CleanSpark buys 12,500 Antminer S19 XP Bitcoin miners.

CleanSpark Inc. has recently purchased 12,500 Antminer S19 XP bitcoin mining machines for a total of $40.5 million. The company was able to acquire these machines at a lower price than the current market average, costing $23 per terahash. The press release states that 6,000 of these machines will be shipped in June, while the remaining 6,500 will be shipped in August.

Zach Bradford, CEO of CleanSpark, expressed his confidence in this purchase, stating that it ensures the company is prepared to meet and potentially exceed their year-end target of 16 EH/s. He also believes that this purchase will position the company to be one of the most power-efficient miners on an energy-per-hashrate basis. The additional machines also provide optionality, allowing the company to replace less efficient units if the economics support it.

CleanSpark has been taking advantage of discounted machine purchases during the crypto bear market. In February, the company acquired 20,000 Antminer S19j Pro+ units, followed by the purchase of 45,000 Antminer S19 XP units in April. Gary A. Vecchiarelli, CFO at CleanSpark, emphasized the importance of these purchases in preparation for the upcoming bitcoin halving, stating that the efficiency of these machines results in less power consumed per bitcoin mined compared to older generation miners, which should translate to higher margins.

These recent purchases of bitcoin mining machines demonstrate CleanSpark’s commitment to expanding their mining capacity and staying competitive in the market. With fees from Ordinals inscriptions boosting the revenue for miners, it is expected that large players like CleanSpark will continue to bolster their miner inventory.