Crypto miner CleanSpark is buying 160,000 Bitcoin miners by 2025.

United States-based Bitcoin (BTC) miner CleanSpark Inc. It announced a strategic deal to buy up to 160,000 miners by the end of 2024.

According to CleanSpark's Jan. 8 statement, the firm bought 60,000 Bitmain S21 units at $16.10 for $193.2 million. Delivery is expected to take place between April and June 2024.

The company He also indicated that he could use a strategic call option to buy an additional 100,000 machines at $16 before 2024.

Once all 160,000 miners are installed, CleanSpark's hash rate will reach 50 exahes per second (EH/s) – a 400% increase from the current 10 EH/s.

Today we announced the purchase of 60,000 Bitmain S21 units with expected supply from April to June 2024. The deal includes a strategic call option to purchase an additional 100,000 machines at a fixed price of $16.00 through the end of the calendar year.… pic. .twitter.com/LDwHT9ERM1

– CleanSpark Inc. (@CleanSpark_Inc) January 8, 2024

The firm's CEO, Zachary Bradford, referred to the strategic call option as a “hedge” against rising machine prices in bull markets.

“In the last bull market, machine prices went up three to five times. We're ready to expand into the next bull market without having to worry about machine prices going up,” Bradford said.

According to CleanSpark's CEO, the strategic deal will allow the company to effectively manage its capital by “controlling as many variables as possible.”

“It will also help us to time our infrastructure development with macro events and definitely put value on mining.”

Marathon Digital Holdings, Riot Platforms, and Sipper Mining also recently purchased additional machines for the BTC halving event, which is expected to take place in April.

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On January 2, CleanSpark announced plans to open an in-house trading desk in 2024 to maximize revenue from Bitcoin (BTC) holdings.

The company recently reported withdrawing 720 BTC in December, increasing its BTC holdings to 3,002, which is currently worth $140.9 million.

CleanSpark's ( CLSK ) stock price rose 5% to $10.72 on Jan. 8 and is now up 385% over the past 12 months, according to Google Finance.

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