CleanSpark used mined bitcoins to buy 4,500 miners

CleanSpark used mined bitcoins to buy 4,500 miners

Nasdaq-listed mining company CleanSpark has purchased 4,500 Antminer S19 bitcoin mining devices. The purchase was partly funded by the firm's assets in the first cryptocurrency.

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The delivery of the equipment is planned to start in early November 2021 and be completed by July 2022.

CleanSpark estimates that its hash rate will increase by 450 PH/s once the purchased batch of miners is operational.

The company said it has a fleet of more than 10,000 ASIC units, with 24,580 units expected to be delivered over the next 12 months.

Regarding selling some of the mined bitcoins to buy equipment, the firm said it sees the value of digital currencies as a medium of exchange.

"By investing some of the mined bitcoins to buy additional miners, the company aims to bring these coins back into circulation. CleanSpark also intends to continue its digital asset accumulation strategy," it said in a statement.

At the end of the third quarter of 2021, analysts estimated that US-listed miners had accumulated a total of more than 20,459 BTC (~$1.1 billion).

As a reminder, CleanSpark previously joined the Foundry USA mining pool along with Bit Digital, Bitfarms, Hive, BitDeer, Core Scientific, Greenidge and Foundry.

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