CleanSpark, a major Bitcoin mining company focused on sustainability has recently made it into the breaking news.
The platform has recently announced it has acquired a large number of cryptocurrency miners. The platform has executed a purchase despite a backdrop being faced in the entire crypto industry.
CleanSpark Acquires over 3,500 Crypto Miners
Just when the entire mining sector is in a state of consolidation, CleanSpark has taken advantage of the situation.
It has reportedly purchased a large batch of cryptocurrency miners to increase its hash power. This would eventually increase its mining power, thus, increasing competition in the market.
According to the reports, CleanSpark has acquired a total of 3,843 crypto miners in its latest deal. The company has reportedly acquired S19J Pro Bitcoin miners by Antminer which cost $5.9 million.
CleanSpark made the announcement on the acquisition on November 1 confirming it has acquired each terahash at a price of $15.50.
The Hashrate Index has recently provided information about cryptocurrency miners and their costs. It has shown that CleanSpark has acquired the miners at a very unique deal.
Under normal circumstances, each terahash would have cost CleanSpark $22.94. The $22.94 machine would offer the same efficiency to the company as the $15.50 one.
CleanSpark is on a Buying Spree
With the latest purchase, CleanSpark’s total mining machines count has reached all the way up to 50,000 miners.
The company has been on a crypto miner buying spree ever since the bear market conditions kicked in. The situation seems to be getting better and better for CleanSpark when it comes to acquiring miners.
Ever since the major bear market conditions have started ruling the market, many crypto-mining firms had to sell off their mining equipment, and entire mining centers.
However, CleanSpark did not have to resort to such an option as it has enough capital to benefit from the bearish market situation.
Instead, the company has acquired a total of 26,500 miners ever since the bearish market trend began.
Argo Blockchain Sold the Miners
For now, CleanSpark has refrained from confirming the source that sold the miners to them.
However, many market observers have claimed that it is the Argo Blockchain that has sold them the miners.
According to Argo Blockchain’s October 31 update, the company sold the same number and category of miners. Therefore, the majority of the crypto market observers have a reason to believe the same.
As of now, neither of the sides has made any official statements about making a transaction and buying/selling miners.
Argo Blockchain seems to be facing a financial crisis that is worth around $30 million. Therefore, the company is trying to generate funds as fast as it can.
This is where CleanSpark was able to finalize a deal that is a “win-win” situation for the company.