CleanSpark, a leading Bitcoin mining company in the United States, has announced a strategic purchase of up to 160,000 Bitmain S21 mining rigs, aiming to reach a hash rate of 32 exahash per second (EH/s). This move positions CleanSpark as a significant player in North America’s dynamic Bitcoin mining landscape.
Under the agreement terms, CleanSpark has secured an initial order of 60,000 mining units expected to be delivered between April and June 2024, which will substantially increase its hash power to 50 EH/s. Additionally, the deal includes an option to purchase another 100,000 machines by the end of the year at a fixed price of $16 per terahash, potentially resulting in a 400% increase in hash power once all units are deployed.
CEO Zachary Bradford emphasized the strategic importance of the move, highlighting the operational efficiency and protection against potential machine price hikes. He views the proactive purchase as a step towards efficient capital management and positioning CleanSpark to maximize upcoming opportunities.
Bradford pointed out the historical trend of Bitcoin mining equipment prices surging during bull markets, often increasing three to fivefold. CleanSpark’s proactive approach, including the option to purchase additional units, mitigates the risk associated with such price fluctuations.
The choice of Bitmain’s S21 model, recognized as the most efficient Bitcoin mining device, underscores CleanSpark’s commitment to operational excellence. Real-world tests have confirmed the S21’s superior efficiency, justifying its selection for CleanSpark’s mining operations. Bradford expressed confidence in the strategic decision, believing it will not only enable the company to successfully navigate the halving process but also unlock new growth avenues and strengthen its position as a leading public Bitcoin miner.