CleanSpark Inc. (Nasdaq: CLSK) has recently purchased 10,000 brand new Bitmain Antminer S19j Pro ASIC miners from Cryptech Solutions for $28 million.
CEO of CleanSpark Zach Bradford stated:
During the tail end of the bull market last year, we strategically focused on building infrastructure instead of following the then industry trend of pre-ordering equipment months in advance.
Throughout the summer, CleanSpark has been accumulating a large number of miners. 1,800 units were bought by the company in July, while 1,000 more were acquired the month before. According to the announcement, the mining company bought more than 6,000 ASIC miners between June and August.
Bradford added that the company’s strategy to acquire more Bitcoin mining machines has positioned the company to execute purchases of landed rigs at much lower prices. This decision ultimately reduced the amount of time between deploying capital and turning each machine on. Bradford added that CleanSpark’s return on investment has now “accelerated.”
With an increase in profits and revenue from this move, the company notes that the recent acquisition and deployment of these machines was done sooner than expected. All of the purchased miners should be delivered and operational by November of this year.
Additionally, CleanSpark’s recent investment and deployment strategy diverges from many companies in the mining industry who have either capitulated or shut down operations due to market volatility.
Executive Chairman Matt Schultz explained that CleanSpark is prepared for further challenges if they arise. Schultz added that the market downturn has allowed the company to take advantage of opportunities that may have not been available if the market was stable.
CleanSpark’s fleet of 37,000 miners currently produces 14.9 BTC on average per day across all of its locations with a capacity of 3.8 exahashes per second (EH/s).