By Alicia Maher
Bitcoin mining firm, CleanSpark, has added to its mining rigs recently after buying over 6,200 between June to August. The recent market condition allowed the firm to purchase over 10,000 new ones at a low price.
CleanSpark Buys BTC Mining Machines For $28M
CleanSpark, a BTC mining firm, has bought over 10,000 new mining rigs, the Bitmain Antminer S19j Pro. According to reports, the company bought them for about $28 million.
Between June and August, the company bought around 6,200 mining rigs. The company stated On September 7th that the seller, Bitmain, will deliver the new rigs between October and November.
The company has taken advantage of the falling spot market prices for ASIC machines. It purchased the latest mining rigs at about $28 for a TH/s (terahash per second).
This price is very low compared to what Bitmain sold the exact model before now. In January, Bitmain sold the model for over $116 per TH/s.
The $28 million paid by CleanSpark includes credits and also discounts from coupons. Bitmain usually gives coupons to returning buyers. Also, the present market condition is responsible for the new price.
Zach Bradford, CleanSpark CEO, said the company decided to build its infrastructure towards the end of the bull season last year. It chose not to follow the trend of most miners.
Most miners usually pre-order their equipment in advance. Bradford said this strategy has paid off in the long run.
CleanSpark Has Over 37,000 Operational Mining Machines
The strategy allows the firm to buy sites that have installed rigs at a lower price. Consequently, this reduced the time between deployment of capital and mining, therefore, accelerating the company’s revenue.
In August, CleanSpark purchased a new mining site in Georgia. Additionally, it bought over 3,400 mining rigs. These rigs were already functioning in the Georgia location.
Currently, the mining giant has over 37,000 BTC mining machines that are fully operational. Together, they produce over 14.9 BTC each day and a total hash rate of around 3.8 EH/s.
Despite the crypto market downturn, several crypto mining companies have been expanding their operations and mining equipment. Meanwhile, mining firms such as Core Scientific sold most of their mined BTC during the market crisis.
However, crypto mining companies such as Hive Blockchain refused to sell their BTC as the price dropped. Most miners who sold their mined Bitcoin needed the funds to expand their operations, buy new machines, or pay off debts.