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BTC miner CleanSpark scoops up thousands of miners amid 'distressed markets'

BTC miner CleanSpark scoops up thousands of miners amid 'distressed markets'

Sustainability-focused Bitcoin (BTC) mining firm CleanSpark has snapped up one other 3,843 cryptocurrency miners amid a backdrop of mining trade consolidation.

The $5.9 million buy of the Antminer S19J Professional Bitcoin miners announced by the corporate on Nov. 1 got here at a value of $15.50 per terahash — far cheaper than the present market value of $22.94 for a machine with the identical effectivity according to information from Hashrate Index.

The acquisition has introduced its whole variety of machines to round 50,000 in response to the corporate.

CleanSpark mentioned it is bought 26,500 miners for the reason that begin of the “bear market circumstances” — a time when many mining corporations have been pressured to dump mining tools and even take into account submitting for chapter.

There’s a chance that the miners had been bought from competitor Argo Blockchain as an Oct. 31 replace from Argo exhibits it bought 3,843 Bitmain S19J Professional machines, the precise quantity and miner mannequin that CleanSpark bought.

Cointelegraph contacted CleanSpark and Argo Blockchain to substantiate if a transaction came about between the businesses however didn’t instantly hear again.

Whereas different Bitcoin miners are struggling within the prevailing market circumstances, CEO Zach Bradford mentioned an “unwavering focus” on sustainability, a powerful stability sheet, and its working technique has enabled CleanSpark to “purchase machines at unbelievable costs, develop our hashrate, and improve our day by day Bitcoin manufacturing.”

Associated: High 3 the explanation why Bitcoin hash price continues to achieve new all-time highs

In an earlier interview with Cointelegraph Matthew Schultz, govt chairman of CleanSpark, mentioned considered one of CleanSpark’s working methods has been to view Bitcoin mining as a “potential answer for creating extra alternatives for vitality growth.”

For instance, CleanSpark companions with varied metropolis councils in the US to purchase extra vitality to be able to enhance the effectivity of its mining operations – but it surely additionally cuts down vitality prices for these communities too, Schultz defined:

“These cities primarily turn out to be our utility supplier. They make a margin on each kilowatt hour we purchase to conduct our mining operations. But, we’re shopping for such excessive portions of vitality that it brings down vitality prices for the communities we work with.”

However with Bitcoin mining problem growing and profitability lowering, mining corporations might want to search for new methods to diversify their income streams to be able to keep afloat, whereas some corporations could don’t have any possibility however to consolidate to remain within the recreation.

That was the case with Colorado-based Bitcoin miner Crusoe Vitality Programs, who purchased the working belongings of moveable BTC mining operator Nice American Mining (GAM).

CleanSpark additionally purchased a 36MW facility in Washington, Georgia in Aug. 2022, and not too long ago acquired an 80MW facility in Sandersville, Georgia in Oct. 2022 to go alongside its two present mining services.

Regardless of CleanSpark’s current success, its inventory value dropped 6.32% to $3.26 on Nov. 1 according to Yahoo Finance — nonetheless, the autumn was consultant of the broader Bitcoin mining sector.

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