{"id":5265,"date":"2023-06-02T04:18:40","date_gmt":"2023-06-02T08:18:40","guid":{"rendered":"https:\/\/sikaoer.com\/bitcoin-mining-firms-keep-building-despite-btc-mining-profitability-slump\/"},"modified":"2023-06-02T04:18:40","modified_gmt":"2023-06-02T08:18:40","slug":"bitcoin-mining-firms-keep-building-despite-btc-mining-profitability-slump","status":"publish","type":"post","link":"https:\/\/sikaoer.com\/bitcoin-mining-firms-keep-building-despite-btc-mining-profitability-slump\/","title":{"rendered":"Bitcoin mining firms keep building despite BTC mining profitability slump"},"content":{"rendered":"


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Despite a 44% decline in Bitcoin (BTC) mining profitability over the last year, some Bitcoin mining companies have continued to build and increase production, according to recent announcements.<\/p>\n

On June 1, American Bitcoin mining firm CleanSpark\u00a0announced that it had purchased 12,500 brand-new Antminer S19 XP units for $40.5 million. The deal worked out at $23 per terahash per second (TH\/s), which is lower than the average market price.<\/p>\n

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Hot off the press! More miners have been purchased by $CLSK for lower than the current average market price. Approximately 12,500 Antminer S19 XP units were bought for $40.5 million – or $23 per terahash.<\/p>\n

The units have a power-efficiency rating of 21.5 joules per terahash\u2026 pic.twitter.com\/TKRxhWXlzx<\/p>\n

\u2014 CleanSpark Inc. (@CleanSpark_Inc) June 1, 2023<\/p><\/blockquote>\n

The news comes as Bitcoin mining difficulty reached an all-time high of over 50 trillion on June 1, putting further pressure on miners. The network hash rate was also near its peak level at 395 EH\/s on May 30. <\/p>\n

CleanSpark\u2019s purchase agreement stipulated that 6,000 machines are scheduled to be shipped by the manufacturer in June, and the remainder will be shipped in August.<\/p>\n

Antminer S19 XP units have a hash rate of 141 TH\/s, with the combined purchase providing an additional total hash rate of 1.76 exahashes per second to its current 6.7 EH\/s. Zach Bradford, CEO of CleanSpark, said:<\/p>\n

\u201cThis purchase ensures that we are prepared to meet and potentially exceed our year-end target of 16 EH\/s.\u201d<\/p><\/blockquote>\n

CleanSpark\u2019s mining farms are located in Georgia. According to its website, the firm has 67,700 mining machines in operation and has mined 2,395 BTC year-to-date.<\/p>\n

Bitcoin Hashprice over the past year. Source: Hashrate Index<\/figcaption><\/figure>\n

The company has continued its expansion despite declining Bitcoin mining profitability, which has declined to $0.071 per TH\/s per day, down 44% over the past 12 months and 82% since the crypto market peak in late 2021, according to Hashrate Index.<\/p>\n

In February, CleanSpark\u00a0purchased 20,000 brand-new Antminer S19j Pro+ units and in April it\u00a0added 45,000 S19 XP ASIC rigs to its fleet.<\/p>\n

Related:<\/strong> <\/strong>Mining difficulty passes 50 trillion \u2014 5 things to know in Bitcoin this week<\/strong><\/p>\n

In other recent company updates, Bitfarms\u00a0announced that it had mined 459 BTC in May, increasing production by 6.5% year-on-year. \u201cA 47% year-over-year increase in our hash rate was offset by a 65% increase in network difficulty in the same period,\u201d said Chief Mining Officer Ben Gagnon.<\/p>\n

Cipher Mining\u00a0announced a record production in May with 493 BTC mined. The increases were due to the transaction fee spike during the BRC-20 memecoin minting craze that peaked in early May.<\/p>\n

On May 31, Compass Mining inked a\u00a0deal with hosting provider Arthur Mining to open a new facility in Ohio.<\/p>\n

Magazine:\u00a0Bitcoin is on a collision course with \u2018Net Zero\u2019 promises<\/strong><\/p>\n<\/div>\n