Bitcoin - Cleanspark wants 10% of the global hashrate

As the hashrate soared by 102% in 2023, with the halving approaching, Bitcoin miners continue to bolster their operations.

Bitcoin and the Hash War

CleansPark has just announced the purchase of 160,000 ASICs of the S21 type. This is Bitmain’s latest model boasting an efficiency of 17.5 J/TH and a power of 200 TH/s.

In other words, the American miner will add 32 EH/s to its fleet of 10 EH/s. Its ambition is to reach 50 EH/s (probably thanks to some overclocking), or 10% of the current global hashrate.

The S21 model has been chosen over the T21 model (19 J/TH) or those from other manufacturers due to its performance.

“After receiving the first S21s and conducting real-world tests, we determined that the S21 is the most efficient and best suited for our operations,” said Cleanspark CEO Zachary Bradford.

A first batch of 12 EH/s, amounting to 60,000 units, is expected to be shipped during the next quarter.
The agreement includes an option to purchase 100,000 S21s at a fixed price of $16 per terahash. That is $3,200 per machine, as opposed to $3,900 for the average buyer.

The miner must place an order before the end of the year to take advantage of this ‘friendly price,’ which is expected to increase significantly as the value of Bitcoin climbs in the wake of the ETF.

“This strategic agreement enhances our operational efficiency, offers us massive options, and puts us in a position to maximize the opportunities we see on the horizon,” reads the press release.

“We will be able to expand during the next bull market without having to worry about the rising cost of machines. Our option to buy 100,000 units shields us against this risk.”

Cleanspark’s CEO reminded us that during the last bullish market, “the prices of machines were multiplied by three or five. We expect the same to happen in the upcoming Bitcoin bull markets,” he predicted.

Find the latest interview with Mr. Bradford in our latest article on Bitcoin miners: Bitcoin Mining – An Overview Before the Halving.

Today we announced the purchase of 60,000 Bitmain S21 units with delivery expected April through June 2024. The agreement also includes a strategic call option to purchase an additional 100,000 machines at a fixed price of $16.00 per terahash until the end of the calendar year.… pic.twitter.com/LDwHT9ERM1

— CleanSpark Inc. (@CleanSpark_Inc) January 8, 2024

Cleanspark isn’t the only miner showing optimism with gargantuan figures. Riot has recently announced its intention to reach 100 EH/s, which is 1/5th of the current hashrate…

The Texas miner has just announced the purchase of 18 EH/s produced by Chinese MicroBT. That amounts to 66,560 units of model M66S, whose deployment should start in the second half of the year. Riot will then have a power of 38 EH/s.

The leader Marathon is not lagging behind. The miner has acquired sites capable of providing an electrical power of 390 MW. Enough to double its hashrate and potentially reach about 50 EH/s over the next 18 to 24 months.

As anticipated, the rise in Bitcoin is already translating into a new gold rush by miners. Will we reach zettahash in 2024, the year of the halving?