According to recent announcements, several Bitcoin mining businesses have continued to construct and boost production despite a 44% drop in mining revenue over the previous year.
CleanSpark, an American company that mines bitcoins, revealed on June 1 that it has paid $40.5 million for 12,500 brand-new Antminer S19 XP units. The price agreed upon was $23, which is less than the going rate in the market for Tera hashes per second (TH/s).
Expanding Bitcoin Companies
The announcement comes as miners are under increased strain as Bitcoin mining difficulty hit an all-time high of over 50 trillion on June 1. At 395 EH/s on May 30, the network hash rate was also very close to its highest value.
According to the terms of CleanSpark’s purchase agreement, the manufacturer is expected to supply 6,000 machines in June and the remaining units in August. The combined purchase will add 1.76 exahashes per second to the existing 6.7 EH/s of the Antminer S19 XP machines, which have a hash rate of 141 TH/s.
- Bitcoin mining businesses recover from a 44% revenue drop.
- CleanSpark to supply 6,000 machines, increasing Antminer S19 XP hash rate.
- May saw 493 Bitcoins mined, driven by increased transaction fees and Ohio facility opening.
Georgia is where the mining farms for CleanSpark are located. The company has 67,700 mining devices running, and as of today, it has mined 2,395 BTC, according to its website.
Despite diminishing Bitcoin mining profitability—which, according to Hashrate Index, has dropped to $0.071 per TH/s per day, down 82% from the top of the cryptocurrency market in late 2021 and down 44% over the previous 12 months—the company has continued to grow.
20,000 brand-new Antminer S19j Pro+ units were purchased by CleanSpark in February, and 45,000 S19 XP ASIC rigs were added to its fleet in April.
Other recent corporate updates stated that Bitfarms had mined 459 BTC in May, boosting productivity by 6.5% compared to the same month last year. In the same period, the network difficulty increased by 65% as a result of a 47% growth in hash rate.
493 Bitcoins were mined in May, according to Cypher Mining, a record. The jump in transaction fees that occurred during the early-May height of the BRC-20 meme-coin minting spree was the cause of the price spikes. The opening of a new facility in Ohio was agreed upon by Compass Mining and hosting company Arthur Mining on May 31.
