fbpx
QQQ
+ 0.00
342.26
+ 0%
DIA
+ 0.05
343.36
+ 0.01%
SPY
+ 0.11
424.37
+ 0.03%
TLT
+ 0.00
141.05
+ 0%
GLD
+ 0.02
174.03
+ 0.01%

CleanSpark Aims To Increase Energy Efficiency In Bitcoin Mining With 2,400 New Rigs

May 13, 2021 1:17 pm
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
CleanSpark Aims To Increase Energy Efficiency In Bitcoin Mining With 2,400 New Rigs

CleanSpark Inc (NASDAQ:CLSK), a diversified energy services and Bitcoin (CRYPTO: $BTC) mining company headquartered in Salt Lake City, has purchased 2,400 additional S19-Pro rigs to further increase the hashrate efficiency of its mining fleet.

What Happened: The new miners are scheduled for delivery and installation next month at the company’s Bitcoin mining facility in Atlanta, replacing older-generation equipment that will be put up for sale.

CleanSpark stated the equipment exchange will bring about a 1MW decrease in energy consumption with a simultaneous 37.5% increase in production efficiency.

“This is an additional step in making our mining operation more efficient, which further aligns with our previously stated objective of operating all company-owned facilities at or near carbon neutral,” said CleanSpark CEO Zach Bradford. “We have publicly disclosed our current energy mix of 95% carbon-free power, at a fixed price of $0.0285 kWh. In the current climate, being sufficiently capitalized to secure and quickly install this additional order of highly sought after S19 Pro 110 TH/s units is a significant accomplishment.”

See Also: Benzinga Stock Market Live: After Market Therapy With StockMom's Crypto Confessions

Why It Matters: As Bitcoin’s popularity increases, so has the level of complaints related to the power generation required for mining the cryptocurrency. A recent study published by Cambridge University determined that Bitcoin mining consumes roughly 121.36 terrawatt hours (TWh) per year, which is greater than the energy rate needed to power all of Argentina.

An unexpected advocate for Bitcoin-related energy efficiency emerged yesterday when Elon Musk announced that Tesla Inc. (NASDAQ:TSLA) would stop accepting Bitcoin for its electric vehicles, two months after it added the cryptocurrency to its payment options.

“Cryptocurrency is a good idea on many levels and we believe it has a prominent future, but this cannot come at great cost to the environment,” said Musk, who bought $1.5 billion worth of the cryptocurrency in February.

(Image by Mohamed Hassan / Pixabay.)

For the latest in financial news, exclusive stories, memes follow Benzinga on Twitter, Facebook & Instagram. For the best interviews, stock market talk & videos, subscribe to our YouTube channel.


Related Articles

Cleanspark Stock Is Trading Higher After Q2 Earnings Beat, Producing 144 Bitcoins

15 Bitcoin Stocks To Watch On Tesla News

On Monday, one of the most followed companies in the world sent the value of Bitcoin price higher after a $1.5 billion investment in the cryptocurrency was unveiled. read more

CleanSpark Reports Q4 Earnings, Expects Strong FY21 Revenue Growth

CleanSpark's CEO Discusses The Company's Expansion Into Bitcoin

The following article is sponsored by CleanSpark, Inc. It is for informational purposes only and not intended to be investing advice. read more