The new Antminer S19j Pro units will expand the company’s bitcoin mining capacity by 1 EH/s at a significantly discounted price; CleanSpark’s hashrate currently exceeds 3.8 EH/s
LAS VEGAS, Sept. 07, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the “Company”), America’s Bitcoin Miner™, today announced it has entered into a purchase agreement with Cryptech Solutions (“Cryptech”) for 10,000 brand-new Bitmain Antminer S19j Pro units for a total price of $28.0 million, after credits and discounts. The servers are expected to be delivered to CleanSpark’s facilities by late October or early November of this year.
The Company’s sustainable growth strategy coupled with the current cryptocurrency market conditions enabled the Company to purchase the machines at a substantially discounted price compared to the spot market price earlier this year. Bitmain, the manufacturer and seller of the devices, sold the S19j Pro model on its official website in January for as much as $116 per TH/s whereas the Company purchased the 10,000 units for approximately $28.00 per TH/s.
"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. “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.”
“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. “Simply put, we’ve strategically avoided lengthy delays in receiving machines and energizing circuits, quickly adding long-term value to our stakeholders.”
The purchase follows CleanSpark’s recent milestone of exceeding a bitcoin mining hashrate of 3.0 EH/s last week and the acquisition of its third mining site last month. The Company also made strategic purchases of over 5,000 units of the Antminer S19 series of machines and more than 1,000 units of the M30s series from June to August.
CleanSpark now has more than 40,000 bitcoin mining machines operational at all its sites with a daily production high of 14.9 bitcoins and a current hashrate of 3.8 EH/s. CleanSpark has cemented its position as a top five bitcoin mining company in terms of both hashrate and monthly production.
CleanSpark (NASDAQ: CLSK) is America’s Bitcoin Miner™. Since 2014, we’ve helped people achieve energy independence for their homes and businesses. In 2020, we began applying that expertise to develop sustainable infrastructure for Bitcoin, an essential tool for financial independence and inclusion. We strive to leave the planet better than we found it by sourcing and investing in low-carbon energy like wind, solar, nuclear, and hydro. We cultivate trust and transparency among our employees, the communities we operate in, and the people around the world who depend on Bitcoin. CleanSpark is a Forbes 2022 America's Best Small Company and holds the 44th spot on the Financial Times' List of the 500 Fastest Growing Companies in the Americas. For more information about CleanSpark, please visit our website at www.cleanspark.com.
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Investor Relations Contact
Matt Schultz, Executive Chairman