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.
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.
"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.
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.