CleanSpark Builds Mining Fleet Despite BTC Profitability Slump


  • Despite a 44% decline in Bitcoin (BTC) mining profitability over the last year, some Bitcoin mining companies have continued to build and increase production.
  • American Bitcoin mining firm CleanSpark recently announced that it had purchased 12,500 brand-new Antminer S19 XP units for $40.5 million.
  • CleanSpark’s purchase agreement stipulated that 6,000 machines are scheduled to be shipped by the manufacturer in June, and the remainder will be shipped in August.

CleanSpark’s Expansion Despite Declining Profitability

Crypto mining firm CleanSpark has been aggressively expanding its fleet of mining machines this year, despite mining profitability being far from its all-time highs. On June 1, American Bitcoin mining firm CleanSpark announced that it had purchased 12,500 brand-new Antminer S19 XP units for $40.5 million. This deal worked out at $23 per terahash per second (TH/s), which is lower than the average market price. The units have a power-efficiency rating of 21.5 joules per terahash and the combined purchase provides an additional total hash rate of 1.76 exahashes per second to its current 6.7 EH/s.

Zach Bradford, CEO of CleanSpark, said: “This purchase ensures that we are prepared to meet and potentially exceed our year-end target of 16 EH/s” CleanSpark’s mining farms are located in Georgia and according to its website has 67,700 miners in operation and has mined 2,395 BTC year-to-date so far.

Bitcoin Mining Difficulty & Hashrate

Bitcoin mining difficulty reached an all-time high of over 50 trillion on June 1st putting further pressure on miners while network hash rate was also near its peak level at 395 EH/s on May 30th . In February this company purchased 20K Antminer S19j Pro+ units and then added 45K S19 XP ASIC rigs to its fleet in April as well.

Bitcoin Mining Profitability Decline

The declining Bitcoin mining profitability has declined to $0.071 per TH/s per day down 44% over the past twelve months and 82% since the crypto market peak back in late 2021 according to Hashrate Index data.