CleanSpark Inc (NASDAQ:CLSK) has secured for delivery an additional 2,500 ASIC mining rigs to provide an estimated 218 Petahashs per second (PH/s) of Bitcoin mining capacity.
The miners are expected to be delivered and immediately deployed throughout June and July 2021, the company said. Nevada-based CleanSpark said the delivery dates are aligned with the expected completion of energy and infrastructure projects that will provide an additional 30 megawatts (MW) of electricity to the site at a rate of $0.0285/kwh.
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The order, along with the company's current mining fleet, is expected to bring its total hash rate up to an estimated 533 PH/s.
CleanSpark said it expects to make further orders in the coming weeks to secure up to an additional 800 PH/s of mining equipment. The company has developed a network of dealers and distributors outside of the traditional manufacturing supply chain to secure these additional miners for deployment as its energy infrastructure increases become available.
"We continue to aggressively pursue the growth of our hash rate capacity and expect to reach 1 to 1.3 EH/s in total production capacity this summer,” said CEO Zach Bradford in a statement.
“'Time is money' in this sector, and these orders allow us to immediately put the 30 MW of increased power into use as soon as it comes online. The availability of low-cost energy for bitcoin mining facilities will be a constraining factor for the industry as it grows. Cryptocurrency mining operations will further be subjected to increased scrutiny on the sources of the incredible amount of power required for successful execution and they will need to ensure that there is an ongoing focus utilizing clean energy sources to mitigate these concerns,” he added.
Through its wholly-owned subsidiary ATL Data Centers LLC, CleanSpark owns and operates a data center that provides customers with traditional on-site and cloud-based data center services. It also owns and operates its fleet of Bitcoin miners.
Bradford continued: “CleanSpark has maintained its focus on responsible energy solutions since the initial diligence phases of the ATL acquisition. Currently, the municipality providing our power is backed largely by a wholesale provider that reports delivery of power that is 69% emission-free. We plan to incorporate additional renewables onsite in the near future. In addition to maximizing the energy use of our existing facilities, we are targeting additional locations that offer access to abundant, low-cost power, with an emphasis on sites that are backed by clean energy sources and allow us the opportunity to integrate our proprietary renewable energy solutions onsite."
CleanSpark said its goal is to operate the lowest-energy-cost Bitcoin mining facilities at scale in the nation. The company expects to accomplish this not only by securing advantageous power purchase agreements but also by leveraging its patented energy solutions.
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