Sat 10 Sep 2022 ▪ 7:00 a.m. ▪
min read – by
Last week, Bitcoin.com News revealed the hash rate growth of bitcoin miner Cleanspark (CLSK). As a reminder, the publicly traded company is now said to have a daily production of nearly 12.25 BTC. On the sidelines of this surge, the bitcoin miner’s executive chairman confirmed that his company had prepared his business bear cryptocurrencies. It was able to anticipate a difficult market to find new growth opportunities. For example, in less than a year, the company has tripled its mining capacity, which currently stands at over 3 Exahash. At the same time, it has spent nearly $28 million equipping itself with 10,000 next-generation miners. The 10,000 new Bitmain Antminer will be delivered between October and November 2022 for sure.
Cleanspark (CLSK) benefits from the bear market
Cleans Park (CLSK), the bitcoin mining company has just struck hard. She would have bought 10,000 machines new generation for mininge BTC. She paid a whopping $28 million for this. This purchase demonstrates the company’s clear desire to increase its extraction production. The total amount paid for the purchase of this new Bitmain Antminer S19j Advantages is below the original price. Cleanspark was able to anticipate this by taking advantage of the opportunities offered by the current bear market. This certainly justifies the discount on the prices of the machines.
They are delivered in October or November of the current year. The purchase of these infrastructures is made at the hardware broker Cryptotech Solutions. According to Zach Bradford, the CEO of Cleanspark, the current offering is no coincidence. This is the result of a strategy drawn up almost a year ago. He points out that “During the end of the bull market last year, we strategically focused on building infrastructure rather than following the industry trend when we pre-order equipment months in advance.” The company has been waiting for the price of the platforms to drop nearly 40% in recent weeks to order. The difficulties bitcoin miners face also have a lot to do with it. The latter do not hesitate to get rid of their machines in exchange for money.
This new purchase is not the first of its kind. This is the logical continuation of a strategy that Cleanspark has followed for several months to remain competitive even in the midst of a crisis. Over the past three months, the mining company has been purchasing new platforms. In June, it acquired a total of 1,800 new machines, 1,061 in July and 3,400 in August.
The company does not hide its growth ambitions. She wants to reach capacity of 5 exahash/second hashrate before this year is over. Cleanspark currently owns 40,000 bitcoin mining machines distributed in all its production sites. It’s now possible to 14.9 bitcoins per day. This allows him to appear in the top 5 bitcoin mining companies based on monthly hash and mining rate.
Cleanspark, the bitcoin mining company, took advantage of the bear market to increase its daily production power. It aims to position itself as a major player in the industry thanks to the purchase of 10,000 new, latest generation machines for just $28 million.
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PhD student of financial law and experienced SEO web editor, Cédrick Aimé is passionate about cryptocurrencies, trading, etc. Naturally, thanks to his articles, he joins the daily blockchain revolution for a better democratization of DeFi.