Against the backdrop of the growth of bitcoin, many mining companies prefer to keep the mined BTC. CleanSpark decided to use them to increase capacity for another 4500 ASIC miners.
CleanSpark CEO Zach Bradford explained that CleanSpark is making a conscious effort to reinvest the additional bitcoin mined. To do this, the company takes a market-based approach to operations and maximizes value for its shareholders.
“We are well aware that using bitcoin now to sustain and expand a business is a paradigm shift for the US mining industry.”
Indeed, the decision to expand CleanSpark’s business with mined bitcoins runs counter to the policies of companies like Riot Blockchain, Marathon Digital, and Hut 8, which accumulate mined bitcoins in anticipation of the BTC price rising to new highs.
However, the acquisition of 4,500 devices will add more than 450 Px / s of processing power to CleanSpark. This is almost 45% of the current capacity of the mining company. The CleanSpark technology park has over 10,000 ASIC miners. The company intends to increase the number of equipment during this and next year to 24,580 units. The delivery of the devices is slated to begin in November 2021 and be completed by July 2022.
Cryptocurrency company Riot Blockchain recently posted a report saying that 406 BTC were mined in September. The cryptocurrency remained in Riot wallets, where 3,534 BTC is already located. Mining company Marathon Digital reported that it increased its bitcoin production to 1,252 BTC in the third quarter, up 91% from the previous quarter. As a result, the company’s assets increased to 7,035 BTC, including 4,812.66 BTC, which Marathon acquired in January 2021. Despite the impressive reserves, the company decided to keep them, anticipating the growth of bitcoin. And to purchase 8,459 pieces of equipment, she took a revolving loan for $ 100 million from Silvergate Bank.
