BTC miner CleanSpark scoops up thousands of miners amid 'distressed markets'

Sustainability-focused Bitcoin (BTC) mining institution CleanSpark has snapped up different 3,843 cryptocurrency miners amid a backdrop of mining manufacture consolidation.

The $5.9 cardinal acquisition of the Antminer S19J Pro Bitcoin miners announced by the institution connected Nov. 1 came astatine a terms of $15.50 per terahash — acold cheaper than the existent marketplace terms of $22.94 for a instrumentality with the aforesaid ratio according to information from Hashrate Index.

The acquisition has brought its full fig of machines to astir 50,000 according to the company.

CleanSpark said it's purchased 26,500 miners since the commencement of the "bear marketplace conditions" — a clip erstwhile galore mining firms person been forced to merchantability disconnected mining instrumentality oregon even see filing for bankruptcy.

There is simply a anticipation that the miners were purchased from rival Argo Blockchain arsenic an Oct. 31 update from Argo shows it sold 3,843 Bitmain S19J Pro machines, the nonstop magnitude and miner exemplary that CleanSpark purchased.

Cointelegraph contacted CleanSpark and Argo Blockchain to corroborate if a transaction took spot betwixt the companies but did not instantly perceive back.

While different Bitcoin miners are struggling successful the prevailing marketplace conditions, CEO Zach Bradford said an “unwavering focus” connected sustainability, a beardown equilibrium sheet, and its operating strategy has enabled CleanSpark to “acquire machines astatine unthinkable prices, turn our hashrate, and summation our regular Bitcoin production.”

Related: Top 3 reasons wherefore Bitcoin hash complaint continues to attain caller all-time highs

In an earlier interview with Cointelegraph Matthew Schultz, enforcement president of CleanSpark, said 1 of CleanSpark’s operating strategies has been to presumption Bitcoin mining arsenic a “potential solution for creating much opportunities for vigor development.”

For example, CleanSpark partners with assorted metropolis councils successful the United States to bargain excess vigor successful bid to amended the ratio of its mining operations – but it besides cuts down vigor costs for those communities too, Schultz explained:

“These cities fundamentally go our inferior provider. They marque a borderline connected each kilowatt hr we bargain to behaviour our mining operations. Yet, we are buying specified precocious quantities of vigor that it brings down vigor costs for the communities we enactment with.”

But with Bitcoin mining trouble expanding and profitability decreasing, mining companies volition request to look for caller ways to diversify their gross streams successful bid to enactment afloat, portion immoderate companies whitethorn person nary enactment but to consolidate to enactment successful the game.

That was the lawsuit with Colorado-based Bitcoin miner Crusoe Energy Systems, who bought the operating assets of portable BTC mining relation Great American Mining (GAM).

CleanSpark besides bought a 36MW installation successful Washington, Georgia successful Aug. 2022, and precocious acquired an 80MW installation successful Sandersville, Georgia successful Oct. 2022 to spell alongside its 2 existing mining facilities.

Despite CleanSpark’s caller success, its banal terms dropped 6.32% to $3.26 connected Nov. 1 according to Yahoo Finance — however, the autumn was typical of the broader Bitcoin mining sector.