That's a lot of power, and when you consider that some of the easiest-to-produce power in most countries comes from burning coal. Globally, it's said that nearly 0.7% of all energy consumption is now devoted exclusively to Bitcoin mining and support. Researchers at Cambridge University estimate that creating Bitcoins and supporting Bitcoin transactions around the globe consumes roughly enough power annually to power "entire countries" the size of Argentina, Egypt, or Ireland. a lot of electricity - on the order of 150 terawatt-hours annually. Furthermore, Tesla does still "intend" to permit car-buying with Bitcoin at some point in the future, once "mining transitions to more sustainable energy." In the meantime, the company is exploring allowing car buyers to use "other cryptocurrencies " (Dogecoin, anyone?) "that use <1% of Bitcoin's energy/transaction."īitcoin is created, and Bitcoin transactions are tracked, on computers that use electricity. "Cryptocurrency is a good idea on many levels," explained Musk, "and we believe it has a promising future, but this cannot come at a great cost to the environment." Accordingly, "Tesla has suspended vehicle purchases using Bitcoin we are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel."Īs for Tesla's own $1.5 billion worth of Bitcoin, already purchased, "Tesla will not be selling any" of it. at least the second part of that is no longer true. We acquired two new data centers and expanded our fleet with tens of thousands of miners purchased at some of the best market prices possible,” he said.Three months ago, Tesla ( TSLA) CEO Elon Musk dropped a bombshell: Tesla would buy $1.5 billion worth of Bitcoin as an investment, and furthermore allow car buyers to use Bitcoin to buy their new Teslas from the company. So, far from being a difficult time, it has been a time of tremendous growth for us. “We’ve been using the bear market to build.
Cleanspark competitors full#
Throughout the last two quarters of 2022, many miners felt the full force of the bear market, which led to several high-profile bankruptcies, while operations like Core Scientific and Argo were dumping their Bitcoin to shore up their balance sheets.ĬleanSpark was one of the few operations that saw it through the tough times, according to Holyoak. Our major power provider in Georgia, MEAG, sources large sums of low carbon energy and has been a great partner.” "We work hard to cultivate strong relationships at the community level, with mayors, city councils, and local residents and do our best to give back.
“Sales tax on our energy bills pour hundreds of thousands of dollars a month into local programs and infrastructure," he said. Source: CleanSpark Investor's Deck.Īs for choosing Georgia to set up much of its shop, CleanSpark's chief communications officer Isaac Holyoak told Decrypt that “Georgia, and particularly the communities we work in, view our data centers as important sources of economic strength.” CleanSpark's most recent energy disclosure across its facilities. Today, CleanSpark says carbon-free energy accounts for 90% of its total energy mix.Īt the company’s largest facility in Sandersville, it has so far achieved 72% carbon-free energy, according to its most recent energy disclosure. The company markets itself as “ sustainable Bitcoin mining ” and aims to achieve 100% renewably-sourced energy across its mining operations.
Cleanspark competitors software#
Like their peers at TeraWulf, CleanSpark's genesis predates Bitcoin mining and has its roots in the power industry.ĬleanSpark was founded in 1987 as a software and energy solutions company and took its first steps into running Bitcoin mining facilities relatively recently in 2020. So if all the machines were to come online today, CleanSpark would have cornered roughly 5% of Bitcoin’s global computing power.
To put that into perspective, according to an estimate by CoinWarz, the total hash rate of the Bitcoin mining network sits at a little under 322.53 EH/s today. When these machines are up and running later this quarter, the Washington facility will add 2.44 EH/s to the company’s total operational hash rate.ĬleanSpark now claims to have a total of 15.9 EH/s either deployed or under contract, with an end-of-year target of hitting a staggering 16 EH/s. Once deployed, CleanSpark’s fleet in Georgia will have added 6.3 exahashes per second (EH/s) of computing power to the company's current capacity of 6.7 EH/s, making for a 95% increase.ĬleanSpark also purchased 20,000 miners in February, which are currently being delivered to the company’s Washington facility, which is also in Georgia.
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