CleanSpark Purchases 23.4 EH/s of Bitcoin Hashrate for $374M

CleanSpark raised $500 million in Q1 via ATM stock offerings

CleanSpark, the third largest public bitcoin mining firm by realized hashrate, is expanding its operational capacity by an additional 23.4 EH/s that is scheduled for delivery in the second half of 2024.

The firm announced on Friday that its current operational hashrate has reached 17 EH/s and that it has exercised an option to purchase 100,000 more units of Bitmain’s Antminer S21 Pro model totaling 23.4 EH/s for a consideration of $374 million, or a unit price of $16/TH/s.

CleanSpark raised $500 million via at-the-market stock (ATM) offerings during Q1 as part of an equity financing spree among large-scale public mining companies for hashrate and site expansion ahead of Halving. The firm has subsequently begun a new ATM program to raise up to $800 million.

CleanSpark signed a purchase agreement with Bitmain in January for 12 EH/s of the S21 mining rigs for $14/TH/s. It secured an option at the time to buy an additional 100,000 S21s for the same unit price.

However, last month, Bitmain launched the Antminer S21 Pro model as the latest addition to its S21 product line, boasting an efficiency of 15 J/TH.

CleanSpark said the existing agreement with Bitmain allowed it to exercise the option with the newer S21 Pro model, which, according to Bitmain’s specification, is more efficient than the original S21’s 17.5 J/TH.

CleanSpark’s stock price is down 4% as of publishing.