CleanSpark, a Nevada-based Bitcoin miner, recently reached a significant milestone, ranking third in hash rate among Bitcoin miners, following Marathon Digital and Core Scientific. In June, CleanSpark increased its Bitcoin production by 6.7%, mining 445 BTC and exceeding its mid-year hash rate goal of 20 EH/s.
Significant Hash Rate Growth
The company achieved this milestone after adding 1.7 EH/s of new mining capacity across five new facilities in Georgia, USA. As of June 30, CleanSpark’s hash rate stood at 20.4 EH/s, a notable increase from its previous capacities recorded in December. According to an official announcement, CleanSpark mined 445 bitcoins in June, retaining all but 8 BTC. Consequently, the company’s Bitcoin balance now totals 6,591 BTC, valued at over $4 billion at current market prices.
CEO’s Vision and Future Plans
CEO Zach Bradford expressed optimism about the company’s trajectory, emphasizing their focus on enhancing mining capacities and revenues. CleanSpark’s hash rate success places it among the top Bitcoin miners globally. Bradford’s plans include expanding operations with a target hash rate of 50 EH/s.
Also Read: Biden Halts CleanSpark’s $19M Bitcoin Mining Deal
Stock Performance and Expansion Efforts
Despite these achievements, CleanSpark’s stock saw a decline of 5.52%, dropping to $16.93 according to Google Finance. Nevertheless, the stock has demonstrated significant resilience, with a 55.6% increase year-to-date and an impressive 247.6% rise over the past year.
Recently, CleanSpark announced a $155 million merger with GRIID Infrastructure, which includes the acquisition of GRIID’s outstanding common stock and an additional 20 MW of power capacity. This move aims to bolster CleanSpark’s operational base and capacity as it continues its expansion efforts.
CleanSpark is also diversifying its revenue streams by expanding into artificial intelligence and cloud computing. Other major miners exploring similar opportunities include Core Scientific, TeraWulf, Hut 8 Corp., and Northern Data AG.
This report highlights CleanSpark’s recent milestones and strategic initiatives in the competitive Bitcoin mining sector, shedding light on its performance and future prospects.
