CleanSpark Bucks Downtrend in Crypto Miners as It Sees Bigger Market Share After Halving

CleanSpark shares stayed in the green, bucking the downtrend seen among its competitors in crypto mining after the company's chief executive officer said Friday that the company could boost market share after the halving.

"After halving, many old and inefficient machines will go offline, increasing CleanSpark's organic market share while lowering the network's energy consumption," CEO Zach Bradford said in a press release Friday. The stock rebounded from its decline on Friday that was spurred by a wider stock market sell-off amid tensions in the Middle East.

In the same press release Friday, the company said it exercised its option to purchase 100,000 Bitmain S21 Pros, or 23.4 EH/s of machines. The machines operate at 15 joules per terahash (J/TH), a 14 percent improvement over the S21 miner which is currently the most efficient miner available on the market at 17.5 J/TH , it said.

The improved efficiency of the S21 Pro means that the company will still acquire the same number of machines, but with a 17 percent increase in hashrate, or approximately 3.4 EH/s more hashrate, it said.