BTC miner CleanSpark scoops up thousands of miners amid 'distressed markets'
Sustainability-focused Bitcoin (BTC) mining company CleanSpark has snapped up another 3,843 cryptocurrency miners amid a backdrop of mining industry consolidation.
The $5.9 million purchase of the Antminer S19J Pro Bitcoin miners announced by the company on Nov. 1 came at a price of $15.50 per terahash — far cheaper than the current market price of $22.94 for a machine with the same efficiency according to data from Hashrate Index.
The purchase has brought its total number of machines to around 50,000 according to the company.
CleanSpark said it's purchased 26,500 miners since the start of the "bear market conditions" — a time when many mining firms have been forced to sell off mining equipment or even consider filing for bankruptcy.
There is a possibility that the miners were purchased from competitor Argo Blockchain as an Oct. 31 update from Argo shows it sold 3,843 Bitmain S19J Pro machines, the exact amount and miner model that CleanSpark purchased.
Cointelegraph contacted CleanSpark and Argo Blockchain to confirm if a transaction took place between the companies but did not immediately hear back.
While other Bitcoin miners are struggling in the prevailing market conditions, CEO Zach Bradford said an “unwavering focus” on sustainability, a strong balance sheet, and its operating strategy has enabled CleanSpark to “acquire machines at incredible prices, grow our hashrate, and increase our daily Bitcoin production.”
Related: Top 3 reasons why Bitcoin hash rate continues to attain new all-time highs
In an earlier interview with Cointelegraph Matthew Schultz, executive chairman of CleanSpark, said one of CleanSpark’s operating strategies has been to view Bitcoin mining as a “potential solution for creating more opportunities for
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