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Bitcoin Miner CleanSpark Buys New Machines to Take Advantage of Spot Market Prices

The purchase of 2,597 new Antminer S19 mining computers will increase CleanSpark’s hashrate by almost 20%.

Updated May 11, 2023, 4:36 p.m. Published Nov 19, 2021, 4:14 p.m.

Racks of bitcoin miners (Andrey Rudakov/Bloomberg via Getty Images)

CleanSpark (CLSK) said it has purchased 2,597 more Antminer S19 computers in order to capitalize on favorable bitcoin spot prices.

The new machines will be delivered “immediately,” adding to the mining company’s 2,711 rigs that have already been purchased and scheduled for delivery this month, the company said in a statement.
“We continue to take advantage of favorable pricing in the spot market to purchase machines as opportunities present themselves, rather than locking up capital for long periods of time, while we use the standard strategy of future delivery contracts,” said Zach Bradford, CEO and President.
The new machines will increase the company’s hashrate, or computing power, from 1.3 exahash per second (EH/s) to nearly 1.6 EH/s, or about 20%.
The total hashrate of the Bitcoin network is about 162 EH/s as of Nov. 18, according to data analytics firm Glassnode, making CleanSpark’s mining power about 1% of the total network.
CleanSpark shares were up close to 5% on Friday, in line with the gains of most of its crypto mining peers.

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Aoyon Ashraf

Aoyon Ashraf is CoinDesk's managing editor for Breaking News. He spent almost a decade at Bloomberg covering equities, commodities and tech. Prior to that, he spent several years on the sellside, financing small-cap companies. Aoyon graduated from University of Toronto with a degree in mining engineering. He holds ETH and BTC, as well as ALGO, ADA, SOL, OP and some other altcoins which are below CoinDesk's disclosure threshold of $1,000.