CleanSpark Buys $144.9M of Bitcoin Mining Rigs to Double Its Hashrate

Crypto miner CleanSpark (CLSK) bought 45,000 new Bitmain Antminer S19 XPs for $144.9 million, which will almost double its current computing power, or hashrate, once installed, the firm said in a Tuesday press release.

This is the latest in a series of acquisition of distressed assets by the miner, which started in the summer of 2022.

The 45,000 Antminers will add over 6.3 exahash/second (EH/s) of computing power to CleanSpark's fleet of 6.7 EH/s, once delivered and installed. The acquisition announcement comes as bitcoin crossed $30,000 for the first time in nearly a year, which could reinvigorate the bitcoin mining space.

The first batch of 25,000 rigs will be ready for delivery in August from Bitmain, and the rest are scheduled for September. They will be installed at a site in Sandersville, Georgia, which CleanSpark acquired from Mawson Infrastructure (MIGI) in September.

CleanSpark aims to have 16 EH/s of computing power by the end of the year. It lowered its 2023 guidance in December 2022 from 22.4 EH/s, citing delays in construction by one of its partners, Lancium. Another 2.44 EH/s of machines that it acquired at a discount in February are expected to be online at a Washington state facility later in Q2.

"As bitcoin’s halving draws closer, our focus on operational efficiency, our technical expertise, and our treasury management strategy, will all play a crucial role in solidifying CleanSpark’s position among the top bitcoin mining companies in America," said Zach Bradford, CEO of CleanSpark.