CleanSpark Purchases 10,000 Mining Machines at Reduced Pricing

Bitcoin miner CleanSpark has announced its acquisition of 10,000 brand-new Bitmain Antminer S19j Pro units. According to the announcement, the purchase was made from Cryptech Solutions at a total price of $28 million. 

This was not the original cost of the mining machine as CleanSpark had received a series of credits and discounts which were quite significant to the final sales cost. Also, the current decline in the market contributed to the low price of the machines. 

In January, Bitmain listed the Antminer S19j Pro on its official website at $116 per TH/s. Meanwhile, CleanSpark said it purchased each unit at $28.00 per TH/s which is a ‘significant’ 76% decrease from its listed price. The machines are expected to be delivered to the Bitcoin (BTC) miner’s facilities between the end of October and the beginning of November.

While there was an option for a discounted price, CleanSpark’s sustainable growth strategy fused with the current bearish crypto market condition also contributed to the purchase. CEO of CleanSpark Zach Bradford reiterated “during the tail end of the bull market last year, we strategically focused on building infrastructure instead of following the then industry trend of pre-ordering equipment months in advance.”

“This strategy positioned us to make purchases of landed rigs at significantly lower prices, thus reducing the time between deploying capital and hashing, accelerating our return on investment,” Zach added.

CleanSpark Plans to Increase Mining Efficiency

Before now, the Nevada-based energy company already bought over 6,200 Bitmain Antminer S19j Pro units from earlier this year. In October 2021, CleanSpark declared that the company had purchased 4,500 mining machines from Chinese manufacturer Bitmain. 

It was after this October purchase that CleanSpark made known its intention to increase its mining machine demand to up to 10,000. Cumulatively, the bitcoin miner expects to have acquired up to 24,000 mining rigs by the end of 2022.

The acquisition of these mining machines is one of CleanSpark’s schemes to increase efficiency and revenue. Compared to its revenue in 2021 which hit a huge 400% increase, the company may likely record a higher value.