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Nasdaq-Listed CleanSpark Buys 22,680 Bitcoin Miners
It's the latest listed firm to ramp up its mining arsenal as the price of bitcoin flirts with all-time highs.
Utah-based tech company CleanSpark (NASDAQ: CLSK) said Thursday it has signed contracts to purchase 22,680 bitcoin mining machines to meet “immediate needs” and increase production capacity.
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In a press release, CleanSpark said it is purchasing S19j Pro and S19 Pro Antminers with the goal to increase total hash rate capacity to over 1.1 EH/s by summer. The company has bought 7,200 Sj19 Pro Antminers from Bitmain Technologies and has signed contracts with another unnamed cryptocurrency mining equipment dealer to purchase 15,480 rigs.
It's just the latest firm to ramp up its mining arsenal in recent weeks as the price of bitcoin flirts with all-time highs. Notably, bitcoin mining is only one of CleanSpark's energy offerings.
Read more: Gaming Company The9 to Buy 2,000 Bitcoin Mining Machines for About $6.72M in Stock
"Time is money in this industry, and we wanted to ensure that we have both our immediate needs covered but we also wanted to look to the future to ensure we had a reliable baseline supply of future miner deliveries secured to support our long-term growth," said CleanSpark Chief Executive Zach Bradford.
As reported by CoinDesk, bitcoin’s hashrate, which is a way to measure the total power consumption and mining output of the network, has topped a new all-time high as mining firms like CleanSpark continue to add more hash power.
CleanSpark's shares were trading down 2.48% at $20.80 at the time of publication.
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
