CleanSpark Purchases Over 1000 Mining Rigs to Strengthen Productivity

Annie Li   Jul 14, 2022 22:44 2 Min Read

Nevada-based bitcoin mining company CleanSpark, Inc has announced that it has acquired 1,061 Whatsminer M30S rigs at a steep discount as it continues to expand its infrastructure.

CleanSpark said additional miners enable their mining capacity to increase by 93 petahashes per second (PH/s). The Bitcoin mining company's total operating capacity of computing power reached 2.8 exahashes per second (EH/s) as of June 30.

The company said new equipment purchased has been operating to mine Bitcoin at the Coinmint facility in New York, which it shares with Riot Blockchain.

Zach Bradford, president and CEO of CleanSpark, said he believed this is an unprecedented opportunity for the company amid the low price of the Bitcoin market.

“Our tried-and-true hybrid approach of co-locating our machines while expanding our own mining facilities puts us in an excellent position to sustainably grow our bitcoin mining capacity in what is shaping up to be an incredible market for builders ."

According to CleanSpark, a total of 1,863 bitcoins were mined in June, 328 bitcoins were sold for roughly $8.4 million.

In the middle of last month, California-based bitcoin mining firm CleanSpark purchased 1,800 Antminer S19 XP computers to take advantage of the bear market and falling bitcoin mining rig prices.

While the dire situation forced some miners to close one by one, survivors like Core Scientific, Marathon, Riot, Hut 8, and Bitfarms were not without casualties as news of their struggles kept coming. Some of these companies started selling some of the mined bitcoins they normally hold on their balance sheets to cover operating expenses.

Argo also disclosed that it sold 637 BTC at an average price of $24,500 in June in order to pay for operating expenses and a BTC-backed loan from Galaxy Digital.

Image source: Shutterstock

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