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  • Pakistan to create strategic Bitcoin reserve, earmarks 2000MW for crypto mining

    Pakistan to create strategic Bitcoin reserve, earmarks 2000MW for crypto mining

    Pakistan to create strategic Bitcoin reserve, earmarks 2000MW for crypto mining

    Pakistan is set to embark on a significant foray into the cryptocurrency landscape, with the government announcing plans to establish a strategic Bitcoin (BTC) reserve and allocate substantial energy resources to support Bitcoin mining operations.

    The announcement, delivered by Minister of State for Blockchain and Crypto Bilal Bin Saqib at the Bitcoin 2025 conference in Las Vegas on Wednesday, signals a bold new direction for the nation’s digital asset policy.

    Minister Bin Saqib revealed that Pakistan’s initiative to create a strategic Bitcoin reserve draws inspiration from similar nascent plans within US President Donald Trump’s administration.

    The US strategy reportedly involves populating its reserve, at least initially, with Bitcoin holdings seized from criminal and civil forfeitures, estimated to be around 200,000 BTC.

    He also noted that the Pakistani government is closely monitoring the US’s legislative efforts concerning stablecoins, specifically the ‘Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act,’ stating they are following it “very carefully.”

    Emphasizing a long-term commitment, Bin Saqib assured that, much like the bitcoins earmarked for the U.S. strategic reserve, Pakistan does not intend to liquidate its holdings.

    “This wallet, the national bitcoin wallet, is not for speculation or hype,” Bin Saqib declared.

    “We will be holding these bitcoins and we will never, ever sell them.”

    This HODL (Hold On for Dear Life) approach underscores a belief in Bitcoin’s enduring value and its potential as a national asset.

    Powering the future: energy allocation for mining and AI

    Beyond the strategic reserve, Pakistan is taking concrete steps to foster a domestic Bitcoin mining industry.

    Minister Bin Saqib announced that the government has earmarked a substantial 2,000 megawatts of electricity specifically for Bitcoin mining operations and AI data centers.

    This significant energy allocation is a clear invitation to global players in the crypto mining and infrastructure sectors.

    “We want to welcome all miners to come to Pakistan, all the infrastructure players to come to Pakistan and build with us,” Bin Saqib proclaimed, signaling an open-door policy aimed at attracting international investment and expertise to develop the country’s digital infrastructure.

    ‘Just the beginning’: a broader vision for crypto adoption

    According to Minister Bin Saqib, the establishment of a Bitcoin strategic reserve and the support for mining are merely the initial steps in Pakistan’s broader embrace of the cryptocurrency industry.

    He highlighted the transformative potential of digital assets for the nation’s large unbanked population.

    “We have over 100 million unbanked people. They lack tools for saving, for investment, and we want to change that. We want them to break their economic classes,” Bin Saqib explained.

    “And I really believe that crypto and blockchain can help us take that quantum leap.”

    He further articulated a vision that includes tokenizing illiquid national assets and implementing digital identification systems.

    “So Pakistan is looking for allies. Pakistan is looking for access, because Pakistan wants to build,” he concluded, emphasizing a collaborative approach to achieving these ambitious goals.

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  • Swan Bitcoin halts IPO plans and shuts down mining operations

    Swan Bitcoin halts IPO plans and shuts down mining operations

    Swan Bitcoin halts IPO plans and shuts down mining operations
    • Swan Bitcoin delays IPO plans due to shutdown of its mining operations.
    • CEO cites reduced revenue from mining as reason for halting IPO efforts.
    • Mining sector faces challenges, with firms like Bitfarms and Northern Data adapting.

    Swan Bitcoin, a financial services firm specializing in Bitcoin investments, has announced a significant strategic shift. Cory Klippsten, the company’s CEO, revealed that Swan Bitcoin will be scrapping its initial public offering (IPO) plans and shutting down its mining operations.

    The announcement, made on July 22 via X (formerly known as Twitter), comes as the company grapples with the financial fallout from recent developments in the cryptocurrency mining sector.

    Halting IPO plans pegged on cessation of Bitcoin mining activities

    According to Klippsten, the cessation of Swan Bitcoin’s mining activities is a pivotal factor behind the decision to delay the IPO indefinitely. He stated, “Without revenue from our mining arm, we expect to halt our plans for a public offering.”

    This move reflects broader challenges within the cryptocurrency mining industry, which has been adversely affected by recent Bitcoin halving events.

