CleanSpark Announces Purchase Of 12,500 Antminer S19 XP Bitcoin Miners

CleanSpark Inc. has announced the purchase of 12,500 Antminer S19 XP bitcoin mining machines for a total price of $40.5 million. The machines were acquired at a lower price than the current market average, costing $23 per terahash, according to a press release shared with Bitcoin Magazine. The purchase agreement states that 6,000 of the machines will be shipped in June, with the remaining 6,500 set for shipping in August.

Zach Bradford, CEO of CleanSpark, expressed his confidence in the purchase, stating, "This purchase ensures that we are prepared to meet and potentially exceed our year-end target of 16 EH/s and also positions us to be one of the most power-efficient miners on an energy-per-hashrate basis." He further highlighted the optionality provided by the additional machines, allowing the company to replace less efficient units if the economics support it.

CleanSpark reported that it has been taking advantage of discounted machine purchases during the crypto bear market. In February, the company acquired 20,000 Antminer S19j Pro+ units, followed by the purchase of 45,000 Antminer S19 XP units in April.

Gary A. Vecchiarelli, CFO at CleanSpark, emphasized the importance of these purchases in preparation for the upcoming bitcoin halving, stating, "the efficiency of these machines also results in less power consumed per bitcoin mined compared to older generation miners, which should translate to higher margins."

CleanSpark's recent purchases of bitcoin mining machines demonstrate the company's commitment to expanding their mining capacity and staying competitive in the market. With fees from Ordinals inscriptions boosting the revenue for miners, it is expected that large players like CleanSpark will continue to bolster their miner inventory.