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."
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