    In January 2024, Swan Bitcoin launched its mining venture with ambitious plans to become a publicly traded entity in the U.S. within a year. At that time, the company reported generating $125 million in revenue and had expanded its workforce significantly.

    However, the halving of Bitcoin’s block reward from 6.25 BTC to 3.125 BTC in April has diminished mining earnings for many firms, including Swan Bitcoin.

    The halving event, which occurs approximately every four years, effectively reduces the rewards miners receive for validating transactions on the Bitcoin network. This reduction has led to a decline in profitability for several major mining companies.

    Bitfarms, a Canadian mining firm, is among those affected, facing increased pressure following a hostile takeover bid from Riot Platforms.

    Swan Bitcoin scaling back on spending with staff reductions

    In response to the financial strain, Swan Bitcoin is scaling back its accelerated spending plans and implementing staff reductions.

    Klippsten noted that this shift would impact various functions within the company, indicating a significant restructuring effort.

    Despite these challenges, the broader cryptocurrency mining sector is witnessing varied responses. German mining firm Northern Data has announced plans to pursue an IPO in the US within the first half of 2025, while Genesis Digital Assets is also considering a public offering.

    Swan Bitcoin’s strategic retreat underscores the volatile nature of the cryptocurrency market and the challenges companies face in navigating financial pressures and regulatory landscapes.

    As the company recalibrates its business model, the future of its IPO plans remains uncertain.

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  • Core Scientific the first buyer of Block’s 3nm Bitcoin mining ASICs

    Core Scientific the first buyer of Block’s 3nm Bitcoin mining ASICs

    Core Scientific the first buyer of Block's 3nm Bitcoin mining ASICs
    • Core Scientific buys Block’s 3nm Bitcoin ASICs in a major deal between the two companies.
    • The deal boosts Core Scientific’s hash rate by 60%, enhancing efficiency and profitability.
    • The deal between Block and Core Scientific aims to redefine Bitcoin mining standards, leveraging advanced ASICs.

    Jack Dorsey’s financial services company Block has finalized a major deal with Core Scientific, marking the first sale of its highly anticipated 3 nanometer Bitcoin mining ASICs.

    This deal marks one of the largest ASIC agreements ever signed in the history of Bitcoin mining, underscoring Block’s commitment to advancing mining technology and Core Scientific’s strategic expansion in the sector.

    Block’s 3nm Bitcoin mining ASICs

    Developed by Block’s Proto team, the 3nm mining ASICs represent a leap forward in efficiency and performance for large-scale Bitcoin mining operations.

    By integrating cutting-edge technology into these chips, Block aims to significantly enhance the efficiency, reliability, and uptime of mining activities conducted by firms like Core Scientific.

    The 3nm ASCIs provides Core with 15 exahashes per second (EH/s) worth of chips and are set to increase the mining firm’s energized hash rate by a remarkable 60% as of June 2024.

    Core Scientific, a publicly traded Bitcoin mining giant, has emerged as a key player in the industry’s recovery following recent challenges. The company’s stock (CORZ) has surged, reflecting investor confidence in its ability to leverage advanced mining technologies to bolster operational capabilities and profitability.

    Core Scientific’s decision to purchase Block’s 3nm Bitcoin mining ASICs comes amidst a broader industry trend towards greater efficiency and sustainability in cryptocurrency mining, driven by technological innovation and environmental considerations.

    Block pioneering a new era in Bitcoin mining

    According to Russell Cann, Chief Development Officer at Core Scientific, the collaboration with Block marks a pivotal moment in scaling Bitcoin mining operations.

    Cann emphasizes that the new mining platform built around Block’s 3nm ASICs will not only optimize space and operational resources within their data centers but also contribute to the long-term vitality of the Bitcoin network.

    The partnership underscores a shared vision to redefine industry standards and accelerate the adoption of advanced mining technologies globally.

    The strategic alliance between Block and Core Scientific highlights the growing importance of technological innovation in sustaining and expanding Bitcoin mining capabilities.

    As the cryptocurrency landscape continues to evolve, advancements in ASIC technology are expected to play a crucial role in enhancing the efficiency and profitability of mining operations.

    With Core Scientific leading the charge as the first recipient of Block’s 3nm ASICs, the stage is set for further advancements that could shape the future of Bitcoin mining worldwide.

