Mining Company CleanSpark Uses Mined Bitcoins to Buy 4,500 Miners

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Nasdaq-listed mining firm CleanSpark has acquired 4,500 Antminer S19 Bitcoin mining devices. The purchase was partially funded by the firm’s assets in the leading crypto.

The devices are expected to be delivered between early November 2021 and July 2022.

CleanSpark has said that its hashrate will increase by 450 PH/s after all the units are fully operational.

The company has said it has a fleet of over 10,000 ASICs and is expected to ship 24,580 over the next 12 months.

Regarding the sale of some of the mined Bitcoins to buy equipment, the company has noted they see the value of digital currencies as a medium of exchange. According to the announcement:

“By investing part of the mined Bitcoins in the purchase of additional miners, the company seeks to bring these coins back into circulation. CleanSpark also intends to continue its digital asset accumulation strategy.”