CleanSpark increases computing power by 37% with thousands of new Bitmain rigs

by James · February 17, 2023

Bitcoin miner CleanSpark is increasing its US mining capacity with the purchase of 20,000 new Antminer S19j Pro+ units for $43.6 million. The acquisition is expected to increase the company’s computing power by 37% and brings the total number of miners purchased during the bear market to 46,500 units.

According to a February 16 statement, CleanSpark will pay $32.3 million for the machines after applying 25% off coupons or a total price per terahash (TH) of about $13.25. The Pro+ rigs are 22% more productive than their previous models and are scheduled to be delivered in batches between March and May.

The company is taking advantage of the market’s lower rig prices to increase mining capacity, while Bitcoin’s (BTC) price rises. According to Hashrate Index data, the current price per TH for ASICs with the same Bitcoin mining efficiency is currently $15.09, well below $90.72 12 months ago. CleanSpark said the Antminer S19j Pro+ model offers a better return on investment compared to the same ASIC generation machines.

“Once fully operational, they are expected to add 2.44 EH/s to CleanSpark’s existing 6.6 EH/s of bitcoin mining computing power (for a total of 9 EH/s), representing a 37% increase, ” noted the company.

Bitcoin ASIC Price Index. Source: Hashrate Index

CleanSpark claims that the purchased models continue to be more attractive to the business in current market conditions. “The S19j Pro+ delivers 122 terahasshes per machine and saves an average of 2 joules of energy per terahash compared to the S19j Pro model of the same generation.”

A total of 15,000 of the new machines will be delivered to the company’s locations in the city of Washington, Georgia. CleanSpark in January revealed a $16 million expansion to the site, which is predicted to increase its hash rate by 2.2 exahashes per second (EH/s), with its total hash rate as high as 8.7 EH/s. The facility was acquired by the company last August before it took over Mawson Infrastructure Group’s facility in Sandersville.

After a tough year in 2022 with falling Bitcoin prices and high electricity costs, listed mining companies saw an increase in mining production and hash rates in January, according to an analysis by the Hashrate Index. CleanSpark increased its Bitcoin mining output by 50% during the month, reaching a record monthly output of 697 BTC. The hash rate rose to 6.6 EH/s from 6.2 EH/si in December.

Other public mining companies, such as Core Scientific, Riot, Marathon and Cipher have seen significant increases in Bitcoin production over the past month, helped by stable electricity prices and better weather conditions in the US.