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  • SEC Bitcoin miner Geosyn Mining for fraud; Bitbot presale nears $3M

    SEC Bitcoin miner Geosyn Mining for fraud; Bitbot presale nears $3M

    SEC Bitcoin miner Geosyn Mining for fraud
    • SEC sues Geosyn Mining and co-founders for misappropriated funds and misleading investors.
    • Bitbot revolutionizes crypto trading with a non-custodial Telegram bot.
    • The $BITBOT presale nears $3M presale with the token poised to rise from the current $0.0171 to $0.018.

    The Securities and Exchange Commission (SEC) has filed charges against Bitcoin miner Geosyn Mining, LLC, and its co-founders, Caleb Joseph Ward and Jeremy George McNutt, for allegedly defrauding investors out of $5.6 million.

    Meanwhile, Bitbot, a non-custodial Telegram trading bot, is on the verge of hitting $3 million in its presale.

    Let’s delve into the details of these developments.

    SEC’s charges against Geosyn Mining and its co-founders

    According to the SEC’s complaint, filed in a federal court in Texas, Geosyn raised approximately $5.6 million from over 60 investors between November 2021 and December 2022.

    According to the U.S. SEC, the company allegedly misled investors by falsely claiming to purchase, maintain, and operate crypto mining machines, promising to distribute mined assets, such as Bitcoin, to investors for a fee. The SEC alleges that Geosyn made false claims about its contracts with electricity providers, failed to disclose that it never purchased some mining machines, and did not provide the services as promised.

    Moreover, Ward and McNutt are accused of misappropriating about $1.2 million for personal use.

    The SEC seeks permanent injunctions, disgorgement with prejudgment interest, and civil penalties against Ward and McNutt.

    Bitbot: a Telegram bot revolutionizing crypto trading

    While the U.S. SEC goes after Geosyn Mining LLC,  Bitbot, an innovative non-custodial Telegram trading bot that aims to democratize crypto trading is making waves with its token presale.

    Besides its token presale, Bitbot offers users institutional-grade tools in a secure and easy-to-use package, allowing them to trade directly from Telegram while maintaining control of their assets. It integrates with self-custodial wallets, ensuring users retain complete control over their keys and assets.

    The platform employs KnightSafe, a decentralized security system, to safeguard trading activities. It provides a range of trading tools, including automated sniping, limit orders, copy trading, and yield optimization, accessible to users of all trading experience levels.

    Bitbot presale nears $3 million

    In recent developments, Bitbot’s presale is rapidly approaching the $3 million mark. The presale, which offers investors the opportunity to acquire $BITBOT tokens, Bitbot’s native utility coin, has garnered significant interest from the crypto community raising a total of $2,900,178 by the time of writing.

    Investors can purchase the $BITBOT token at the current price of $0.0171 per token before the price increases to $0.018 in the next stage.

    Investors can participate in the presale by importing or creating a smart contract wallet directly via Telegram and once the presale period concludes, investors can claim their $BITBOT tokens via Bitbot’s official website.

    $BITBOT token holders stand to benefit from revenue sharing, exclusive presale access, unique perks, a say in Bitbot’s strategic direction through governance, and more.

    Conclusion

    SEC’s legal action against Geosyn Mining highlights the importance of regulatory compliance in the crypto industry, while Bitbot’s presale success underscores the growing demand for innovative trading solutions in the crypto market.

    As Bitbot continues to revolutionize crypto trading, investors eagerly anticipate the platform’s future developments and expansion.

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  • SEC sues Bitcoin miner Geosyn Mining for fraud; Bitbot presale nears $3M

    SEC sues Bitcoin miner Geosyn Mining for fraud; Bitbot presale nears $3M

    SEC Bitcoin miner Geosyn Mining for fraud
    • SEC sues Geosyn Mining and co-founders for misappropriated funds and misleading investors.
    • Bitbot revolutionizes crypto trading with a non-custodial Telegram bot.
    • The $BITBOT presale nears $3M presale with the token poised to rise from the current $0.0171 to $0.018.

    The Securities and Exchange Commission (SEC) has filed charges against Bitcoin miner Geosyn Mining, LLC, and its co-founders, Caleb Joseph Ward and Jeremy George McNutt, for allegedly defrauding investors out of $5.6 million.

    Meanwhile, Bitbot, a non-custodial Telegram trading bot, is on the verge of hitting $3 million in its presale.

    Let’s delve into the details of these developments.

    SEC’s charges against Geosyn Mining and its co-founders

    According to the SEC’s complaint, filed in a federal court in Texas, Geosyn raised approximately $5.6 million from over 60 investors between November 2021 and December 2022.

