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Crypto Miner CleanSpark Continues to Take Advantage of Bear Market as it Scoops Over 1K Rigs
In June, the Las Vegas-based miner bought contracts for another 1,800 mining rigs.
Updated May 11, 2023, 6:53 p.m. Published Jul 14, 2022, 1:00 p.m.
Crypto miner CleanSpark (CLSK) has bought 1,061 bitcoin mining rigs that are already in operation at hosting firm Coinmint's facility in New York.
- While the move only adds 93 petahash per second (PH/s) to CleanSpark's 2.8 exahash per second (EH/s) hashrate, a measure of computing power on the bitcoin network, it is indicative of how the miner has been able to scoop up discounted opportunities amid a bear market. One EH/s is equal to 1,000 PH/s.
- The Las Vegas-based company bought the Whatsminer M30S machines "at a substantially discounted price compared to the spot market price from just a few months ago," according to a statement emailed to CoinDesk.
- The deal was facilitated by FoundryX, a platform designed by Foundry that connects miners with an extensive network of inventory, according to a statement shared with CoinDesk. Foundry is a subsidiary of Digital Currency Group, which is the parent company of CoinDesk.
- In June, CleanSpark bought purchase contracts for 1,800 Bitmain Antminer S19 XP computers from another miner that wanted to offload the contract likely due to cash issues.
- "We are seeing unprecedented opportunities in this market," CleanSpark CEO Zach Bradford said in the statement.
- Bitcoin miners have seen their margins slashed as power costs are surging across North America and revenues are dwindling along with the price of bitcoin.
Read more: Crypto Miners Face Margin Calls, Defaults as Debt Comes Due in Bear Market
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UPDATE: (July, 14, 20:40 UTC): Adds details of the broker that helped with the deal.
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