The mining company CleanSpark acquired 3,843 modern Antminer S19j Pro units from Bitmain for $5.9 million at an “incredible price”.
The purchase cost the firm about $15.5 per TH. Earlier, Foundry analysts noted that the market for mining equipment “stalled in a deflationary spiral” — sellers for similar setups were asking around $20/TH, while buyers were willing to pay about $15/TH.
With the latest purchase, CleanSpark’s fleet growth in the bear market since June has surpassed 26,500 new Bitcoin miners.
“This acquisition demonstrates how CleanSpark continues to operate in distressed markets. Our focus on resilience has provided a solid balance sheet and operating strategy that enabled us to buy devices at incredible prices, increasing hash rate and daily Bitcoin production in anticipation of improved market conditions in the coming months,” said CEO Zach Bradford.
Recently the company purchased:
- in June — 1,800 Antminer S19 XP units;
- in July — 1,061 Whatsminer M30S from MicroBT;
- in August — a 36 MW data center in the state of Georgia with 3,400 operating miners;
- in September — 10,000 Antminer S19j Pro;
- in October — another facility in Georgia (80 MW) with almost 6,500 mining rigs.
As a result, CleanSpark’s fleet numbers around 50,000 ASIC miners deployed across four data centers. Daily production reaches 19.2 BTC.
As of early November, the company had already surpassed its plan to ramp the hash rate to 5 EH/s by year-end. CleanSpark set a new target of 5.5 EH/s. By the end of 2023, capacity is expected to rise to 22.4 EH/s.
In August, publicly traded mining companies for the first time since May sold fewer bitcoins than they mined, having halted the liquidation of reserves.
In September, Arcane Research analysts concluded that sector firms maintain financial resilience despite adverse market conditions. However, the vast majority of them recorded an undistributed loss on their balance sheets, experts noted.
In October, the industry faced its first major bankruptcy — the blockchain hosting provider Compute North filed for bankruptcy.
In October, Core Scientific warned about liquidity risk and possible bankruptcy . A similar warning was issued by British Argo Blockchain.
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