BTC miner CleanSpark recovers thousands of miners amid 'struggling markets'

CleanSpark bought over 3,800 mining machines at $15.50 per terahash, well below the current market price of 22, $94 and 85.4% off the historical high cost of $106.62 in December 2021.
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Sustainability-focused bitcoin (BTC) mining company CleanSpark has recruited another 3,843 cryptocurrency miners amid consolidation in the mining industry.

The $5.9 million purchase of the Antminer S19J Pro Bitcoin miners announced by the company on November 1 came at a price of $15.50 per terahash, much cheaper than the current market price of 22, $94 for a machine with the same efficiency according to the data. from the hashrate index.

The purchase brought its total number of machines to around 50,000 according to the company.

CleanSpark said it has bought 26,500 miners since the onset of "bear market conditions", a time when many mining companies were forced to sell mining equipment or even consider filing for bankruptcy.
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It is possible that the miners were purchased from competitor Argo Blockchain, as an October 31 update from Argo shows that it sold 3,843 Bitmain S19J Pro machines, the exact quantity and model of miner purchased by CleanSpark.

Cointelegraph contacted CleanSpark and Argo Blockchain to confirm whether a transaction had taken place between the companies, but did not immediately respond.

As other Bitcoin miners struggle in current market conditions, CEO Zach Bradford says an "unwavering focus" on sustainability, a strong balance sheet, and its operating strategy have enabled CleanSpark "to acquire machines at incredible prices, increase our hashrate, and increase our daily Bitcoin production."

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Crypto Nov 2, 2022 0 67 Add to Reading List

BTC miner CleanSpark recovers thousands of miners amid 'struggling markets'

CleanSpark bought over 3,800 mining machines at $15.50 per terahash, well below the current market price of 22, $94 and 85.4% off the historical high cost of $106.62 in December 2021.

BTC miner CleanSpark scoops up thousands of miners amid 'distressed markets'

New

Sustainability-focused bitcoin (BTC) mining company CleanSpark has recruited another 3,843 cryptocurrency miners amid consolidation in the mining industry.

The $5.9 million purchase of the Antminer S19J Pro Bitcoin miners announced by the company on November 1 came at a price of $15.50 per terahash, much cheaper than the current market price of 22, $94 for a machine with the same efficiency according to the data. from the hashrate index.

The purchase brought its total number of machines to around 50,000 according to the company.

CleanSpark said it has bought 26,500 miners since the onset of "bear market conditions", a time when many mining companies were forced to sell mining equipment or even consider filing for bankruptcy.

It is possible that the miners were purchased from competitor Argo Blockchain, as an October 31 update from Argo shows that it sold 3,843 Bitmain S19J Pro machines, the exact quantity and model of miner purchased by CleanSpark.

Cointelegraph contacted CleanSpark and Argo Blockchain to confirm whether a transaction had taken place between the companies, but did not immediately respond.

As other Bitcoin miners struggle in current market conditions, CEO Zach Bradford says an "unwavering focus" on sustainability, a strong balance sheet, and its operating strategy have enabled CleanSpark "to acquire machines at incredible prices, increase our hashrate, and increase our daily Bitcoin production."

Related: