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Sustainability-focused Bitcoin (BTC) mining firm CleanSpark has snapped up one other 3,843 cryptocurrency miners amid a backdrop of mining trade consolidation.
The $5.9 million buy of the Antminer S19J Professional Bitcoin miners announced by the corporate on Nov. 1 got here at a value of $15.50 per terahash — far cheaper than the present market value of $22.94 for a machine with the identical effectivity, according to information from Hashrate Index.
The acquisition has introduced its complete variety of machines to round 50,000, in line with the corporate.
CleanSpark stated it’d bought 26,500 miners because the begin of the “bear market circumstances” — a time when many mining corporations have been pressured to unload mining gear and even take into account submitting for chapter.
There’s a chance that the miners have been bought from competitor Argo Blockchain as an Oct. 31 replace from Argo exhibits it bought 3,843 Bitmain S19J Professional machines, the precise quantity and miner mannequin that CleanSpark bought.
Cointelegraph contacted CleanSpark and Argo Blockchain to substantiate if a transaction befell between the businesses however didn’t instantly hear again.
Whereas different Bitcoin miners are struggling within the prevailing market circumstances, CEO Zach Bradford stated an “unwavering focus” on sustainability, a robust stability sheet, and its working technique has enabled CleanSpark to “purchase machines at unbelievable costs, develop our hashrate, and enhance our each day Bitcoin manufacturing.”
Associated: High 3 explanation why Bitcoin hash fee continues to realize new all-time highs
In an earlier interview with Cointelegraph, Matthew Schultz, government chairman of CleanSpark, stated one in all CleanSpark’s working methods has been to view Bitcoin mining as a “potential resolution for creating extra alternatives for power growth.”
For instance, CleanSpark companions with varied metropolis councils in the USA to purchase extra power with a view to enhance the effectivity of its mining operations – however it additionally cuts down power prices for these communities too, Schultz defined:
“These cities basically turn out to be our utility supplier. They make a margin on each kilowatt hour we purchase to conduct our mining operations. But, we’re shopping for such excessive portions of power that it brings down power prices for the communities we work with.”
However, with Bitcoin mining problem rising and profitability reducing, mining firms might want to search for new methods to diversify their income streams with a view to keep afloat, whereas some firms might haven’t any possibility however to consolidate to remain within the recreation.
That was the case with Colorado-based Bitcoin miner Crusoe Vitality Techniques, who purchased the working belongings of transportable BTC mining operator Nice American Mining (GAM).
CleanSpark additionally purchased a 36MW facility in Washington, Georgia, in Aug. 2022 and lately acquired an 80MW facility in Sandersville, Georgia, in Oct. 2022 to go alongside its two current mining services.
Regardless of CleanSpark’s latest success, its inventory value dropped 6.32% to $3.26 on Nov. 1, according to Yahoo Finance. Nonetheless, the autumn was consultant of the broader Bitcoin mining sector.
