CleanSpark Inc. (CLSK:NASDAQ) announced in a news release it secured another 2,500 application-specific integrated circuit mining rigs to be delivered and deployed through June and July this year. These rigs should provide about 218 quadrillion hashes of per second (218 PH/s) of Bitcoin mining hash rate capacity.
Delivery dates coincide with CleanSpark's slated completion of energy and infrastructure projects that will bring 30 megawatts (30 MW) of electricity to the site at a rate of $0.0285 per kilowatt hour.
"'Time is money' in this sector, and these orders allow us to immediately put the 30 MW of increased power into use as soon as it comes online," CEO Zach Bradford said in the release.
The new rigs and the existing fleet should boost the tech company's total hash rate to about 533 PH/s. CleanSpark expects to secure another 800 PH/s of mining equipment via additional orders in the near term.
"We continue to aggressively pursue the growth of our hash rate capacity and expect to reach 1–1.3 quintillion hashes per second in total production capacity this summer," Bradford added.
"The availability of low-cost energy for bitcoin mining facilities will be a constraining factor for the industry as it grows. Cryptocurrency mining operations will further be subjected to increased scrutiny on the sources of the incredible amount of power required for successful execution and they will need to ensure that there is an ongoing focus utilizing clean energy sources to mitigate these concerns. CleanSpark has maintained its focus on responsible energy solutions since the initial diligence phases of the ATL acquisition. Currently, the municipality providing our power is backed largely by a wholesale provider that reports delivery of power that is 69% emission-free. We plan to incorporate additional renewables onsite in the near future. In addition to maximizing the energy use of our existing facilities, we are targeting additional locations that offer access to abundant, low-cost power, with an emphasis on sites that are backed by clean energy sources and allow us the opportunity to integrate our proprietary renewable energy solutions onsite," Bradford said.
The company noted that its goal is to "operate the lowest-energy-cost Bitcoin mining facilities at scale in the nation. The company expects to accomplish this not only by securing advantageous power purchase agreements, but also by leveraging its patented energy solutions."[NLINSERT]
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: CleanSpark. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with CleanSpark. Please click here for more information.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of CleanSpark, a company mentioned in this article.