My favourite Bitcoin Proxy - Miners: CleanSpark

CleanSpark, the American Bitcoin miner, recently committed $193 million to enhance its Bitcoin mining capabilities. The company made this substantial investment, as disclosed in a press release on Monday, acquiring a significant number of Bitmain S21 miners, totaling at least 160,000 units.

The procurement will take place in two phases. In the initial phase, CleanSpark is set to acquire 60,000 Bitmain miners, with deliveries scheduled between April and June 2024. The second phase involves the purchase of an additional 100,000 units at a rate of $16.00 per terahash.

Upon the completion of this acquisition, CleanSpark's hashrate is expected to soar to 50 EH/s, marking a remarkable 400% increase from its existing 10 EH/s hashrate once all units are deployed.

CleanSpark's CEO, Zachary Bradford, emphasized the strategic importance of this move in enhancing operational efficiency. Bradford sees the acquisition as a pivotal step towards maximizing opportunities within the Bitcoin mining sector. Additionally, he highlighted that the agreement provides flexibility for infrastructure growth and ensures cost certainty on miners, allowing efficient capital management.

Notably, CleanSpark opted for Bitmain's S21 model due to its outstanding performance, tested in real-world scenarios. Bradford remains optimistic that these new mining equipment will unlock further opportunities as CleanSpark continues its expansion.

In a broader context, Tether, a leading stablecoin issuer, has also entered the Bitcoin mining arena, investing in energy production in Uruguay. This move aims to leverage Bitcoin and renewable energy for sustainable mining, showcasing a growing trend in the industry