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CleanSpark Spends $9.3 Million on New Bitcoin Mining Facilities to Accommodate 6,000 Miners – Is Bitcoin Mining Still Profitable?

WikiBit 2023-06-21 18:40

Abstract: Bitcoin mining firm CleanSpark is expanding with the acquisition of two Bitcoin mining sites in Dalton, Georgia, for $9.3 million.

Source: AdobeStock Photocreo Bednarek

Bitcoin (BTC) mining firm CleanSpark is expanding its operations with tHE acquisition of two Bitcoin mining sites in Dalton, Georgia, FOR $9.3 million.

The facilities will accommodate over 6,000 Bitcoin mining machines, including the latest generation Antminer S19 XP and S19j PRO+ units.

The machines were ordered and paid for by CleanSpark earlier this year, and the acquisition is PART of firms plans to meet a hash power target of 16 exahash per second (EH/s) by the end of 2023.

“This acquisition ensures that we have more than enough infrastructure to reach our year-end target of 16 EH/s,” CleanSpark CEO Zach Bradford said in a comment.

“These two additional sites are testament to our deepening ties with rural communities in Georgia and the regional expertise we are developing there as a large, flexible load. Importantly, our efforts are generating economic growth for the suburban and rural areas where our operations are located,” he added.

The deal, which is expected to be finalized later this week, will boost CleanSpark's computing power by around 1 EH/s — roughly a 15% increase compared to its existing 6.7 EH/s hash rate.

CleanSpark on mining machine buying spree

This expansion follows CleanSpark's recent machine purchases from June, when the firm bought 12,500 NEW Bitmain Antminer S19 XP units.

The acquisitions are expected to contribute to a total of 10.5 EH/s being added to CleanSpark's current hash rate.

“This purchase ensures that we are prepared to meet and potentially exceed our year-end target of 16 EH/s and also positions us to be one of the most power-efficient miners on an energy-per-hashrate basis,” CleanSparks Bradford said at the TIME.

However, as the Bitcoin mining industry continues to grow amid challenging conditions in the spot Bitcoin market, questions arise about its profitability.

So far in 2023, the profitability of mining Bitcoin has risen slightly, from $0.06 per day for 1 THash/s on January 1 to $0.07 per day as of June 22, DATA from BitInfoCharts shows.

Still, when looking at the longer-term picture, mining profitability is still well below the highs from the 2021 Bitcoin bull market, when it reached more than $0.4 per day for 1 THash/s.

Source: BitInfoCharts

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