    According to the U.S. SEC, the company allegedly misled investors by falsely claiming to purchase, maintain, and operate crypto mining machines, promising to distribute mined assets, such as Bitcoin, to investors for a fee. The SEC alleges that Geosyn made false claims about its contracts with electricity providers, failed to disclose that it never purchased some mining machines, and did not provide the services as promised.

    Moreover, Ward and McNutt are accused of misappropriating about $1.2 million for personal use.

    The SEC seeks permanent injunctions, disgorgement with prejudgment interest, and civil penalties against Ward and McNutt.

    Bitbot: a Telegram bot revolutionizing crypto trading

    While the U.S. SEC goes after Geosyn Mining LLC,  Bitbot, an innovative non-custodial Telegram trading bot that aims to democratize crypto trading is making waves with its token presale.

    Besides its token presale, Bitbot offers users institutional-grade tools in a secure and easy-to-use package, allowing them to trade directly from Telegram while maintaining control of their assets. It integrates with self-custodial wallets, ensuring users retain complete control over their keys and assets.

    The platform employs KnightSafe, a decentralized security system, to safeguard trading activities. It provides a range of trading tools, including automated sniping, limit orders, copy trading, and yield optimization, accessible to users of all trading experience levels.

    Bitbot presale nears $3 million

    In recent developments, Bitbot’s presale is rapidly approaching the $3 million mark. The presale, which offers investors the opportunity to acquire $BITBOT tokens, Bitbot’s native utility coin, has garnered significant interest from the crypto community raising a total of $2,900,178 by the time of writing.

    Investors can purchase the $BITBOT token at the current price of $0.0171 per token before the price increases to $0.018 in the next stage.

    Investors can participate in the presale by importing or creating a smart contract wallet directly via Telegram and once the presale period concludes, investors can claim their $BITBOT tokens via Bitbot’s official website.

    $BITBOT token holders stand to benefit from revenue sharing, exclusive presale access, unique perks, a say in Bitbot’s strategic direction through governance, and more.

    Conclusion

    SEC’s legal action against Geosyn Mining highlights the importance of regulatory compliance in the crypto industry, while Bitbot’s presale success underscores the growing demand for innovative trading solutions in the crypto market.

    As Bitbot continues to revolutionize crypto trading, investors eagerly anticipate the platform’s future developments and expansion.

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  • Bitfarms mines less BTC in March despite expanding its mining Fleet

    Bitfarms mines less BTC in March despite expanding its mining Fleet

    • Bitfarms mined 286 BTC in March, down from 300 in February.
    • Bitfarms’ fleet upgrade aims for 21 EH/s and 21w/TH efficiency.
    • Bitfarms sold 284 BTC increasing treasury holdings to 806 BTC.

    Bitfarms Ltd. (BITF), a prominent global Bitcoin mining company, experienced a slight dip in its Bitcoin (BTC) production for the month of March 2024, despite its ongoing efforts to expand and upgrade its mining fleet.

    Bitfarms mined a total of 286 BTC in March 2024, down from the 300 BTC mined in February.

    This decline in production can be attributed to various factors, including participation in grid-stabilizing curtailment programs and power plant maintenance activities in Argentina.

    Additionally, a temporarily lower average operating EH/s and a 4.8% increase in network difficulty compared to the previous month also contributed to the decrease in BTC production.

    Bitfarms’ fleet upgrade and expansion plan

    Despite the decrease in BTC production, Bitfarms seems to be very committed to enhancing its mining capabilities.

    The company has been actively pursuing its fleet upgrade and expansion plan, aiming to reach 21 EH/s and 21w/TH in 2024.

    To achieve this goal, Bitfarms has made significant investments, including the purchase of 28,000 Bitmain T21 miners, along with additional S21 miners and S21 hydro miners.

    These acquisitions are part of Bitfarms’ strategy to improve operational efficiency and capitalize on the potential for increased mining margins amid rising Bitcoin prices.

    Current financial standing and future outlook of Bitfarms

    Bitfarms sold 284 out of the 286 BTC earned in March, generating total proceeds of $19.2 million.

    Furthermore, Bitfarms increased its BTC treasury holdings to 806, valued at $56.7 million, and held Synthetic HODL™ of 85 long-dated BTC call options, along with $66 million in cash, resulting in total liquidity of $123 million.

