitcoin miners are feeling extreme pain as Bitcoin’s hash price reached an all-time low in October.

For instance, a filing with the U.S. Securities and Exchange Commission (SEC), filed on Oct. 26, 2022, shows that Core Scientific has been discussing the possibility of restructuring. Core Scientific’s shares were downgraded after the SEC filing hinted at a possible bankruptcy. In addition to the troubled Core Scientific, Chapter 11 bankruptcy protection filings published on Sept. 22, have shown Compute North is also dealing with financial issues.

After surpassing 5 EH/s and noting that it plans to up its hashpower by 10%, Cleanspark detailed on Tuesday that it expects to meet the company’s 2023 year-end goals as it aims to obtain 22.4 EH/s.

What do you think about Cleanspark purchasing 3,853 Antminer S19J Pro units for $5.9 million? Let us know what you think about this subject in the comments section below.