CleanSpark Reports Significant Increase in Bitcoin Mining Output and Hashrate

CleanSpark’s Bitcoin mining operations have significantly expanded, increasing year-over-year output by more than 50% despite persistent industry headwinds following the Bitcoin halving.

Hashrate and Production Growth

The company reported an operational hash rate of 50 exahashes per second (EH/s) in June, marking a substantial 145.1% increase from 20.4 EH/s in June 2024.

At current market prices, CleanSpark mined approximately 685 Bitcoin worth $74.2 million, compared to 445 BTC mined a year earlier.

CEO Zach Bradford credited the achievement to operational efforts, stating the addition of over 10 EH/s of capacity across four states resulted in a 9.6% month-over-month increase.

BTC Holdings and Market Position

CleanSpark sells a majority of its production. As of June, its Bitcoin holdings totaled 12,608 BTC, placing it seventh among publicly traded companies according to BitcoinTreasuries.net.

Leading the holders are MARA Holdings (50,000 BTC) and Riot Platforms (19,225 BTC).

Corporate Bullion Trend

Bradford highlighted a broader trend, declaring, “Corporations around the globe are embracing the value of a Bitcoin-enhanced balance sheet,” noting that corporate Bitcoin acquisitions have surpassed ETF net inflows for the third consecutive quarter.

Stock Performance and Mining Pressures

CleanSpark’s stock experienced a downturn, falling approximately 8% in early trading on Monday. The drop occurred concurrently with a Nasdaq index decline of over 1%.

The company, alongside other miners, faces mounting financial pressures from rising Bitcoin mining difficulty and decreasing block rewards:

• The Bitcoin mining difficulty reached an all-time high of 126.9 trillion late in May.
• Since February 2024, CleanSpark has expanded operations into Georgia, Mississippi, Wyoming, and Tennessee.
• Earlier in 2024, the company purchased 26,000 Bitmain immersion mining rigs in a $168 million deal.