While digital currencies are rushing in a frantic wave of record gains within a few days, despite traders' fears of the US Federal Reserve's direction of a more aggressive than expected move towards interest rates.
And at a time when the restrictions of the two regulators in Washington against cryptocurrencies are heightened by the tendency to put in place more rules and controls to stifle the market.. one of the mining giants announced surprising moves that challenge these restrictions.
20,000 devices
CleanSpark, a bitcoin miner, said it has expanded its mining capacity in the United States with the purchase of an additional 20,000 Antminer S19j Pro+ rigs at a total cost of $43.6 million.
The acquisition is expected to increase the company's processing capacity by 37%. Additionally, the transaction will bring the total number of miners acquired during the bear market to 46,500 units.
more details
After applying a 25% discount to the hardware deal, the company will pay $32.3 million for the hardware. The Pro+ devices are expected to be delivered in batches between March and May and are 22% more productive than previous versions.
The company is increasing its mining capacity by taking advantage of lower rig prices in the market in order to do so while the price of Bitcoin (BTC) is rising.
According to information provided by Hashrate Index, the price of TH of ASICs as efficient as mining Bitcoin is currently at $15.09, which is a significant drop from the $90.72 price we saw one year ago.
higher yield
Compared to other same-generation ASIC computers, the Antminer S19j Pro+ model, according to CleanSpark, offers a higher return on investment.
According to the business, “Once fully operational, it is expected to add 2.44 EH/s to CleanSpark’s existing 6.64 EH/s bitcoin mining processing capacity (totaling 9 EH/s),” which represents an increase of 37%.
With this transaction, CleanSpark confirms that the outlook continues to be more attractive for its operations in current market conditions and that this trend is likely to continue for the foreseeable future.
Strong increase
According to research by Hashrate Index, publicly traded miners saw their mining output as well as hash rates increase in January.
This came after a challenging year in 2022 marked by falling bitcoin prices and rising energy costs.
Over the course of the month, the amount of Bitcoin mined by CleanSpark increased by a whopping 50%, reaching a new monthly production level of 697 BTC.
Other public miners, such as Core Scientific, Riot, Marathon, and Cipher, have seen significant increases in bitcoin production over the past month.
130 billion
Cryptocurrency market capitalization has risen from its lowest levels in nearly 6 months to pass the $1.1 trillion levels again.
And the cryptocurrency market capitalization jumped in just six days to its highest level since mid-August, recording gains in the range of $130 billion.
The market value of digital currencies rose with a rising wave that swept all major digital currencies, jumping to levels near $1.117 trillion.
And digital currencies had fallen earlier, before inflation data was released, to levels of $985 billion, data that prompted risk appetite to move away from risky assets.
Bitcoin leads the market
The largest digital currency, Bitcoin, rose today, Sunday, to $ 25,000, jumping by more than 14% to $ 24.8,000 since the beginning of the bullish wave.
Bitcoin is up 18% in the month and over 41% year-to-date, while the largest cryptocurrency is up 55% in 90 days and 47% in 60 days.
Bitcoin's market capitalization increased in 6 days nearly $55 billion up from levels of $420 billion to current levels, at $475 billion.
Read more about an American company defying regulators.. a huge increase in Bitcoin mining - news source: https://www.arabictrader.com/ar/news/cryptocurrencies/145207