CleanSpark Inc. has made a significant investment in its operations with the acquisition of 45,000 units of the Antminer S19 XP Bitcoin (BTC) mining machines costing $144.9 million. The units are scheduled to be delivered by the end of September, which is projected to deliver a substantial increase in computing power, resulting in a significant boost in the company’s overall mining activities.
Expansion Plans in Georgia
According to the US Securities and Exchange Commission (SEC) archive and a press release from CleanSpark, the crypto mining firm is making significant progress in expanding its mining capabilities, and the company is edging closer to achieving its targeted 16 exahashes per second (EH/s) by the end of the current year. Presently, its facilities are estimated to be capable of processing around 15.9 EH/s.
CleanSpark plans to achieve its targeted expansion by positioning all 45,000 newly acquired Antminer S19 XP units at its mining facility in Sandersville, Georgia. The facility is currently undergoing a 150 MW expansion, and the company plans to install the machines in batches as they arrive on-site. The crypto miner expects the upgrades to be fully operational by the end of 2023.
CEO and CFO Remarks
In the official statement of CleanSpark CEO Zach Bradford, he emphasized the importance of operational efficiency, technical expertise, and treasury management strategy in consolidating the company’s position among the leading BTC mining companies in America. Meanwhile, CFO Gary Vecchiarelli expressed confidence in achieving their year-end target of 16 EH/s by highlighting that acquiring the Antminer S19 XP at a good price has eliminated at least one variable in their capital expenditures.
Low-Carbon Energy Mix
CleanSpark is recognized for its predominant use of low-carbon energy sources, which form over 90% of its energy mix for mining Bitcoin. Besides that, the company employs a “balanced capital management strategy” where it sells some of its mined Bitcoin to fund its growth initiatives.
Additional Miner Purchase
CleanSpark had earlier announced the purchase of 20,000 machines, which are currently being delivered to the company’s facility in Washington, with an expected energy consumption of 2.44 EH/s. These machines have been fully paid for and are anticipated to be energized within the third quarter of the year.
Since its inception in 2014, the company has been helping individuals and businesses achieve energy independence. In 2020, CleanSpark has made a decision to shift its expertise into making sustainable infrastructure for Bitcoin, which it considers an essential tool for its goal towards financial independence and inclusion.
CleanSpark’s dedication to sustainability is reflected in its investment in low-carbon energy sources such as wind, solar, nuclear, and hydro, with the aim of leaving the planet better than it found it. Furthermore, the Bitcoin miner pledges to place great importance on trust and transparency, not just among its employees, but also in the communities it operates in and among the people worldwide who rely on Bitcoin.
The company’s commitment and efforts in attaining sustainability and innovation made it earn a spot on Forbes’ 2022 America’s Best Small Company list and the Financial Times’ List of the 500 Fastest Growing Companies in the Americas where it holds the 44th spot.
With its recent acquisition of 45,000 Antminer S19 XP machines and its focus on operational efficiency, technical expertise, and treasury management strategy, CleanSpark is well on its way to becoming a top player in the competitive world of BTC mining.
By mining Bitcoin with low-carbon energy sources and reinvesting in growth, the company is not only expanding its operations but also contributing to a more sustainable future. As CleanSpark continues to innovate and expand, it will be exciting to see what the future holds for this forward-thinking company.
Giancarlo is an economist by profession with a career spanning nearly two decades. His professional journey has seen him assume vital roles in various government and private organizations such as the Department of the Interior and Local Government (DILG), the National Economic and Development Authority (NEDA), Megaworld Corporation, and the China Banking Corporation in the Republic of the Philippines.
In addition to his civic and corporate pursuits, his forward-thinking approach has led him to manage several prominent websites in the banking and finance sector, notably the Australia-based RateChoice, where he immersed himself in the world of emerging financial technologies and where he found particular interest in Bitcoin all the way back to 2013.
Prior to his addition to Blockzeit’s dynamic team, he held an essential role as Project Manager for initiatives encompassing blockchain, stablecoin, mining, special economic zone development, and iGaming. This noteworthy chapter in his career unfolded under the auspices of InPlan Consultancy Services, Inc., the think-tank of IMPERO Consortium Management Corporation headquartered in Manila, Philippines, and Tokyo, Japan. InPlan, led by a distinguished retired Cabinet member of the Philippines, collaborates directly with IMPERO’s core management team, contributing to strategic planning and business development endeavors.