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Bitcoin Miner CleanSpark Buys 10K New Machines for $28M After Discounts, Credits
The company has been taking advantage of opportunities to expand in the bear market.
Updated May 11, 2023, 6:46 p.m. Published Sep 7, 2022, 1:00 p.m.
Bitcoin miner CleanSpark (CLSK) has purchased 10,000 new Bitmain Antminer S19j Pros for $28 million after credits and discounts, a significant markdown from the manufacturer's listed price.
The mining rigs were purchased from hardware broker Cryptech Solutions for about $28 per terahash (Th), according to a Wednesday press release, versus the $96/Th marked on the manufacturer's website, on which they are sold out. Mining rig prices are often noted in dollars per terahash, a measure of computing power, instead of the machine price.
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"During the tail end of the bull market last year, we strategically focused on building infrastructure instead of following the then-industry trend of preordering equipment months in advance,” which has put CleanSpark in a position to buy rigs at discounts throughout the bear market, said CleanSpark CEO Zach Bradford.
Indeed, the price of mining rigs has fallen by 40% in the past few months as struggling bitcoin miners are offloading their machines for cash.
It's the latest in a number of moves by CleanSpark to find spots for growth during the bear market. The company in June bought contracts for 1,800 machines, and in July acquired another 1,061 rigs. In August, CleanSpark acquired a new mining facility with 3,400 machines. Taking into account all the acquisitions, the firm said it will reach 5 exahash/second of hashrate by the end of the year.
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