Bitcoin Miner Cleanspark Acquires Bitmain Mining Rigs For $5.9 Million
Bitcoin miner Cleanspark revealed on November 1st that it had spent $5.9 million to buy 3,853 Antminer S19J Pro mining rigs of Bitmain.
Since the crypto winter began back in June, the company has bought a total of 26,500 machines for bitcoin mining.
The first announcement from Cleanspark was about its total hash rate, which has surpassed 5 exahash per second (EH/s).
The bitcoin mining company then said that it would be able to give its hash rate a boost to 5.5 EH/s by the end of the year.
A week after the said announcement, the firm said that it had spent $5.9 million for acquiring a new batch of bitcoin mining rigs, which is about $15.5 per terahash.
The Antminer S19J Pro is a mining rig capable of producing about 96 terahash per second and Cleanspark has bought about 3,853 of these bitcoin mining machines.
On Tuesday, Zach Bradford, the chief executive of Cleanspark, said that the latest acquisition shows how the company is operating in a distressed market.
The CEO said that they were focused on sustainability because of which they have been able to keep their balance sheet strong.
Likewise, he said that their operating strategy had allowed them to acquire new bitcoin rigs at great prices, which had given their hash rate a boost.
This had also increased their daily production of bitcoin and they anticipate that the next few months will see an improvement in market conditions.
According to the details provided by Cleanspark, the company has managed to acquire about 26,500 machines for mining since the crypto bear market started in June.
There are four sites of the company that are currently running and the total number of mining rigs it is operating stands at 50,000.
Thanks to this massive number of machines, the bitcoin mining firm has succeeded in producing about 19.2 bitcoins on a daily basis.
The recent move of the company comes at a time when most of the bitcoin miners are dealing with a lot of difficulties due to the hash price of Bitcoin declining to an all-time low in October.
Core Scientific is one of the bitcoin mining firms that appear to be struggling in the crypto market downturn.
This became evident on October 26th via a filing with the Securities and Exchange Commission (SEC) in the United States.
It showed that the company was looking into the possibility of restructuring and could eventually file for bankruptcy.
The shares of the company took a hit after the SEC filing once the news of the potential bankruptcy was disclosed.
Likewise, another crypto mining firm Compute North had also filed for chapter 11 bankruptcy on September 22nd and this was also a result of financial problems.
As far as Cleanspark is concerned, it is clearly focused on the future. After declaring that it would increase its hash rate by 10% by the year end, it believes it will also meet the year-end goals for next year.