CleanSpark Inc. is a Bitcoin mining company operating in Nevada. As per the company, they are making an order of 1800 Antminer S19 XP devices as it expands its operations.
CleanSpark anticipates the mining equipment to contribute over 252 Peta-hashes per second. This will go to the industry’s bitcoin mining capability once they install it completely. According to the new contract, the Antminer S19 XP equipment will be landing at CleanSpark’s premises in August. Thus, the delivery will continue for the next six months.
In addition, CleanSpark announces collaboration with TMGcore Inc. This is a significant data center hardware manufacturer that specializes in next-generation liquid immersion cooled technology. The business intends to extend its immersion equipment for environmentally friendly mining.
The latest collaboration with TMGcore comprises 257 units of TMGcore’s unique immersion-cooled cylinders. This will help boost the performance of CleanSpark’s mining equipment while drastically lowering breakdown rates over time.
CleanSpark intends to install the devices in groups at its College Park, Georgia, and other sites selected. CleanSpark will also benefit from 2 megawatts of connectivity power at TMGcore’s cutting-edge mining site in Plano, Texas.
Furthermore, the crypto market is having a poor day as the worth of digital assets plunges below $1 trillion on Monday. The statement by cryptocurrency lender Celsius Network provokes this. It suspends all transactions and account exchanges, claiming severe market circumstances.
Mining Profitability Is Declining
CleanSpark appears to be taking advantage of the bad market. They are dropping Bitcoin mining gear costs by acquiring more efficient miners.
The negative market looks to be affecting all sectors of the crypto world. It includes mining businesses that are accountable for confirming transactions. Hence, the business is also preserving the Bitcoin network’s system resilience.
Many Bitcoin miners are actually liquidating their tokens since the lower price of Bitcoin diminishes their profitability. This coincides with global capital markets becoming less accommodating. Thus, the key indexes technically are experiencing a bear market after losing 20% or more this year.
The difficult scenario forces several miners to cease their operations one by one. Nonetheless, survivors such as Core Scientific, Marathon, Riot, Hut 8, and Bitfarms suffer from casualties as word of their troubles arise. Part of these companies starts to sell some of their generated Bitcoins. These are the coins that they typically keep on their accounting records to cover operating expenditures.
Nevertheless, the current market conditions provide a chance for survivors to amass both Bitcoin and Bitcoin mining equipment. Firms that are ready to purchase the most recent generating equipment with stable electricity rates will profit from the present market circumstances.