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Bitcoin Miner CleanSpark Buys 12,500 Bitmain Machines for $40.5M

CleanSpark (CLSK) has purchased another 12,500 bitcoin mining rigs for $40.5 million, the latest in a series of purchases during the market slump, according to a Thursday press release.

The machines will add 1.76 exahash/second (EH/s) of computing power, or hashrate, to CleanSpark's operations, bringing them closer to their target of 16 EH/s for the end of 2023. As of the end of April, the firm's hashrate stood at 6.7 EH/s.

The first 6,000 Bitmain Antminer S19 XP machines will be shipped by the manufacturer in June, and the remainder in August, the press release said.

CleanSpark has been buying assets from distressed miners during the crypto bear market that has seen a number major mining firms declare bankruptcy or otherwise restructure. In April, for instance, the miner purchased 45,000 Antminer S19 XPs – enough to double its hashrate – and in February, it acquired 20,000 rigs at a 25% discount.

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The machines were bought at a price of $23 per terahash (TH) versus a market rate of $23.27/TH for models with efficiency under 25 J/TH on May 31, according to mining services firm Luxor Technologies. The S19 XPs purchased by CleanSpark, however, have an efficiency of 21.5 J/TH, making the market price likely higher than what Luxor is quoting. Compass Mining lists a price of $37/TH for the model.

Read more: Bitcoin Mining Earnings Wrap: Marathon Shares Underperform After New SEC Subpoena

CORRECTION (June 1, 14:00 UTC): Clarifies data from Luxor Technologies on machine prices, adds data point from Compass.