The CleanSpark CEO noted that the company’s growth is outpacing the forecasted global hash rate. Accordingly, its Bitcoin production also shot up by 50% due to the rapid hashrate increase.Ĭommenting on the improved performance, Bradford reiterated that the key performance index (KPI) indicates a positive trend. The company’s press release shows its mining capacity has grown more than 47% in the past six months. The company adopted a hybrid approach by co-owning mining infrastructure and at the same time upgrading its mining tools.īradford added that this would allow CleanSpark to steadily grow its Bitcoin mining potential and position itself as a force in the sector. Zach Bradford, CEO of CleanSpark, noted that the market had presented an opportunity too good to be overlooked. Last month, CleanSpark completed the purchase of 1,800 Antminer S19 XP machines via a deal mediated by Cryptech Solutions, a privately held vendor of mining hardware. With this purchase, CleanSpark has made the second largest mine acquisition in a single month. And CleanSpark’s decision to swing into action will clear the backlog of mining rig orders. Miners have difficulties maintaining optimum activities on rigs paid for as a result, most miners still owe some deposits. All these have contributed in no small way to the declining cost of mining rigs. Most importantly, Bitcoin miners are also in a fix due to difficulty negotiating energy agreements with partners. Thus, the ASIC machines are oversupplied because they cannot be plugged in to begin Bitcoin mining due to the challenging capital market. The drop in the value of the BTC has led to a decline in the prices of mining tools. It is worth noting that the sustainable Bitcoin miner took advantage of the current state of the crypto market.
The specialized mining devices are expected to be integrated into CleanSpark’s facility next month. Moreover, the computers are Bitcoin-based mining systems, which are called ASICs. Accordingly, 1,061 Whatsminer M30S machines are currently in operation in partnership with Coinmint in a shared location. The latest purchase of an additional 93 petahashes per second (PH/s) of operation power will boost CleanSparks’ mining capacity. CleanSpark Seizes an Unprecedented Opportunity The Las Vegas-based company purchased more than 1,000 Whatminers to increase its existing capacity. CleanSpark (CSLK), the sustainable Bitcoin mining firm, has taken the opportunity provided by the bear trend to expand its mining infrastructure.
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