CleanSpark’s Bitcoin output has skyrocketed by more than 50% year-on-year despite the challenges posed by the post-harving environment of BTC miners.
The company posted an operational hashrate of 50 EH/s from 20.4 EH/SA a year ago in June, representing a jump of 145.1% of its mining capacity. Last month, we mined 685 BTC, worth $74.2 million at current prices, from 445 BTC mined in June 2024.
“The tireless efforts of our operations and the technical team have added over 10 capacity to four states to achieve their ambitious goals,” said Zach Bradford, CEO and President of Cleanspark. “This represents an increase of 9.6% per month.”
CleanSpark sold 578 BTC in June. This is a large part of monthly production. According to Bitcointreasuries.net, its Bitcoin Holding now reaches 12,608 BTC, rising slightly from 12,502 in May, ranking seventh among public companies.
Among Bitcoin Miners, only two companies that own more BTC than CleanSpark are Mara Holdings and Riot Platforms. According to Bitcointreasuries.net, Mara holds 50,000 BTC, making it the second largest owner of Bitcoin among public companies. Riot Platforms is fourth at 19,225 BTC.
“Companies around the world are embracing the value of the Bitcoin Enhanced Balance Sheet,” Bradford said. “In fact, the company’s acquisition of Bitcoin has led to a net inflow of ETFs in the third consecutive quarter.”
Related: Cleanspark “Self-Funded” Pivot to start selling bitcoin
CleanSpark stock will slip with mining update
Nasdaq’s CleanSpark shares lost the ground on Monday, falling 8% at the time of this writing. The company’s stock continues to market trends with the NASDAQ index exceeding 1% amid discussions by the US government over trade transactions.
The difficulty of mining Bitcoin reached its record high this year on May 31st, reaching 126.9 trillion. Cryptominers face financial pressure as block rewards decrease, network difficulty increases, and factors that reduce operational costs and energy costs.
Since February 2024, Cleanspark has expanded its mining operations to include facilities in US states such as Georgia, Mississippi, Wyoming and Tennessee. In August 2024, I purchased 26,000 bitmain immersion mining rigs for a $168 million deal.
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