Bitcoin Mining Firm CleanSpark Buys 12,500 Mining Gear Worth $40.5M

• The mining company’s overall hash rate is expected to increase to more than 16 EH/s.
•  Cleanspark’s fleet as a whole will theoretically account for 4.7% of global hashrate.

CleanSpark, a Bitcoin mining company, has invested $40.5 million in 12,500 new ASICs to increase its fleet size. The mining company’s overall hash rate is expected to increase to more than 16 EH/s as a result of the new hardware.

Moreover, CleanSpark said on Thursday that the cost per terahash ($/TH) for its freshly acquired fleet of Antminer S19 XP machines was $23. Hashrate Index data reveals that this is less than the average cost per terahash. Especially for similarly performing mining hardware, which stands at $23.27.

Since June of last year, when Bitcoin’s price plummeted to around $20,000, making mining BTC significantly less lucrative than during the bull market, the price of high-efficiency ASICs has steadily decreased.

This trend has not been broken by Bitcoin’s comeback beyond $26,000 in March. Which may be attributable to the ever-increasing efficiency of ASIC processors. Bitcoin’s price is still down 61% from its all-time high. But its worldwide hash rate keeps setting records with surprisingly few hiccups.

Accounting for 4.7% of Global Hashrate

If all goes well, Cleanspark’s fleet as a whole will theoretically account for 4.7% of global hashrate. Although it will soon have new machinery, not all of them will be operational until June and August, respectively.

Depending on how the numbers work out. Firm CEO Zach Bradford has proposed that the new fleet may actually replace older, inefficient equipment. CleanSpark has made many announcements this year revealing orders for tens of thousands of devices. There were 20,000 Antminer S19j Pro+ units bought in February at $13.15/TH and 45,000 Antminer S19 XP devices purchased in April at $23/TH.