CleanSpark Bolsters Bitcoin Mining Fleet with $40.5 Million Purchase of Antminer S19 XP Units

CleanSpark Inc., known as America’s Bitcoin Miner™, has recently made a significant purchase of 12,500 brand-new units of the Antminer S19 XP bitcoin mining machine. The total cost of this acquisition amounted to $40.5 million, with each unit priced at $23 per terahash ($/TH), which is lower than the current average market price. This move demonstrates CleanSpark’s commitment to expanding its bitcoin mining operations and enhancing its mining fleet’s efficiency.

The Antminer S19 XP units, with a power-efficiency rating of 21.5 joules per terahash (J/TH) and a bitcoin mining compute power of 141 terahash per second (TH/s) each, contribute to a combined total hashrate of 1.76 exahashes per second (EH/s). These units are expected to be deployed across CleanSpark’s state-of-the-art mining facilities, further strengthening the company’s capacity to meet its year-end target of 16 EH/s. By acquiring these advanced machines, CleanSpark aims to become one of the most power-efficient miners in terms of energy consumption per hashrate.

Zach Bradford, the CEO of CleanSpark, expressed his confidence in the purchase, stating, “This purchase ensures that we are prepared to meet and potentially exceed our year-end target of 16 EH/s and also positions us to be one of the most power-efficient miners on an energy-per-hashrate basis.” He further explained that the new machines provide the company with the option to replace less efficient units in their existing fleet, thereby optimizing their mining operations based on economic considerations.

This acquisition follows a series of discounted machine purchases and other strategic acquisitions made by CleanSpark during the crypto bear market. In February, the company purchased 20,000 Antminer S19j Pro+ units at a favorable rate of $13.15/TH. Additionally, in April, CleanSpark acquired 45,000 Antminer S19 XP units at the price of $23/TH. These purchases, coupled with CleanSpark’s balanced capital management strategy, have positioned the company for growth and efficiency in its bitcoin mining activities.

CleanSpark, known for its commitment to environmentally friendly practices, mines bitcoin using predominantly low-carbon energy sources, which account for over 90% of its energy mix. This sustainable approach aligns with the company’s goal of leaving a positive impact on the planet while engaging in the rapidly evolving bitcoin industry. CleanSpark’s proprietary mining model and strategic selling of a portion of mined bitcoins for reinvestment have enabled the company to exceed its year-end guidance in 2022, tripling its hashrate and achieving one of the highest hashrate realization rates among its peers during the crypto bear market.

Gary A. Vecchiarelli, the CFO of CleanSpark, emphasized the importance of the new Antminer S19 XP units, stating, “This order of XPs not only adds to our hashrate, but the efficiency of these machines also results in less power consumed per bitcoin mined compared to older generation miners, which should translate to higher margins.” Vecchiarelli also highlighted the progress made in payment scheduling, with the first half of the purchase already funded and paid for.

CleanSpark, listed on the Nasdaq exchange under the symbol CLSK, has been recognized as America’s Bitcoin Miner™ and has garnered several accolades, including being named a Forbes 2022 America’s Best Small Company and securing the 44th spot on the Financial Times’ List of the 500 Fastest Growing Companies in the Americas. The company’s dedication to sustainable practices and its commitment to transparency and trust have positioned it as a key player in the bitcoin mining industry.

It is important to note that forward-looking statements are made in this press release. CleanSpark acknowledges the uncertainties and risks associated with future operations, financial trends, and market conditions. The company intends to qualify its forward-looking statements with cautionary statements, emphasizing that actual results may differ materially from expectations due to various factors, including market volatility, regulatory changes, and governmental incentives.

CleanSpark’s recent acquisition of the Antminer S19 XP units represents a strategic move to expand its mining fleet, enhance operational efficiency, and strengthen its position in the bitcoin mining industry. With a focus on sustainability and growth, CleanSpark continues to solidify its presence as a leading player in the evolving cryptocurrency landscape.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

Follow us on Reddit

You might also like