Crypto Miner Cleanspark Continues To Take Advantage Of Bear Markets As It Scoops Over 1k Rigs

Crypto miner CleanSpark (CLSK) has purchased 1,061 bitcoin (BTC) mining rigs which can be already in operation at internet hosting agency Coinmint’s facility in New York.

Whereas the transfer solely provides 93 petahash per second (PH/s) to CleanSpark’s 2.8 exahash per second (EH/s) hashrate, a measure of computing energy on the bitcoin community, it’s indicative of how the miner has been in a position to scoop up discounted alternatives amid a bear market. One EH/s is the same as 1,000 PH/s.

The Las Vegas-based firm purchased the Whatsminer M30S machines “at a considerably discounted worth in comparison with the spot market worth from just some months in the past,” based on a press release emailed to CoinDesk.

In June, CleanSpark purchased buy contracts for 1,800 Bitmain Antminer S19 XP computer systems from one other miner that wished to dump the contract possible on account of money points.

“We’re seeing unprecedented alternatives on this market,” CleanSpark CEO Zach Bradford stated within the assertion.

Bitcoin miners have seen their margins slashed as energy prices are surging throughout North America and revenues are dwindling together with the value of bitcoin.

Learn extra: Crypto Miners Face Margin Calls, Defaults as Debt Comes Due in Bear Market

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