America Bitcoin miner, CleanSpark has invested $193 million in Bitcoin mining. The firm announced this development in a press release on Monday. According to the announcement, CleanSpark purchased not less than 160,000 Bitmain S21 miners.
According to the term of the agreement, the purchase will be implemented in two phases. During the first phase, the firm is expected to purchase 60,000 units of Bitmain miners and their delivery will be completed between April and June 2024. In the second phase, CleanSpark plans to purchase additional 100,000 units of Bitmain miners at $16.00 per terahash.
Upon the full purchase of 160,000 units of Bitmain miners by CleanSpark, the firm hashrate will increase to 50 EH/s. As revealed, this will be a 400% increase from its current hashrate of 10EH/s, once all machines are deployed.
CleanSpark aiming to expand its operational efficiency – CEO
Meanwhile, the CEO of CleanSpark, Zachary Bradford gave some insights into the aspirations of the firm. According to Bradford, CleanSpark aims to increase its operational efficiency and therefore sees the acquisition of Bitmain miners as one of the best ways to achieving the objective. By purchasing the mining equipments, the exec believes CleanSpark is on the right path to maximizing all the opportunities embedded in the Bitcoin mining space.
Going further, Bradford revealed that the agreement will enable CleanSpark to manage its capital more efficiently by controlling as many variables as possible. He further that it also provides the firm with flexibility to monitor its infrastructure growth with macro events, while ensuring certainty of cost on miners.
Notably, CleanSpark chose the Bitmain’s S21 model over their T21 model or other manufacturers’ units. This is due to the model’s commanding performance as the most efficient Bitcoin mining machine in the market. Bradford sees S21 miners as the best option for the firm after subjecting it to real-world testing. He remains optimistic in the capacity of the equipments to help the firm unlock new opportunities as it continues to expand its operations.
Earlier, leading stablecoin issuer, Tether, also invested in Bitcoin mining and energy production in Uruguay. With the investment, Tether aims to utilize the potential of Bitcoin and the country’s renewable energy to promote sustainable Bitcoin mining. To achieve this, the stablecoin issuer brought in best brains from the energy industry.
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