CleanSpark buys 1000’s extra bitcoin mining machines at ‘unimaginable costs’

CleanSpark (NASDAQ:CLSK) stated Tuesday that it purchased 3,843 extra models of the Antiminer S19J Professional bitcoin (BTC-USD) mining machines for $5.9M, bringing the full variety of machines acquired since bear market circumstances began to greater than 26K.

The acquisition comes at a time when depressed crypto costs mixed with larger electrical energy costs and rising competitors have pressured a handful of liquidity-strapped miners to promote down their mining rigs to unlock capital. However CleanSpark (CLSK) look like making the most of the deflationary backdrop by snapping up rigs at engaging reductions. That being stated, see why Looking for Alpha contributor Made Simple – Finance thinks CleanSpark’s (CLSK) valuation benefited from the latest market stoop.

“This most up-to-date buy demonstrates how CleanSpark (CLSK) continues to execute in distressed markets,” stated CleanSpark CEO Zach Bradford.

The miner stated it expects to attain its 2023 year-end mining capability steerage of twenty-two.4 exahashes per second.

“Our unwavering deal with sustainability has offered us with a powerful steadiness sheet and working technique that has allowed us to accumulate machines at unimaginable costs, develop our hashrate, and improve our every day bitcoin manufacturing in anticipation of market circumstances bettering over the subsequent a number of months,” Bradford added.

The transfer comes on the heels of its deal to accumulate Mawson Infrastructure Group’s (MIGI) BTC mining facility in Sandersville, Georgia for as much as $33M, underscoring CleanSpark’s (CLSK) resilience in coping with a tough mining atmosphere.

Beforehand, (OCt. 25) CleanSpark raises 2022 hashrate steerage by 10%.