Bitrabo Editorial
According to the Hashrate Index, the profitability of Bitcoin mining has decreased by 44%, with $0.071 TH/s per day over the past year. Additionally, the market boom in late 2021 caused a reduction of 82% for miners. Despite the decline in profitability, mining company ClarkSpark is aggressively expanding its fleet of mining machines, indicating that mining companies are not deterred by profitability issues.
On June 1, CleanSpark, a mining company, purchased 12,500 brand-new Antminer S19 XP units for $40.5 million at a rate of $23 per terahash per second (TH/s), lower than the current market price. These machines have a power-efficiency rating of 21.5 joules per terahash and a Bitcoin mining compute power of 141 TH/s each. The company plans to use these machines to replace its current fleet’s units using over 30 joules per terahash and achieve its year-end target of 16 EH/s. As a result, CleanSpark has solidified its commitment to being at the forefront of Bitcoin mining technology.
In another development, Compass Mining is expanding its operation by venturing into Ohio, and Bitfarms announced that it mined 459 BTC in May, representing a 6.5% increase in production compared to the previous year.
Cipher Mining also achieved a significant milestone by mining 493 BTC and reaching a daily mining potential of about 17.4 bitcoin, further cementing its position as a key player in the industry. Despite challenges in profitability, Bitcoin mining remains resilient, with companies like ClarkSpark, Bitfarms, and Cipher Mining making strategic moves to expand their mining operations and achieve new milestones.
Featured image from Pixabay and chart from Tradingview.com