Major Bitcoin mining company announces large-scale expansion

CleanSpark Inc. has spent a hefty sum of $40.5 million to acquire 12,500 Antminer S19 XP Bitcoin (BTC) mining to buy machines. CEO Zach Bradford is optimistic about the purchase, which will see the company potentially surpass 16 EH/s.

The machines were purchased for a relatively low price of $23 per terahash. Hashes are a unit of measurement used in cryptocurrency mining to indicate the computing power of a network or hardware. According to the CEO, the devices can replace the old less efficient machines. According to the agreement, the first 6,000 machines will arrive in June, the remaining 6,500 in August.

CleanSpark bought Bitcoin miners smartly

Miners had a very tough time half a year ago. Energy costs were high and at the same time BTC was very cheap. Several mining companies had to close their doors. At the same time, it ensured that the miners entered the market cheaply. In January, for example, a mining company had to be built in Kazakhstan Close. CleanSpark Inc. bought smartly during the crypto winter.

During this period, the company purchased 65,000 Antminer units in a three-month span. According to CFO Gary A. Vecchiarelli, these purchases will lead to higher margins because the machines have a more efficient energy consumption per Bitcoin mined, which is of great importance in view of the upcoming Bitcoin halving.

Future miners bright with Ordinals

CleanSpark Inc.’s commitment to shows that they maintain a positive long-term perspective. It largely has to do with the new possibilities that the Ordinals protocol offers for the Bitcoin network. With regard to the craze of memecoins, we saw significant congestion problems. At the same time, it caused the network’s transaction costs to skyrocket. For miners, this meant extra income. The higher profit recently caused the entire network to reach a new hashrate record reached.

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