CleanSpark Inc., a U.S.-based Bitcoin miner, has entered into a strategic agreement that could lead to the acquisition of up to 160,000 Bitcoin mining machines by the end of 2024. The company has already purchased 60,000 Bitmain S21 units for $193.2 million, scheduled for delivery between April and June 2024.

Additionally, CleanSpark may exercise a strategic call option to buy another 100,000 miners at $16 per terahash before the end of 2024. If all these miners are deployed, the firm expects its hash rate to soar by 400% to 50 exahashes per second (EH/s), up from the current 10 EH/s.

CEO Zachary Bradford views this move as a safeguard against potential price surges in mining equipment, which historically rose three to five times during bull markets. This strategic decision aims to position CleanSpark favorably for future market upturns without the concern of escalating equipment costs.

Bradford emphasized that this approach would enable the company to efficiently manage its capital by controlling costs and timing infrastructure growth with significant market events.

CleanSpark's expansion plans come amid preparations by other mining giants like Marathon Digital Holdings, Riot Platforms, and Cipher Mining for the anticipated Bitcoin halving event in April.

On another front, CleanSpark announced its intention to establish an in-house trading desk in 2024, aiming to maximize returns from its Bitcoin holdings, which stood at 3,002 BTC (worth $140.9 million) as of December.

Following this announcement, CleanSpark's stock price witnessed a 5% increase to $10.72 on January 8, marking a 385% rise over the past year.

Cointelegraph