CleanSpark, a prominent U.S.-based Bitcoin mining firm, has reached a significant milestone by holding 10,097 Bitcoin (BTC) in its treasury. This achievement makes CleanSpark the fourth publicly listed mining company to surpass the 10,000 BTC mark, joining the ranks of MARA Holdings, Riot Platforms, and Hut 8 Mining Corp, according to data from BitcoinTreasuries.NET.
Scaling Operations to Achieve Record Bitcoin Holdings
CleanSpark experienced a remarkable 236% year-over-year increase in its Bitcoin treasury. CEO Zach Bradford attributed this growth to the company’s efficient and responsible scaling efforts. All of the firm’s Bitcoin holdings were mined in the U.S., supporting domestic energy production and job creation while contributing to the global Bitcoin ecosystem.
In 2024, CleanSpark mined 7,024 BTC, adding significantly to its holdings after starting the year with around 2,300 Bitcoin. The firm’s December production alone totaled 668 BTC, reflecting a 7.4% month-over-month increase. Despite selling 12.65 BTC in December to cover costs, CleanSpark retained the vast majority of its mined Bitcoin.
Financial Strategy and Responsible Growth
CleanSpark’s Chief Financial Officer, Gary Vecchiarelli, highlighted the company’s disciplined approach to managing its Bitcoin treasury. By leveraging Bitcoin holdings to lower its cost of capital and avoiding risky counterparties, CleanSpark has positioned itself as a leader in responsible financial innovation.
Bitcoin miners often sell portions of their mined BTC to fund operations, but some companies, like MARA Holdings, have adopted strategies to retain most of their Bitcoin. CleanSpark’s approach reflects a balance between maintaining a strong treasury and managing operational costs.
Operational Efficiency and Market Challenges
CleanSpark also reported notable improvements in its operational efficiency. By the end of 2024, its operating hashrate had increased to 39.1 exahashes per second, with a 33% boost in energy efficiency compared to 2023.
However, CleanSpark’s stock (CLSK) saw a 5.8% drop to $10.09 on January 9 amid a broader market decline, according to Google Finance. Despite being one of the best-performing mining stocks in 2023 with a 440% increase, CleanSpark experienced a 16% decline in 2024, missing out on a broader market rally within the industry.
CleanSpark’s December production of 668 BTC trailed MARA Holdings’ 890 BTC but outpaced Riot Platforms and IREN, which each mined over 500 BTC. Smaller miners like Bitdeer and Bit Digital reported lower production figures, with Bit Digital’s output dropping by 27.8% to 32.4 BTC due to hosting changes and equipment redeployment.
