CleanSpark Acquires 60,000 Bitcoin Miners in Nine-Figure Deal 💰💪

As the price of Bitcoin (BTC) reaches multi-year highs, mining company CleanSpark has secured a new infrastructure deal worth hundreds of millions to maximize their acquisition of newly created BTC units.

Bitcoin mining company CleanSpark has purchased an additional $193 million worth of mining equipment following a decrease in stock prices.

Antminer bitcoin mining machine Source: Adobe / Photocreo Bednarek

Bitcoin’s price surge has led mining firm CleanSpark to make a power move in the industry. In a recent press release, the company announced that it has purchased a whopping 60,000 Bitmain S21 miners for a staggering $193.2 million. This strategic move aims to capitalize on the rising value of BTC and secure a significant portion of newly minted units.

Seizing Opportunities and Hedge Bets 🚀🦏

CleanSpark’s acquisition of the 60,000 mining machines, at an average cost of $16.10 per terahash per second (TH/s), is just the beginning. The company also holds a call option to purchase an additional 100,000 machines at a fixed price of $16.00 per terahash until the end of 2024. This provides CleanSpark with an advantageous position in the market, allowing them to expand even further during the next bull market.

CleanSpark’s CEO, Zachary Bradford, expressed his confidence in their strategy. “We are ready to expand into the next bull market without the need to worry about an increase in machine prices since the call purchase option acts as a hedge to this risk,” Bradford stated. With the potential exercise of the call option, CleanSpark expects to achieve a total capacity of 50 exahashes per second (EH/s), a 400% increase from their current fleet. This would represent nearly 10% of the entire Bitcoin network’s hash rate. 🤯🔥

From Hashes to Terahashes to Exahashes 🧩🔢

To understand the significance of CleanSpark’s mining power, it’s important to grasp the terminology. In the Bitcoin mining world, a ‘hash’ refers to the guess answer to the cryptographic puzzle that miners work to solve. To give you an idea of scale, a terahash is equivalent to one trillion hashes, while an exahash equals one million terahashes. CleanSpark’s ambitions in reaching a capacity of 50 exahashes per second demonstrate their commitment to becoming a major player in the industry.

Miners in the Green 💚✨

Miners rely on the accumulation of BTC over time to offset their energy and equipment costs. Fortunately, the recent surge in BTC prices coupled with record-breaking transaction fees has been a boon for the industry. Rising BTC prices can also lead to increased demand for mining equipment. CleanSpark is leveraging this opportunity by acquiring mining machines ahead of future bull markets. In the last bull market, machine prices increased by three to five times, and CleanSpark expects a similar trend in future bull markets.

CleanSpark’s Stock Surges 📈🚀

The market has taken notice of CleanSpark’s strategic moves, as reflected in their stock performance. Over the past year, CleanSpark stock (CLSK) has seen an impressive 385% increase in value. This consistent growth mirrors the trend of mining firms outperforming BTC itself during bull market phases. Despite a brief dip, CleanSpark stock was up 5% between Monday’s open and close.

Q&A: Your Burning Questions Answered 🔥🤔

Q: What sets CleanSpark apart from other mining firms? A: CleanSpark’s proactive approach to acquiring mining machines at advantageous prices gives them an edge in the market. Their call option to purchase an additional 100,000 machines further solidifies their position and enables them to capitalize on future bull markets.

Q: How does CleanSpark’s mining capacity compare to the rest of the Bitcoin network? A: With the potential exercise of the call option, CleanSpark aims to reach a total capacity of 50 exahashes per second. This would represent nearly 10% of the entire Bitcoin network’s hash rate, making them a significant player in the industry.

Q: Can CleanSpark expect a significant return on investment with this mining acquisition? A: CleanSpark’s acquisition of mining machines is strategically timed to take advantage of rising BTC prices and increased demand for mining equipment. By hedging against potential price increases and expanding their mining capacity, CleanSpark anticipates a significant return on investment.

The Trend Continues: Mining Firms on the Rise 🔮💰

CleanSpark is just one example of mining firms outperforming BTC itself during bull market phases. Their forward-thinking approach and strategic investments position them as a key player in the industry. As Bitcoin’s value continues to reach new heights, it’s likely that more mining firms will follow suit, fueling the growth of the sector.

With CleanSpark’s commitment to staying ahead of the curve, they are well-positioned for success in the ever-evolving world of Bitcoin mining. Their recent acquisition of 60,000 mining machines and the potential for further expansion demonstrate their confidence and determination to seize opportunities in the market.

If you’re interested in staying up-to-date with CleanSpark’s journey or learning more about the exciting world of Bitcoin mining, make sure to share this article and join the conversation on social media! 💬📱

References:CleanSpark Closes $193.2 Million Deal for 60k Bitcoin MinersBitcoin Miners Profit from Transaction Fees and Algorand – [Additional topic link] – [Additional topic link] – [Additional topic link]

We will continue to update Phone&Auto; if you have any questions or suggestions, please contact us!


Was this article helpful?

93 out of 132 found this helpful

Discover more


Blockchain pioneer acquires fashion house Blk DNM.

Stockholm, Sweden, June 7th, 2023, Chainwire ChromaWay, a blockchain technology company headquartered in Stockholm, h...


Premia Blue, the Future proof DeFi Options Exchange, is live on Arbitrum

Road Town, British Virgin Islands, September 13th, 2023 - Chainwire Premia Blue, the groundbreaking DeFi options exch...


Kava Tokenomics 2.0: A Major Step Towards Decentralization

Exciting news from Kava blockchain as they unveil the highly anticipated 'Kava Tokenomics 2.0' update, solidifying th...


Vanguard’s CEO Retires: A Look Back at Tim Buckley’s Legacy

Tim Buckley, the highly accomplished chief executive officer of Vanguard, will be retiring at the end of 2024 after a...


Amboss launches tool to boost Bitcoin's Lightning Network adoption.

This subscription service provides businesses with lightning network liquidity, effectively reducing the maintenance ...

News gets license as Payment Institution from Monetary Authority of Singapore. has announced that it has obtained a license as a Major Payment Institution (MPI) from the Monetary Author...