Blogs & Articles: CleanSpark To Nearly Double Bitcoin Mining Capacity With $144.9M Antminer Purchase 🔗 1 year ago

The public mining company has purchased 45,000 Antminer S19 XP miners in line with its goal of reaching 16 EH/s by end of year.

CleanSpark Inc., a public Bitcoin mining company, has announced its purchase of 45,000 brand-new units of the Antminer S19 XP bitcoin mining machines, at a cost of $144.9 million. The company expects all units to be delivered by the manufacturer by the end of September, with a 95% increase in computing power once deployed according to a press release sent to Bitcoin Magazine.

CleanSpark has approximately 15.9 EH/s of machines on hand or under contract for delivery this year, edging closer to its year-end guidance of 16 EH/s. The company will deploy all of the acquired units at its bitcoin mining facility in Sandersville, Georgia, which is currently undergoing a planned 150 MW expansion. The machines will be deployed in multiple batches as they arrive on site and new rack-space becomes available, with all machines expected to be fully operational before year-end.

Zach Bradford, CEO of CleanSpark, stated, “As bitcoin’s halving draws closer, our focus on operational efficiency, our technical expertise, and our treasury management strategy, will all play a crucial role in solidifying CleanSpark’s position among the top bitcoin mining companies in America.” Gary Vecchiarelli, CleanSpark’s CFO, added, “Securing XPs at these prices means we have one less variable in our capital expenditure equation and puts us well on our way to achieving our year-end guidance of 16 EH/s.”

According to the press release, CleanSpark predominantly mines bitcoin with low-carbon energy sources, which account for over 90% of its energy mix, and the company follows what it describes as a “balanced capital management strategy” by selling some of its mined bitcoin to reinvest in growth.

This most recent miner purchase is in addition to a 20,000 machine purchase announced in February, with those machines fully paid for and in the process of being delivered to the company’s Washington facility. They are expected to be energized later this quarter, according to the press release, adding an additional 2.44 EH/s of machines to CleanSpark’s operational hashrate.