Crypto Miner CleanSpark Continues to Take Advantage of Bear Market as it Scoops Over 1K Rigs

In June, the Las Vegas-based miner bought contracts for another 1,800 mining rigs.

By Eliza Gkritsi

Jul 14, 2022 at 1:00 p.m. UTC

Updated Jul 15, 2022 at 1:25 a.m. UTC

A bitcoin mining facility in Georgia that uses 95% noncarbon energy (CleanSpark)

Eliza Gkritsi

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

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Crypto miner CleanSpark (CLSK) has bought 1,061 bitcoin (BTC) mining rigs that are already in operation at hosting firm Coinmint's facility in New York.

While the move only adds 93 petahash per second (PH/s) to CleanSpark's 2.8 exahash per second (EH/s) hashrate, a measure of computing power on the bitcoin network, it is indicative of how the miner has been able to scoop up discounted opportunities amid a bear market. One EH/s is equal to 1,000 PH/s.
The Las Vegas-based company bought the Whatsminer M30S machines "at a substantially discounted price compared to the spot market price from just a few months ago," according to a statement emailed to CoinDesk.
The deal was facilitated by FoundryX, a platform designed by Foundry that connects miners with an extensive network of inventory, according to a statement shared with CoinDesk. Foundry is a subsidiary of Digital Currency Group, which is the parent company of CoinDesk.
In June, CleanSpark bought purchase contracts for 1,800 Bitmain Antminer S19 XP computers from another miner that wanted to offload the contract likely due to cash issues.
"We are seeing unprecedented opportunities in this market," CleanSpark CEO Zach Bradford said in the statement.
Bitcoin miners have seen their margins slashed as power costs are surging across North America and revenues are dwindling along with the price of bitcoin.

UPDATE: (July, 14, 20:40 UTC): Adds details of the broker that helped with the deal.

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