The company has been taking advantage of opportunities to expand in the bear market.
CleanSpark (CLSK), a Bitcoin (BTC) miner, bought 10,000 new Bitmain Antminer S19j Pros for $28 million after credits and discounts. This is a big discount from the price listed by the manufacturer.
A press release on Wednesday said that the mining rigs were bought from a hardware broker called Cryptech Solutions for about $28 per terahash (Th). This is less than the $96/Th listed on the manufacturer’s website, where they are sold out. Instead of the price of the machine, mining rig prices are often given in dollars per terahash, which is a measure of computing power.
“At the end of the bull market last year, we focused on building infrastructure instead of preordering equipment months in advance, which was the industry trend at the time,” said CleanSpark CEO Zach Bradford. This allowed CleanSpark to buy rigs at a discount during the bear market.
In fact, the price of mining rigs has dropped by 40% in the last few months because bitcoin miners who are having trouble making money are selling their machines for cash.
It’s the latest thing CleanSpark has done to find growth opportunities during the bear market. In June, the company bought contracts for 1 800 machines. In July, it bought another 1061 rigs. CleanSpark bought a new mining site with 3,400 machines in August. After all of the acquisitions, the company said that its hashrate will reach 5 exahash/second by the end of the year.
