CleanSpark Invests $145 Million in Antminer S19 XP to Double Mining Capacity

US-based cryptocurrency miner CleanSpark has acquired 45,000 Antminer S19 XP Bitcoin mining machines for $144.9 million, in a move expected to boost its computing power from 6.7 EH/s to 13 EH/s.

The first 25,000 units will be distributed in August, followed by the remaining 20,000 in September. CleanSpark intends to deploy all machines at its Sandersville, Georgia crypto mining facility. CEO Zach Bradford praised the Antminer S19 XP as “the most power-efficient bitcoin mining machine available in the market today” and anticipates it becoming a “key component” in the company’s operations.

The purchase is part of CleanSpark’s strategy ahead of the expected Bitcoin halving in spring 2024, which will reduce block rewards from 6.25 BTC to 3.125 BTC. Bradford believes the company’s focus on operational efficiency, technical expertise, and treasury management strategy will be crucial for establishing CleanSpark as a top Bitcoin mining company in the US.

By September 2023, the new machines are expected to increase CleanSpark’s mining capacity to 13 EH/s. Bradford acknowledged that the crypto winter has allowed firms to acquire state-of-the-art equipment at competitive prices, stating, “Our patience has paid off.”

CleanSpark’s mining expansion also includes a $16.2 million acquisition of a site in Washington, Georgia, in summer 2022. The facility is undergoing expansion to accommodate 16,000 miners, which will add 50 MW to the existing 36 MW of infrastructure.