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Crypto Miner CleanSpark Continues to Take Advantage of Bear Markets as it Scoops Over 1K Rigs

Eliza Gkritsi - CoinDesk
2022-07-14 13:27
Crypto miner CleanSpark (CLSK) has bought 1,061 bitcoin (BTC) mining rigs that are already in operation at hosting firm Coinmint's facility in New York.
  • While the move only adds 93 petahash per second (PH/s) to CleanSpark's 2.8 exahash per second (EH/s) hashrate, a measure of computing power on the bitcoin network, it is indicative of how the miner has been able to scoop up discounted opportunities amid a bear market. One EH/s is equal to 1,000 PH/s.
  • The Las Vegas-based company bought the Whatsminer M30S machines "at a substantially discounted price compared to the spot market price from just a few months ago," according to a statement emailed to CoinDesk.
  • In June, CleanSpark bought purchase contracts for 1,800 Bitmain Antminer S19 XP computers from another miner that wanted to offload the contract likely due to cash issues.
  • "We are seeing unprecedented opportunities in this market," CleanSpark CEO Zach Bradford said in the statement.
  • Bitcoin miners have seen their margins slashed as power costs are surging across North America and revenues are dwindling along with the price of bitcoin.
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