Bitcoin Miner CleanSpark Buys New Machines to Take Advantage of Spot Market Prices

BIT Mining’s Q4 Revenue to Fall Due to Its Mining Pool Exiting China

CleanSpark (CLSK), the sustainable bitcoin mining company, said it has purchased 2,597 more Antminer S19 computers in order to capitalize on favorable bitcoin spot prices.

  • The new machines will be delivered “immediately,” adding to the company’s 2,711 rigs that have already been purchased and scheduled for delivery this month, the company said in a statement.
  • “We continue to take advantage of favorable pricing in the spot market to purchase machines as opportunities present themselves, rather than locking up capital for long periods of time, while we use the standard strategy of future delivery contracts,” said Zach Bradford, CEO and President.
  • The new machines will increase the company’s hashrate by almost 20% from 1.3 exahash per second (EH/s) to nearly 1.6 EH/s.
  • The total hashrate of the Bitcoin network is about 162 EH/s as of Nov. 18, according to data analytics firm Glassnode, making CleanSpark’s mining power about 1% of the total network.
  • CleanSpark shares were up close to 5% on Friday, in line with the gains of most of its crypto mining peers.

Read More: CleanSpark Spends Some of Its Bitcoin to Buy 4,500 New Mining Machines

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