Bitcoin miner CleanSpark set to double hash rate as halving approaches

[ImThour]

CleanSpark expects its operating hash rate to double in time for Bitcoin’s halving once it spins up the mining rigs from four recently purchased facilities.

https://cointelegraph.com/news/cleanspark-to-double-hash-rate-bitcoin-halving-approaches
Author: BRAYDEN LINDREA

So, another mining company investing in their hardware and as per their tweet, they are expecting its operating hash rate to at least double from 10 EH/s to 20 EH/s during the first half of 2024.
This is great news for Bitcoin Mining as most of the small miners get demotivated after their rewards getting lesser after a Bitcoin Halving.

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[mk4]

I mean, the only way for them to maintain their current revenue is to double their hardware/hashrate yea? Gotta make the investor reports not look like that revenue didn't just cut in half. Unless bitcoin's price doubles, in which yea it's possible — but it's uncertain.

[adaseb]

This is good for the industry because you need to realize that if they are investing millions on mining hardware it means they see a bright future for bitcoin or crypto.

All miners, especially pro miners already have the halving in mind. And they also realize that most likely the hashrate won’t decline which is what happened in the past. So if they are still investing money into the future after the halving date it means they are confident of bitcoin future performance.

[Poker Player]

This is good for the industry because you need to realize that if they are investing millions on mining hardware it means they see a bright future for bitcoin or crypto.

Well, it's also good for the network, since a higher hashrate means more security. What I wonder is whether increasing the energy level for mining won't fuel the narrative that Bitcoin consumes too much energy and is not environmentally friendly.

I mean, the only way for them to maintain their current revenue is to double their hardware/hashrate yea? Gotta make the investor reports not look like that revenue didn't just cut in half. Unless bitcoin's price doubles, in which yea it's possible — but it's uncertain.

Most of us believe it is most likely. It is certainly not a sure thing, but like everything in life and in investments, there is always a risk you have to take, a level of gamble that you don't know if it will work out. That double price would mean reaching $90K and I think all of us in this think it will reach and pass $100K, otherwise it's going to be the most catastrophic cycle by far since Bitcoin was launched.

[thecodebear]

Any smart company is going to grow its business when it can. This doesn't really have anything to do with the halving I wouldn't say. At any point it is wise for a bitcoin mining company to increase their mining machines. There will probably be shortages of miners during the bull run though so it makes sense to do this now when it'll likely be easier and cheaper to acquire a bunch of miners.

[franky1]

Well, it's also good for the network, since a higher hashrate means more security. What I wonder is whether increasing the energy level for mining won't fuel the narrative that Bitcoin consumes too much energy and is not environmentally friendly.

imagine having 111,111 asics of last gen s19 at 90thash = 10EX at 3.2KWH/asic
imagine replacing with 100,000 asics of s21 at 200thash = 20EX at 3.5KWH/asic

shows that the 2x of hashrate does not mean 2x of electric.

111,111 old asics *3.2kwh=355,555KWH
100,000 new asics *3.5kwh=350,000KWH
yep 2x hashrate for LESS energy
imagine having 181,818 asics of last gen s17 at 55thash = 10EX at 2.1KWH/asic
imagine replacing with 100,000 asics of s21 at 200thash = 20EX at 3.5KWH/asic

shows that the 2x of hashrate does not mean 2x of electric.

181,818 old asics *2.1kwh=381,818KWH
100,000 new asics *3.5kwh=350,000KWH
yep 2x hashrate for LESS energy