Sustainability-aimed Bitcoin mining company CleanSpark has reportedly been able snap up another 3,843 cryptocurrency miners, with regard to a backdrop in mining industry consolidation, as reported by Cointelegraph.
According to Cointelegraph, the $5.9 million purchase of the Antminer S19J Pro Bitcoin miners made the announcement by the company on November 1, 2022, arrived at a valuation of $15.50 per terhash, which is considered cheaper than the current market price of $22.94 for a machine carrying the same efficiency, according to data from Hashrate Index.
On the basis of information by Cointelegraph, as a result of the purchase, the total number of machines have been close to 50,000 for the platform. CleanSpark stated that it purchased 26,500 miners since the beginning of the bear market conditions, during which many firms were forced to sell off mining equipment or even had to take into account filing for bankruptcy. It is believed that the miners were bought from competitor Agro Blockchain, on account of an October 31, 2022, update from Argo, which showed it sold 3,843 Bitmain S19J Pro machines, the exact amount and miner model which CleanSpark purchased.
“These cities essentially become our utility provider. They make a margin on every kilowatt hour we buy to conduct our mining operations. Yet, we are buying such high quantities of energy that it brings down energy costs for the communities we work with,” Matthew Schultz, executive chairman, CleanSpark, mentioned.
Moreover, Cointelegraph noted that with Bitcoin mining difficulty going up and profitability falling down, mining companies are expected to look for redefined ways for diversification of their revenue streams so as to stay afloat. On the other hand, certain companies are required to consolidate for staying in the game. In August, 2022, CleanSpark purchased a 36 MW facility in Washington, Georgia, and in October, 2022, acquired an 80 MW facility in Sandersville, Georgia.
(With insights from Cointelegraph)
Also Read: MicroStrategy aims to expand its Bitcoin portfolio, despite recording net loss in third quarter
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