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Bitcoin Mining Firm Cleanspark Purchases 10,000 Bitmain Miners for $28 Million

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2 years ago

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The bitcoin company Cleanspark disclosed on Wednesday that the corporation has signed a procurement agreement for 10,000 new Bitmain Antminer S19j professional mining rigs for $28 million. Cleanspark expects the machines to be delivered to the company’s facilities by the end of October or early Nov 2022.

Cleanspark Inks Deals With Cryptech Solutions — Purchases 10,000 New Antminers

Bitcoin jack Cleanspark (Nasdaq: CLSK) has proclaimed it’s inked an agitate Cryptech Solutions so as to amass 10,000 Bitmain Antminer S19j professional bitcoin mining rigs. The news follows Cleanspark surpassing three exahash per second (EH/s) and a record daily production high of 13.25 BTC. At the time, Cleanspark’s government chairman Matt Schultz remarked that the corporation was ready for the crypto winter.

In the handout sent to Bitcoin.com News, Cleanspark aforementioned the ten,000 new Bitmain-brand bitcoin miners ought to be delivered to the firm’s mining campuses in roughly 2 months. The publicly-listed bitcoin mining operation obtained the new mining devices for “$28 million, when credits and discounts.” Zach Bradford, the chief operating officer of Cleanspark aforementioned the corporation, has been bent on building out the firm’s mining infrastructure.

“During the tail end of the securities industry last year, we tended to be strategically targeted on building infrastructure rather than following the then trade trend of pre-ordering instrumentation months before,” Bradford explained. “This strategy positioned US to form purchases of landed rigs at considerably lower costs, therefore reducing the time between deploying capital and hashing, fast our come back on investment,” the chief operating officer another.

At press time, Bitcoin’s hashrate is coasting on at 227.99 exahash per second (EH/s) or 227,990,154,305,221,200,000 hashes per second (H/s). Cleanspark’s details that it has 37,000 bitcoin mining machines with a current hashrate of around 3,800,000,000,000,000,000 H/s or 3.8 EH/s. The corporation represents 1.66% of the world’s hashpower at the 3.8 EH/s rate and Cleanspark notes that it recorded a production high of 14.9 bitcoin per day.

The post Bitcoin Mining Firm Cleanspark Purchases 10,000 Bitmain Miners for $28 Million first appeared on BTC Wires.



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Bitcoin Mining Difficulty Hits New Record High With 5% Rise

Published

6 months ago

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November 26, 2023

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The Bitcoin mining difficulty has witnessed another increase in 2023, bringing the metric to a new all-time high. The Bitcoin “difficulty” is a vital aspect of the network that controls the rate at which new blocks are added to the blockchain at a given time.

Bitcoin Mining Difficulty Surges To A New High Of 67.96T

According to data from BTC Blockchain Explorer, the Bitcoin network experienced a significant adjustment at block height 818,496. This caused the blockchain’s difficulty to soar by 5.07%, reaching a new all-time high of 67.96 T.

The mining difficulty is an essential feature that measures how much power is required to verify transaction blocks on the Bitcoin blockchain. An increase in mining difficulty value suggests higher demand for the Bitcoin network, while a lower difficulty value implies that there are fewer miners on the network.

It is worth noting that the metric has been on an upward trend in the past few weeks. In fact, the recent mining difficulty value represents the sixth consecutive increase in the last six adjustments.

Interestingly, the new mining difficulty value surpassed the early projections for the blockchain. Initially, the Bitcoin mining difficulty was only expected to increase by about 3.8% to 67.14 T in the latest adjustment.

The network hash rate, which measures the total computing power for mining BTC, has also increased. According to BTC Blockchain Explorer, the current average hash rate for the Bitcoin network is 504.8 EH/s, a 3.76% increase from a previous hash rate of 486.5 EH/s.

Some of the factors contributing to the increasing Bitcoin mining difficulty are BTC’s recent price performance, the recent surge in network activity, and the spike in transaction fees. And as the metric continues to rise, it appears that miners will continue to face the challenge of maintaining profitability. 

BTC Price Overview

As of this writing, Bitcoin is valued at $37,510, reflecting a 0.6% price increase in the past day. While the premier cryptocurrency seems to be drifting away from the $38,000 price mark, it has managed to maintain most of its profit on the weekly timeframe.

According to data from CoinGecko, the Bitcoin price has swelled by more than 2.7% in the past seven days. Meanwhile, the market leader has registered a 10% increase in the past month, emphasizing its strong performance in November.

Bitcoin remains the largest cryptocurrency in the sector, with a market capitalization of over $733 billion.

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Bitcoin price drifts away from $38,000 on the daily timeframe | Source: BTCUSDT chart on TradingView

Featured image from iStock, chart from TradingView





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Kazakh crypto miners plead with president to cut energy prices

Published

8 months ago

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October 3, 2023

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Local crypto-mining operators in Kazakhstan — the world’s third-largest market in terms of Bitcoin mining hash rate — are complaining about high energy prices to the country’s president. 

According to local media, eight major cryptocurrency mining operators signed an open letter to President Kassym-Jomart Tokayev. The list includes BCD Company, TT TECH Limited, KZ Systems, AI Solutions, Green Power Solution, VerCom and Kinur Invest.

Related: Kazakhstan establishes regulatory agency to implement CBDC

The letter states that the Kazakh crypto mining industry is in a “very distressful situation” because of high energy prices for miners. According to the text:

“As of today, all major industry players have suspended their activities and plan to completely cease their business in the Republic of Kazakhstan by the end of the year.” 

The executives who signed the letter believe that the situation with prices derails the government’s efforts to regulate the crypto industry in general and mining in particular. According to the letter, the problem is a consequence of the decision to raise taxes on energy for crypto miners. Because of the taxes, the country has already lost its position among crypto mining leaders like the United States, Russia and China, and the industry stands on the brink of extinction. The letter claims:

“If the government does not take urgent measures, the digital mining industry in the Republic of Kazakhstan will cease to exist.” 

The country introduced taxes on digital mining on Jan. 1, 2022, based on electricity consumption by mining entities. The law emerged amid growing national frustration with crypto miners’ undertaxed usage of the national power grid. 

Even at the highest mark, 1 kilowatt hour (kWh) of taxed electricity in Kazakhstan costs miners around $0.067, significantly lower than the average of $0.12 per kWh before any taxes in the United States. According to the data from the Kazakh government, it received around 3.07 billion tenges ($7 million) in tax payments from crypto mining entities in 2022.