CleanSpark (NASDAQ:CLSK) said Tuesday that it bought 3,843 more units of the Antiminer S19J Pro bitcoin (BTC-USD) mining machines for $5.9M, bringing the total number of machines acquired since bear market conditions started to more than 26K. The purchase comes at a time when depressed crypto prices combined with higher electricity prices and rising competition have forced a handful of liquidity-strapped miners to sell down their mining rigs to free up capital. That being said, see why Seeking Alpha contributor Made Easy - Finance thinks CleanSpark's (CLSK) valuation benefited from the recent market slump. “This most recent purchase demonstrates how CleanSpark (CLSK) continues to execute in distressed markets,” said CleanSpark CEO Zach Bradford. The miner said it expects to achieve its 2023 year-end mining capacity guidance of 22.4 exahashes per second. “Our unwavering focus on sustainability has provided us with a strong balance sheet and operating strategy that has allowed us to acquire machines at incredible prices, grow our hashrate, and increase our daily bitcoin production in anticipation of market conditions improving over the next several months,” Bradford added. The move comes on the heels of its deal to acquire Mawson Infrastructure Group's (MIGI) BTC mining facility in Sandersville, Georgia for up to $33M, underscoring CleanSpark's (CLSK) resilience in dealing with a difficult mining environment. Previously, (OCt. 2...
Why Bitcoin Price is Up Today?
