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Bitcoin mining firms keep building despite BTC mining profitability slump


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Regardless of a 44% decline in Bitcoin (BTC) mining profitability during the last 12 months, some Bitcoin mining corporations have continued to construct and enhance manufacturing, based on current bulletins.

On June 1, American Bitcoin mining agency CleanSpark announced that it had bought 12,500 brand-new Antminer S19 XP models for $40.5 million. The deal labored out at $23 per terahash per second (TH/s), which is decrease than the typical market worth.

The information comes as Bitcoin mining difficulty reached an all-time excessive of over 50 trillion on June 1, placing additional stress on miners. The community hash fee was additionally close to its peak degree at 395 EH/s on Could 30.

CleanSpark’s buy settlement stipulated that 6,000 machines are scheduled to be shipped by the producer in June, and the rest shall be shipped in August.

Antminer S19 XP models have a hash fee of 141 TH/s, with the mixed buy offering a further complete hash fee of 1.76 exahashes per second to its present 6.7 EH/s. Zach Bradford, CEO of CleanSpark, stated:

“This buy ensures that we’re ready to satisfy and probably exceed our year-end goal of 16 EH/s.”

CleanSpark’s mining farms are positioned in Georgia. In response to its web site, the agency has 67,700 mining machines in operation and has mined 2,395 BTC year-to-date.

Bitcoin Hashprice over the previous 12 months. Supply: Hashrate Index

The corporate has continued its growth regardless of declining Bitcoin mining profitability, which has declined to $0.071 per TH/s per day, down 44% over the previous 12 months and 82% because the crypto market peak in late 2021, according to Hashrate Index.

In February, CleanSpark purchased 20,000 brand-new Antminer S19j Professional+ models and in April it added 45,000 S19 XP ASIC rigs to its fleet.

Associated: Mining difficulty passes 50 trillion — 5 things to know in Bitcoin this week

In different current firm updates, Bitfarms announced that it had mined 459 BTC in Could, rising manufacturing by 6.5% year-on-year. “A 47% year-over-year enhance in our hash fee was offset by a 65% enhance in community issue in the identical interval,” stated Chief Mining Officer Ben Gagnon.

Cipher Mining announced a document manufacturing in Could with 493 BTC mined. The will increase had been as a result of transaction charge spike through the BRC-20 memecoin minting craze that peaked in early Could.

On Could 31, Compass Mining inked a deal with internet hosting supplier Arthur Mining to open a brand new facility in Ohio.

Journal: Bitcoin is on a collision course with ‘Net Zero’ promises