CleanSpark Invests $145 Million In Mining Tech - How Will It Boost Bitcoin Price?

CleanSpark Invests $145 Million In Mining Tech – How Will It Boost Bitcoin Price?

Updated: 17 April 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

CleanSpark has purchased 45,000 units of the Antminer S19 XP BTC mining machines for $145 million.

Once installed at their mining facility in Sandersville, Georgia, they expect the new equipment to increase CleanSpark’s computing power from 6.7 EH/s to 13 EH/s. The manufacturer will deliver 25,000 units in August, with another 20,000 arriving in September.

CleanSpark’s 45,000 Antminer S19 XP to Prepare for Next Halving

CleanSpark, the leading Bitcoin mining company in the US, plans to boost its mining capacity by purchasing 45,000 new machines. The company aims to capitalize on the upcoming Bitcoin halving event, which will cut the rate of new coin creation in half, ‌driving up demand for the cryptocurrency.

🏗️ Today we announced the doubling of our #bitcoin mining capacity with a $144.9 million expansion deal, edging us closer to our year-end guidance of 16 EH/s.

– Purchase of 45,000 brand-new Antminer S19 XP #btc mining machines for our site in Sandersville, GA
– Will add 6.3… pic.twitter.com/fZHo1EhmVC

— CleanSpark Inc. (@CleanSpark_Inc) April 11, 2023

According to CleanSpark’s CEO, Zachary Bradford, the firm’s technical expertise and treasury management strategy will play a vital role in solidifying its position among the top Bitcoin mining companies in the US. Bradford also emphasized that the recent crypto winter allowed the company to gain modern equipment at a competitive price.

They expect the acquisition of the new machines to increase the mining capacity of CleanSpark to 13 EH/s by September 2023, further strengthening its position in the crypto-mining industry.

Recently, the company began expanding the facility, adding 50 MW to the existing 36 MW infrastructure. The CEO of CleanSpark, Zachary Bradford, is optimistic about the expansion and its potential to create jobs in the Washington City community. He stated that the second phase of the expansion would more than double the size of the existing operation and that the company is eager to support the construction jobs that will result from this growth.

CleanSpark Expands Georgia Mining Facility with Latest Generation Technology

CleanSpark began constructing the second phase of its facility in Washington, Georgia, to accommodate 16,000 miners in early 2023. They expect the mining equipment to increase its hash rate total by up to 13 EH/s. The mining machine fleet included the latest and most power-efficient models, the Antminer S19j Pro and Antminer S19 XP.

Additionally, CleanSpark is set to increase its computing power by 25% to 34% by adding 50 MW to its existing 36 MW infrastructure. Bradford expressed confidence in the expansion project following the acquisition of the site. They expect the new phase to be completed by late spring and will more than double the size of the current operation.

Bradford also noted the company’s commitment to supporting the construction jobs that will come with the expansion and looked forward to strengthening its relationship with the Washington City community.

The struggling mining market has led to many companies filing for bankruptcy, with more expected to follow this year. However, despite the downturn, CleanSpark has increased its hash rate. They achieved this by selling a significant portion of its mined BTC and reinvesting the profits in growth, following a capital management strategy.

CleanSpark has also committed to using mainly renewable or low-carbon energy sources for its mining operations. Its Georgia site, for example, primarily uses low-carbon power sources and employs the latest generation technology, making it one of the most power-efficient and sustainable Bitcoin mining operations.

The state’s relatively low energy prices and abundant nuclear and solar power have attracted several miners recently, allowing them to promote themselves as green and sustainable.