- CleanSpark purchased 10,000 bitcoin mining machines from Cryptech Solutions.
- The purchase agreement had a final valuation of $28 million.
- CleanSpark now hosts over 37,000 bitcoin miners.
CleanSpark Inc., (Nasdaq: CLSK) has acquired 10,000 brand-new Bitmain Antminer S19j Pro units through a $28 million purchase agreement with Cryptech Solutions, per a press release sent to Bitcoin Magazine.
"During the tail end of the bull market last year, we strategically focused on building infrastructure instead of following the then industry trend of pre-ordering equipment months in advance,” said Zach Bradford, CEO of CleanSpark.
Indeed, CleanSpark has been acquiring large amounts of miners over the course of the summer. In July, the company purchased 1,800 units with another 1,000 units being purchased the month before that. From June to August, the mining company purchased over 6,000 miners, per the release.
“This strategy positioned us to make purchases of landed rigs at significantly lower prices, thus reducing the time between deploying capital and hashing, accelerating our return on investment,” Bradford continued.
Therefore, the company will also note a quick deployment for this large acquisition. All of the purchased miners are expected to be delivered and operable by November at the latest.
Moreover, these large acquisitions and deployments contrast many in the mining industry who have capitulated during market downtrends.
“We prepared for challenging times, which allowed us to take advantage of unique opportunities created by the current market, accelerating our growth trajectory,” said Matt Schultz, executive chairman.
CleanSpark boasts an arsenal of 37,000 miners across all of its locations with a daily average bitcoin production of 14.9 BTC with 3.8 exahashes per second (EH/s) of capacity.