In a recent move, CleanSpark (CLSK) has acquired an additional 12,500 bitcoin mining rigs for a staggering $40.5 million, despite the ongoing market slump. This information was released in a press statement on Thursday. The new mining machines are expected to add a significant 1.76 exahash/second (EH/s) of computing power, or hashrate, to the company’s operations. This acquisition is likely to bring CleanSpark closer to its ambitious target of achieving a robust 16 EH/s by the end of 2023. As things stood at the close of April, the firm’s hashrate was pegged at 6.7 EH/s.
The first batch of 6,000 Bitmain Antminer S19 XP machines will be shipped by the manufacturer in June, followed by the remaining equipment in August, as per the press statement. What makes this acquisition interesting is that CleanSpark has been strategically purchasing assets from distressed miners amid the cryptocurrency market slump, resulting in several major mining companies either filing for bankruptcy or opting for restructuring.
In April, CleanSpark made its mark by purchasing a massive lot of 45,000 Antminer S19 XPs, effectively doubling its hashrate. February witnessed yet another acquisition, with the company procuring 20,000 mining rigs at a significant 25% discount.
However, this latest deal appears to deviate from CleanSpark’s previous shopping spree pattern. The current purchase comes with practically no discount — a price of $23 per terahash (TH) as opposed to the market rate of $23.27 on May 31, based on data from mining services firm Luxor Technologies.
This new acquisition may prompt some skepticism among crypto enthusiasts. On the one hand, it indicates that CleanSpark is staying resilient and actively capitalizing on the market downturn, turning potentially adverse conditions into an opportunity for growth. On the other hand, the fact that the company invested such a considerable sum on this purchase, devoid of any significant discount, raises questions about its risk assessment and the real motives behind the acquisition.
In conclusion, the crypto community will undoubtedly be closely monitoring CleanSpark’s future moves, as it continues its quest towards achieving its ambitious hashrate goals. While this recent acquisition showcases the firm’s determination to advance in the field, the absence of the discount element in the transaction might be indicative of a potential shift in strategy. Only time will tell how this hefty investment pans out for the company and whether its risky endeavors in the cryptocurrency mining space will indeed secure substantial returns in the long run.
Source: Coindesk