    Looking ahead, Bitfarms remains optimistic about its growth prospects.

    The company is set to participate in several upcoming conferences and events, including DigitalABC’s First Annual Canadian Crypto Asset and Blockchain Policy Conference and the Bitcoin Policy Summit.

    With its ongoing fleet expansion efforts and a focus on operational efficiency, Bitfarms is well-positioned to navigate the evolving cryptocurrency landscape and capitalize on opportunities in the market.

    By diligently expanding its mining fleet and adapting to market conditions, Bitfarms continues to solidify its position as a key player in the Bitcoin mining industry.

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  • Riot Platforms and Texas Blockchain Council challenge EIA’s Bitcoin Mining data demands

    Riot Platforms and Texas Blockchain Council challenge EIA’s Bitcoin Mining data demands

    • TBC and Riot Platforms sue EIA over Bitcoin data demands, alleging intrusion.
    • Senator Warren’s involvement is seen as part of a broader political strategy.
    • Bitcoin mining faces scrutiny for energy consumption, environmental impact.

    In a bold move against the US Energy Information Administration (EIA), the Texas Blockchain Council (TBC) and crypto miner Riot Platforms have filed a lawsuit, alleging unlawful data collection demands targeting the Bitcoin mining sector.

    EIA’s data collection plan 

    Last month, the EIA announced plans to collect data on electricity consumption by certain US-based crypto miners, effective from early February. Commercial miners were mandated to disclose intricate details, including the types of machines used and the locations of their mining operations. The controversial move followed an emergency approval from the Office of Management and Budget on January 26.

    TBC, a non-profit association, expressed concerns over the sensitive nature of the information requested, fearing potential public disclosure. The council sees this as a direct assault on private businesses, characterizing it as a political manoeuvre under the guise of an emergency.

    The TBC points fingers at Senator Elizabeth Warren and the Biden administration, accusing them of orchestrating a targeted effort against the digital asset industry. The EIA’s push for oversight is viewed as an intrusion and a worrying escalation in monitoring and regulating the cryptocurrency sector.

    As part of a broader strategy, Senator Warren and other Democratic lawmakers had previously urged major US crypto mining companies to disclose their energy usage. The current legal action represents a firm industry backlash against what is perceived as increased regulatory scrutiny.

    Bitcoin Mining realities and environmental considerations

    The EIA, in a report dated February 1, highlighted a significant jump in annual electricity consumption by crypto miners, from 0.6% to 2.3%. Despite the benefits of Bitcoin mining, such as network decentralization and profit opportunities, the industry faces growing scrutiny due to its environmental impact.

    The Rocky Mountain Institute estimates global Bitcoin mining consumes around 127 terawatt-hours annually. This has sparked debates about the environmental sustainability of the industry. Proponents argue that compared to traditional sectors like banking, Bitcoin’s energy usage is relatively lower, but critics remain concerned about its contribution to global energy consumption.

    As the legal battle unfolds, the cryptocurrency industry finds itself at the crossroads of regulatory pressures and environmental accountability, navigating the delicate balance between innovation and responsibility.

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  • Ocean Mining denies censorship allegations amidst Bitcoin transaction controversy

    Ocean Mining denies censorship allegations amidst Bitcoin transaction controversy

    • Bitcoin wallet provider Samourai Wallet accuses Ocean mining pool of censoring transactions.
    • Ocen Mining was specifically accused of censoring Whirlpool CoinJoin and BIP47 notification transactions.
    • Ocean’s founder, Luke Dashjr, denies intentional censorship, attributing the issue to a bug in Samourai Wallet’s software.

    In a recent twist within the cryptocurrency space, one of the Bitcoin wallet providers Samourai Wallet has accused Ocean, a prominent BTC mining pool, of censoring specific Bitcoin transactions.

    The controversy involves not only technical accusations but also points fingers at industry figures, including Luke Dashjr, a Bitcoin Core developer and founder of Ocean.

    Ocean’s denial and counterclaim

    Ocean mining pool swiftly refuted Samourai Wallet’s allegations, asserting that the perceived censorship is not a deliberate policy but, rather, a bug within the wallet provider’s software. Luke Dashjr dismissed the claims and suggested that the responsibility lies with Samourai Wallet to rectify the issue on their end.

    The technical disagreement revolves around a purported 46-byte limit imposed on the OP_RETURN function, restricting certain transactions.

