Despite a bear market, this bitcoin miner buys 20,000 new miners

Major bitcoin miner CleanSpark strikes again with its strategy. During the bear market, the company bought up huge amounts of crypto miners for below market price. Again, the company buys a new one load; 20,000 Brand New Bitmain Antminer S19j Pro+!

Bitcoin miner is growing rapidly

CleanSpark bought the 20,000 miners for about $32.3 million, about 30.2 million euros. That is well below the prevailing market price. In total, the cost per terahash (TH) would amount to $13.25. That is a lot less than the $ 15.09 that normally has to be paid for a miner like the S19j Pro +.

Definition: A terahash is a unit of measurement used to describe the computing power of a cryptocurrency mining hardware. It stands for one trillion (10^12) hashes per second that a miner can generate. 1 million terahashes fit in 1 exahash.

Thanks to discounts and coupons, according to CoinDesk, the company managed to hit a good deal. At a 25% discount, it is expanding its mining capacity at 2.4 exahashes per second (EH/s), a 37% growth for the company. At the end of 2023, CleanSpark wants to have reached a capacity of 16 EH/s.

One’s death is another’s bread

The bitcoin miner uses a strategy in which it buys cheap miners, often from competitors that are in trouble. In November last year it bought a large bulk of miners. They probably came from Argo Blockchain, which was threatening to go bankrupt at the time.

A month earlier, the bitcoin news reported that CleanSpark had acquired 10,000 miners. Instead of sitting out the bear market, the miner is therefore trying to expand its infrastructure considerably. This could turn into a lucrative strategy should bitcoin continue to rise.

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