Game On for CleanSpark

In a surprising twist of fate for a crypto mining firm, CleanSpark has made headlines by snagging more than 1,000 Bitcoin miners amid a beleaguered market. With a price tag that could make you do a double-take, the company revealed they got these machines at a “substantially discounted price”. Yes, the bear market is very much alive and kicking.

The Mighty Whatsminer M30S Rig

The recent acquisition involves a staggering 1,061 Whatsminer M30S rigs, which are currently cranking out Bitcoin for CleanSpark at the Coinmint facility in New York. All this high-tech mining gadgetry is sharing space with Riot Blockchain—perhaps a little crypto friendly rivalry?

Seizing the Moment

CleanSpark’s CEO, Zach Bradford, might just be the modern-day treasure hunter. He stated, “We are seeing unprecedented opportunities in this market.” This isn’t just chatter—by June’s end, the company had already beefed up its Bitcoin computing power by 47% and its production by 50%. Talk about a power play!

Big Numbers, Bigger Ambitions

The acquisition boosted CleanSpark’s total hash rate by 93 petahashes per second (PH/s). That’s enough hash rates to make an entire tech support line faint! As of June 30, the company reported a jaw-dropping total hash rate of 2.8 exahashes per second (EH/s).

Financial Maneuvering in a Bear Market

Interestingly, the mining firm also disclosed that these miners contributed 1,863 BTC to their operations, with 328 BTC sold in June for $8.4 million. This financial flexibility allows them to stay agile amid the storm that has sent other mining firms scrambling to sell their holdings, like Argo Blockchain and Core Scientific.