{"id":25990,"date":"2023-06-22T10:31:31","date_gmt":"2023-06-22T14:31:31","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/cleanspark-spends-9-3-million-on-new-bitcoin-mining-facilities-to-accommodate-6000-miners-is-bitcoin-mining-still-profitable\/"},"modified":"2023-06-22T10:31:32","modified_gmt":"2023-06-22T14:31:32","slug":"cleanspark-spends-9-3-million-on-new-bitcoin-mining-facilities-to-accommodate-6000-miners-is-bitcoin-mining-still-profitable","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=25990","title":{"rendered":"CleanSpark Spends $9.3 Million on New Bitcoin Mining Facilities to Accommodate 6,000 Miners \u2013 Is Bitcoin Mining Still Profitable?"},"content":{"rendered":"
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Bitcoin (BTC) mining firm CleanSpark is expanding its operations with the acquisition of two Bitcoin mining sites in Dalton, Georgia, for $9.3 million.<\/p>\n

The facilities will accommodate over 6,000 Bitcoin mining machines, including the latest generation Antminer S19 XP and S19j Pro+ units.<\/p>\n

The machines were ordered and paid for by CleanSpark earlier this year, and the acquisition is part of firm\u2019s plans to meet a hash power target of 16 exahash per second (EH\/s) by the end of 2023.<\/p>\n

\u201cThis acquisition ensures that we have more than enough infrastructure to reach our year-end target of 16 EH\/s,\u201d CleanSpark CEO Zach Bradford said in a comment.<\/p>\n

\u201cThese two additional sites are testament to our deepening ties with rural communities in Georgia and the regional expertise we are developing there as a large, flexible load. Importantly, our efforts are generating economic growth for the suburban and rural areas where our operations are located,\u201d he added.<\/p>\n

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The deal, which is expected to be finalized later this week, will boost CleanSpark’s computing power by around 1 EH\/s \u2014 roughly a 15% increase compared to its existing 6.7 EH\/s hash rate.<\/p>\n

CleanSpark on mining machine buying spree<\/h2>\n

This expansion follows CleanSpark’s recent machine purchases from June, when the firm bought 12,500 new Bitmain Antminer S19 XP units.<\/p>\n

The acquisitions are expected to contribute to a total of 10.5 EH\/s being added to CleanSpark’s current hash rate.<\/p>\n

\u201cThis purchase ensures that we are prepared to meet and potentially exceed our year-end target of 16 EH\/s and also positions us to be one of the most power-efficient miners on an energy-per-hashrate basis,\u201d CleanSpark\u2019s Bradford said at the time.<\/p>\n

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However, as the Bitcoin mining industry continues to grow amid challenging conditions in the spot Bitcoin market, questions arise about its profitability.<\/p>\n

So far in 2023, the profitability of mining Bitcoin has risen slightly, from $0.06 per day for 1 THash\/s on January 1 to $0.07 per day as of June 22, data from BitInfoCharts shows.<\/p>\n

Still, when looking at the longer-term picture, mining profitability is still well below the highs from the 2021 Bitcoin bull market, when it reached more than $0.4 per day for 1 THash\/s.<\/p>\n<\/p><\/div>\n