Bitcoin Mining Continues To Expand Despite Profitability Challenges

Hashrate Index reported a big 44% drop in Bitcoin mining profitability, at present at $0.071 TH/s per day, over the previous 12 months. Additionally, miners have seen an 82% lower because the crypto market increase in late 2021.

However amidst this important decline in profitability, a mining firm, ClarkSpark, defies the development by aggressively increasing its mining machine fleet this yr. This exhibits that profitability points are usually not holding again mining corporations.

The agency revealed its newest transfer on June 1, buying 12,500 brand-new Antminer S19 XP models for a staggering $40.5 million. 

Notably, the deal was secured at a outstanding fee of $23 per terahash per second (TH/s), considerably decrease than the current common market value.

Bitcoin Miner Buy of 12,500 Antimer S19 XP Mining Machines

Based mostly on the acquisition settlement, the producer is scheduled to ship 6,000 of the 12,500 machines in June, with the remaining 6,500 models set for transport in August. These cutting-edge mining machines shall be deployed throughout the corporate’s superior amenities.

CleanSpark claims that the machine, Antimer S19 XP has a 21.5 joules per terahash power-efficiency score and a Bitcoin mining compute energy of 141 TH/S every.

In accordance with the CEO of CleanSpark:

“This buy ensures that we’re ready to satisfy and probably exceed our year-end goal of 16 EH/s.”

CEO Zach Bradford additional confused that buying these further machines might change its present fleet’s models consuming over 30 joules per terahash. 

The CleanSpark web site exhibits 67,700 mining machines working and has mined 2,395 BTC throughout the final yr.

Regardless of the downturn within the mining market, CleanSpark nonetheless made waves in February with the acquisition of 20,000 Antminer S19j Professional+ models. The agency nonetheless made one other buy of 45,000 S19 XP ASIC rigs to their mining fleet in April. 

These strategic purchases solidify their dedication to staying on the forefront of Bitcoin mining expertise.

Bitcoin Miners Obtain New Milestones

In one other current growth, Compass Mining is increasing its operation by venturing into Ohio, a strategic transfer to additional strengthen its presence within the mining sector.

In the meantime, Bitfarms introduced that it had mined 459 BTC in Might, representing a manufacturing improve of 6.5% year-on-year.

The corporate’s Chief miner posits that: “A 47% year-over-year improve in our hash fee was offset by a 65% improve in community problem in the identical interval.”

As well as, Ciphere Mining introduced it had mined 493 BTC with a Hash Fee capability of 6.0 EH/s in Might 2023.

Additionally, Cipher Mining concluded the month of Might with a every day mining potential of roughly 17.4 bitcoin, solidifying its place as a key participant within the trade.

Featured picture from Pixabay and chart from Tradingview.com