Tuesday, November 29, 2022

Sustainability-focused Bitcoin (BTC) mining firm CleanSpark has snapped up one other 3,843 cryptocurrency miners amid a backdrop of mining business consolidation.

The $5.9 million buy of the Antminer S19J Professional Bitcoin miners announced by the corporate on Nov. 1 got here at a worth of $15.50 per terahash — far cheaper than the present market worth of $22.94 for a machine with the identical effectivity according to information from Hashrate Index.

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The acquisition has introduced its complete variety of machines to round 50,000 based on the corporate.

CleanSpark mentioned it is bought 26,500 miners because the begin of the “bear market circumstances” — a time when many mining corporations have been compelled to dump mining gear and even take into account submitting for chapter.

There’s a risk that the miners had been bought from competitor Argo Blockchain as an Oct. 31 replace from Argo exhibits it offered 3,843 Bitmain S19J Professional machines, the precise quantity and miner mannequin that CleanSpark bought.

Cointelegraph contacted CleanSpark and Argo Blockchain to substantiate if a transaction came about between the businesses however didn’t instantly hear again.

Whereas different Bitcoin miners are struggling within the prevailing market circumstances, CEO Zach Bradford mentioned an “unwavering focus” on sustainability, a powerful steadiness sheet, and its working technique has enabled CleanSpark to “purchase machines at unbelievable costs, develop our hashrate, and improve our every day Bitcoin manufacturing.”

Associated: High 3 the reason why Bitcoin hash price continues to achieve new all-time highs

In an earlier interview with Cointelegraph Matthew Schultz, government chairman of CleanSpark, mentioned one among CleanSpark’s working methods has been to view Bitcoin mining as a “potential answer for creating extra alternatives for power growth.”

For instance, CleanSpark companions with numerous metropolis councils in america to purchase extra power to be able to enhance the effectivity of its mining operations – nevertheless it additionally cuts down power prices for these communities too, Schultz defined:

“These cities primarily change into our utility supplier. They make a margin on each kilowatt hour we purchase to conduct our mining operations. But, we’re shopping for such excessive portions of power that it brings down power prices for the communities we work with.”

However with Bitcoin mining issue growing and profitability reducing, mining corporations might want to search for new methods to diversify their income streams to be able to keep afloat, whereas some corporations might haven’t any possibility however to consolidate to remain within the recreation.

That was the case with Colorado-based Bitcoin miner Crusoe Vitality Methods, who purchased the working belongings of transportable BTC mining operator Nice American Mining (GAM).

CleanSpark additionally purchased a 36MW facility in Washington, Georgia in Aug. 2022, and not too long ago acquired an 80MW facility in Sandersville, Georgia in Oct. 2022 to go alongside its two present mining amenities.

Regardless of CleanSpark’s latest success, its inventory worth dropped 6.32% to $3.26 on Nov. 1 according to Yahoo Finance — nonetheless, the autumn was consultant of the broader Bitcoin mining sector.

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