3 - 5 minute read
CleanSpark, a crypto miner, has recently purchased 45,000 Bitcoin mining rigs from Bitmain Antminer S19 XPs for $144.9 million. The acquisition of these machines will add over 6.3 exahash/second of computing power to the firm’s fleet of 6.7 EH/s, thereby nearly doubling its hashrate. The first batch of machines will be dispatched to CleanSpark in Georgia in August, with the remainder scheduled for installation a month later. The company has been continually acquiring distressed assets since the summer of 2022.
Regardless, the acquisition of the Antminer S19 XPs comes at an opportune time, as Bitcoin has recently gone over $30,000 after almost a year. CleanSpark aims to have 16 EH/s of computing power by the end of 2023, despite revising its 2023 guidance to 21.4 EH/s. Lancium, one of CleanSpark’s collaborators, has seen a delay in construction, resulting in lower hashrate production. Another 2.44 EH/s of machines purchased by the company is expected to be online in Q2 at a Washington facility.
CleanSpark CEO Zach Bradford highlights the company’s efficiency, technical expertise, and treasury management strategy as crucial to secure CleanSpark’s position among the top Bitcoin mining firms in the US as the halving draws nearer. The purchase of the Antminer S19 XPs marks a significant investment in the future of the company, with CleanSpark increasing its mining power by almost double.
Traders can expect CleanSpark to be a strong contender in the Bitcoin mining space. The purchase of the mining rigs would allow the company to maintain a competitive edge over other Bitcoin miners in the US. The company’s sheer purchasing power speaks volumes about its financial footing and potential for growth. The mining rigs’ delivery and installation will result in a near-double hashrate for CleanSpark, potentially driving massive profits in the future. Traders can take advantage of this upward trend by investing in CleanSpark as it moves up the ranks in the Bitcoin mining industry.
Traders can capitalize on CleanSpark’s growth by investing in the company, thereby potentially reaping profits in the future. The acquisition of the Antminer S19 XPs nearly doubling the company’s hashrate positions CleanSpark as a dominant firm in the Bitcoin mining industry. Consequently, traders can expect lucrative returns from CleanSpark: as the company gains market share, its stock price would potentially rise.
On the flip side, CleanSpark’s potential for growth is subject to several risks. Regulatory crackdowns could have a significant impact on the company’s operations and profits. Furthermore, the high volatility of cryptocurrencies could reflect on CleanSpark’s profitability. Traders should carefully consider the above risks before investing in CleanSpark.
The Bottom Line
CleanSpark is presently progressing and doubling its Bitcoin mining operations by purchasing 45,000 Antminer S19 XPs for $144.9 million. This power boost enables the firm to maintain its competitive advantage in the US Bitcoin mining industry, potentially driving enormous profits in the future. Traders should thoroughly examine the risks and implications for investing in CleanSpark carefully. However, if the company can sustainably maintain its growth in the industry, traders can expect high returns from CleanSpark.
