Sustainable bitcoin mining and energy company Clean Spark, Inc. has announced a new acquisition that has garnered the firm an additional 1,061 Whatsminer machines ready to extract new BTC units from the blockchain.
Clean Spark Is Building Its Mining Capabilities
The machines are located at a mining plant hosted by Coin Mint. They will give Clean Spark an additional 93 peta-hashes per second of computing power, thus boosting the firm’s abilities tenfold. Zach Bradford – CEO of Clean Spark – explained in a recent interview:
We are seeing unprecedented opportunities in this market. Our tried-and-true hybrid approach of co-locating our machines while expanding our own mining facilities puts us in an excellent position to sustainably grow our bitcoin mining capacity in what is shaping up to be an incredible market for builders.
The acquisition comes at a time that couldn’t be less profitable. The digital currency world is suffering heavily as of late, with the space losing approximately $2 trillion in overall valuation since the beginning of the year. In addition, the world’s number one digital currency – bitcoin – has lost more than 70 percent of its value after it was trading at a new all-time high of approximately $68,000 per unit in November. Now, the currency is barely retaining a $20K position.
As a result of the crash, many bitcoin miners have either had to call it quits or scale back their operations, as they are no longer making the profits they once were. While many large companies are still in play, several hobby miners and smaller operations have been forced to close their doors or reduce how much business they’re engaged in.
Bradford continued with:
These important KPIs underscore the fact that our growth is outpacing the global hash rate, particularly our ability to stay ahead of network difficulty adjustments. We believe that our operational strategy focused on efficiency, up-time, and execution will allow these metrics to continually improve.
Is There Any Profit to Earn?
We are seeing exactly what we saw four years ago in 2018. During that time, the digital currency market was experiencing another major dip following the high of nearly $20K BTC reached in late 2017. Many digital currency miners were being forced to either exit the business or limit their extraction methods, as the costs of mining bitcoin were now more than the revenue they were set to earn.
Clean Spark has made a name for itself powering its machines only through renewable energy. This has been a long-standing issue in the mining world as there are several executives and industry heads out there that seem to think bitcoin mining is leading the planet to an early grave. They say there is no possible way for Mother Earth to sustain the energy requirements of crypto mining, and there are several out there calling for a full industry ban.
