Sustainability-focused Bitcoin (BTC) mining company CleanSpark has clicked up another 3,843 cryptocurrency miners among a backdrop of mining industry consolidation.
The $5.9 million acquisition of the Antminer S19J Pro Bitcoin miners announced by the organization on November. 1 came in a cost of $15.50 per terahash — far less expensive than the present market cost of $22.94 for any machine with similar efficiency according to data from Hashrate Index.
The acquisition has introduced its final amount of machines close to 50,000 based on the organization.
CleanSpark stated it’s purchased 26,500 miners since the beginning of the “bear market conditions” — a period when many mining firms happen to be made to sell mining equipment or even consider declaring personal bankruptcy.
There’s possible the miners were purchased in competitor Argo Blockchain being an March. 31 update from Argo shows it offered 3,843 Bitmain S19J Pro machines, the precise amount and miner model that CleanSpark purchased.
Cointelegraph contacted CleanSpark and Argo Blockchain to verify if your transaction required place between your companies but didn’t immediately hear back.
While other Bitcoin miners are battling within the prevailing market conditions, Chief executive officer Zach Bradford stated an “unwavering focus” on sustainability, a powerful balance sheet, and it is operating strategy has allowed CleanSpark to “acquire machines at incredible prices, grow our hashrate, while increasing our daily Bitcoin production.”
Related: Best Three explanations why Bitcoin hash rate is constantly on the achieve new all-time highs
Within an earlier interview with Cointelegraph Matthew Schultz, executive chairman of CleanSpark, stated certainly one of CleanSpark’s operating strategies is to view Bitcoin mining like a “potential solution for making more possibilities for energy development.”
For instance, CleanSpark partners with assorted city councils within the U . s . States to purchase excess energy to be able to enhance the efficiency of their mining operations – it cuts lower energy costs for individuals communities too, Schultz described:
“These metropolitan areas basically become our utility provider. They create a margin on every kilowatt hour we buy to conduct our mining operations. Yet, we’re buying such high amount of souped up that it brings lower energy costs for that communities make certain with.”
However with Bitcoin mining difficulty growing and profitability decreasing, mining companies will have to search for new methods to diversify their revenue streams to be able to stay afloat, although some companies might have no option but to consolidate in which to stay the sport.
Which was the situation with Colorado-based Bitcoin miner Crusoe Energy Systems, who bought the operating assets of portable BTC mining operator Great American Mining (GAM).
CleanSpark also purchased a 36MW facility in Washington, Georgia in August. 2022, and lately acquired an 80MW facility in Sandersville, Georgia in March. 2022 to visit alongside its two existing mining facilities.
Despite CleanSpark’s recent success, its stock cost dropped 6.32% to $3.26 on November. 1 according to Yahoo Finance — however, the autumn was associated with the broader Bitcoin mining sector.
