CleanSpark used mined Bitcoin to buy 4,500 Antminer S19 miners

Nasdaq-listed mining company CleanSpark has purchased 4,500 Antminer S19 Bitcoin-mining devices. The purchase was partly financed with the firm’s assets in the first cryptocurrency.

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Delivery is set to begin in early November 2021 and run through July 2022.

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According to CleanSpark, once the purchased batch is online, its hash rate will rise by about 450 PH/s.

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The firm says its fleet totals more than 10,000 ASIC devices, and over the next 12 months it expects to receive 24,580 units.

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Regarding selling a portion of mined bitcoins to finance equipment, the firm says it sees value in digital currencies as a means of exchange.

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“Investing a portion of mined Bitcoin in purchasing additional miners, the company aims to bring these coins back into circulation. CleanSpark also intends to continue its strategy of accumulating digital assets,” the statement said.

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According to third-quarter 2021 results, analysts estimated that US-listed mining companies accumulated a total of more than 20,459 BTC (~$1.1 billion).

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As reported earlier, CleanSpark joined the Foundry USA mining pool along with Bit Digital, Bitfarms, Hive, BitDeer, Core Scientific, Greenidge and Foundry.

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