Since 2022, there has been a significant decline in the profitability of BTC mining. Nevertheless, some mining companies continue to bet on expanding their activities. Such is the case of CleanSpark, a BTC mining company based in the United States. It has just announced the acquisition of new equipment to expand its activities.
Expansion plans despite declining profitability
CleanSpark continues to expand its business despite a 44% decline in BTC mining profitability over the past year. In order to optimize its mining operations, the company has announcement the acquisition of 12,500 Antminer S19 XP units for $40.5 million. All at a price below the market average. These new acquisitions follow on from previous investments:
- 20,000 units in February,
- 45,000 ASIC rigs in April.
The expansion of the company is done gradually.
Current Challenges of BTC Mining
Admittedly, some crypto mining companies (like CleanSpark) are continuing their development. They do, however, face several challenges related to bitcoin mining. In particular, reference is made to bitcoin mining difficulty which recently reached an all-time high of over 50 trillion. Enough to exert additional pressure on minors!
That’s not all ! The bitcoin network hash rate is currently close to its maximum level : 395 PE/s. CleanSpark is determined to achieve a hash rate of 16 PE/s by the end of the year, despite the various challenges faced by BTC mining companies.
Despite the challenges imposed by the declining profitability of BTC mining, CleanSpark is relentlessly pursuing its expansion goals. She is also ready to reach a hash rate of 16 PE/s by the end of the year thanks to the acquisition of new mining machines.
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