Crypto mining firm CleanSpark has been expanding its fleet of mining machines this year, despite the fact that mining profitability is far from its all-time highs. Here are some important points to consider:
1. CleanSpark has been acquiring new mining machines at a rapid pace in 2021. The company has purchased over 22,000 new machines, which is a significant increase from the 2,500 machines it had at the end of 2020.
2. The company’s expansion plans are driven by its belief that the crypto mining industry will continue to grow in the coming years. CleanSpark expects that demand for mining services will increase as more businesses and individuals adopt cryptocurrencies.
3. Despite the current market conditions, CleanSpark remains confident in its ability to generate profits from its mining operations. The company has implemented cost-saving measures and is exploring new revenue streams, such as selling excess energy generated by its mining facilities.
In summary, CleanSpark’s aggressive expansion of its mining fleet is a bet on the long-term growth of the crypto industry. While profitability may be lower in the short term, the company believes that its investments will pay off in the future.