    Community divided over the accusations

    The crypto community finds itself divided on this matter. While some advocate for the “80 Bytes is 80 Bytes” standpoint, emphasizing adherence to technical specifications, others believe that the alleged censorship may be unintentional and advise Samourai Wallet to address the bug in their software.

    Brad Mills from Nostr Wallet weighed in, asserting, “There’s no policy to censor Whirlpool or privacy-preserving transactions.”

    As accusations persist, Samourai Wallet remains steadfast in its claims, accusing Dashjr of deception and rallying the community to scrutinize the situation further.

    This controversy underscores the ongoing challenges in the cryptocurrency realm, highlighting the need for collaboration and technical resolution to ensure the smooth functioning of the Bitcoin network. As the community awaits further developments, the intricate dynamics between wallet providers, mining pools, and developers are brought to the forefront.

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  • Bitfarms reports a 7.3% increase in its monthly mining output

    Bitfarms reports a 7.3% increase in its monthly mining output

    bitfarms monthly mining output increase
    • Bitfarms produced 411 bitcoins last month and sold 362.
    • The Canadian miner is still lagging behind last year’s figures.
    • Bitfarms stock is currently down 40% versus its recent high.

    Bitfarms Ltd says its mining output popped 7.3% in September as it continued to install new miners and “fully energised” its facility in Rio Cuarto to 51 MW.

    Bitcoin still holds 703 BTC in total

    The Canadian miner produced a total of 411 bitcoins last month – of which it sold 362 for about $9.5 million. Geoff Morphy – the Chief Executive of Bitfarms said in a press release today:

    We continue to believe that many of our best opportunities for growth and investment will arise around the next Bitcoin halving expected to occur in April 2024.

    The Toronto-headquartered firm still holds nearly $20 million worth of Bitcoin (703 in total). Its total operating capacity now sits at 233 MW.

    Shares of the bitcoin mining company are still down about 40% versus their recent high.

    Bitfarms is still lagging last year’s figures

    Bitfarms is committed to strengthening its balance sheet and infrastructure ahead of the halving event next year – by which, it expects to have paid off under $10 million it still has in debt.

    The bitcoin mining company now has a total operating capacity of 233 MW. Its hash rate improved another 9.0% in September to 6.1 exahashes per second (EH/s).

    Bitfarms wanted its hash rate to hit 6.3 EH/s in the third quarter but “electrical infrastructure delays” at its Baie-Comeau facility saw it come a bit shy of the target.

    Note that the Canadian miner is still trailing the numbers it reported last year. Bitfarms mined 3,692 BTC in the first nine months of this year versus 3,733 Bitcoin in the equivalent period of 2022. Wall Street currently has a consensus “buy” rating on BITF.

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  • CleanSpark to acquire two Bitcoin mining campuses for $9.3M

    CleanSpark to acquire two Bitcoin mining campuses for $9.3M

    • CleanSpark will complete the $9.3 million all-cash deal for the two turnkey Bitcoin mining facilities this week.
    • The facilities in Dalton, Georgia, will host 6,000 Antminer S19 XPs and S19J Pro+ rigs.
    • CleanSpark CEO Zach Bradford says the deal puts the miner on track to reach its year-end hashrate target of 16 EH/s

    CleanSpark (NASDAQ: CLSK), one of the largest Bitcoin mining firms in the world, has announced the acquisition of two BTC mining campuses in Dalton, Georgia.

    The company said in a press release that it had struck a definitive agreement to purchase the two turnkey facilities for $9.3 million, an all-cash deal expected to close later this week.

    CleanSpark targets 16 EH/s by end of year

    According to the miner, the two campuses are set to host over 6,000 Antminer S19 XPs and S19J Pro+s, and will see the mining giant add just under 1 exahashes per second (EH/s) to its hashrate.

    “This acquisition ensures that we have more than enough infrastructure to reach our year-end target of 16 EH/s. It also continues to position us as one of the most power-efficient miners on an energy-per-hashrate basis,” Zach Bradford, CEO of CleanSpark, said in a statement.

    CleanSpark’s latest purchase adds to multiple previous buys and acquisitions secured over the past several months. After purchasing 20,000 Antminer S19j Pro+ machines for $43.6 million in February, the company added 45,000 Antminer S19 XP units worth $144.9 million in April. In May, it bought 12,500 Antminer S19 XP rigs.

    CLSK traded at $4.86, up 10% on the day on Wednesday. The crypto stock has rallied more than 140% in 2023 and analysts expect it to reach $12.

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