CleanSpark's Bitcoin Output Surges 50% Year-Over-Year

CleanSpark, a leading Bitcoin mining company, reported a significant surge in its operational hashrate and Bitcoin output for the month of June. The company achieved an operational hashrate of 50 EH/s, representing a substantial 145.1% year-over-year increase from 20.4 EH/s in June 2024. This remarkable growth in mining capacity allowed CleanSpark to mine 685 BTC, valued at $74.2 million at current prices, compared to 445 BTC mined in the same period last year. Despite the challenges posed by the post-halving environment, CleanSpark's Bitcoin output has surged by more than 50% year-over-year.

Zach Bradford, CEO and president of CleanSpark, attributed this achievement to the tireless efforts of the operations and technology teams. The teams added over 10 EH/s of capacity across four states, representing a 9.6% month-over-month increase in mining capacity. CleanSpark's total Bitcoin holdings now stand at 12,608 BTC, a slight increase from 12,502 BTC in May. This places the company seventh among publicly traded companies in terms of Bitcoin holdings.

CleanSpark sold 578 BTC in June, the majority of its monthly production. Despite this sale, the company remains one of the top Bitcoin holders among public companies. Only two other companies, MARA Holdings and Riot Platforms, hold more BTC than CleanSpark. MARA Holdings is the second-largest holder with 50,000 BTC, while Riot Platforms holds 19,225 BTC.

Bradford highlighted the growing trend of corporations embracing Bitcoin as a valuable asset on their balance sheets. He noted that corporate Bitcoin acquisitions have outpaced ETF net inflows for the third consecutive quarter, indicating a shift in corporate strategy towards digital assets. This trend underscores the increasing recognition of Bitcoin's value and its potential to enhance corporate financial strategies.

CleanSpark's expansion into new facilities in the US states of Georgia, Mississippi, Wyoming, and Tennessee, along with the purchase of 26,000 Bitmain immersion mining rigs in August 2024, has further solidified its position in the Bitcoin mining industry. The company's strategic moves and operational efficiency have enabled it to navigate the challenges of increasing mining difficulty and declining block rewards, which have driven up operational and energy costs for many miners. This strategic expansion and operational excellence have positioned CleanSpark as a leader in the Bitcoin mining sector, capable of thriving in a competitive and challenging environment.