CleanSpark, Inc, a Nevada-based bitcoin mining company, announced Thursday that it placed an order for 1800 Antminer XP units to expand its infrastructure.
CleanSpark anticipates that the mining machines will add more than 252 petahashes per minute (PH/s), to the company’s total bitcoin mining capacity once they are fully operational.
According to the contract, the company stated that the Antminer S19XP machines would begin arriving at CleanSpark’s facilities by August. Shipping will continue for the next six-month.
CleanSpark also revealed that it had partnered with TMGcore Inc, a major developer and manufacturer of data centre hardware that specializes in next-generation liquid immersion cool technologies. This partnership will allow CleanSpark to expand its immersion-cooled infrastructure that can be used for sustainable mining.
TMGcore has partnered with CleanSpark to provide 257 units of its proprietary immersion-cooled tanks. These tanks are specifically designed to increase the performance and reduce long-term failure rates of CleanSpark’s mining equipment.
CleanSpark will deploy the units in small batches at its College Park facility in Georgia and other locations as it determines. CleanSpark also receives 2 megawatts (MW), of colocation capacity from TMGcore’s stateof-the art, immersion-cooled mine facility in Plano Texas.
CleanSpark appears to be taking advantage of the falling Bitcoin mining prices and the bear market by buying new, more efficient miners.
It seems that the bearish markets are hitting all segments of the crypto space. This includes mining firms, which are responsible for validating transactions as well as maintaining the integrity of the Bitcoin network.
Many Bitcoin miners are currently selling their mined tokens because the lower price of Bitcoin has reduced their profit margins. This coincides with the decline in capital markets, which have been less friendly to major indexes. Major indexes lost more than 20% this year.
Although some miners have had to close down their businesses due to the difficult situation, survivors such as Core Scientific, Marathon and Riot, Hut 8 or Bitfarms, are still thriving. There has been much news about their struggles. These firms sold some of the mined Bitcoins they had on their balance sheets to fund operational expenses.
The current market conditions are a chance for survivors to acquire Bitcoin and Bitcoin mining equipment. Current market conditions will be favorable for firms that are ready to acquire the most recent generation equipment with locked in power rates.