CleanSpark’s hashrate went from 9.6EH/s to 27.6 EH/s in the matter of a fiscal year and expects to take it up to 50 EH/s by the end of the next fiscal year.
Leading US-based Bitcoin miner has increased its hashrate by 187% over the last 12 months. Its unaudited Bitcoin mining and operations update for September, released on October 3, noted that its hashrate rose by 27.6 E/Hs in the last month. Its hashrate in September 2023 was at 9.6 E/Hs. 5 E/Hs were added just in the past month.
“During the past year, we grew our hashrate from 9.6 EH/s to 27.6 EH/s, or 187%, with 5 EH/s coming online just during the month of September,” said Zach Bradford, CleanSpark CEO. “During this same period of rapid growth, our share price increased approximately 145% compared to September 30, 2023.”
Being one of the US’ biggest mining firms, CleanSpark boasts numerous data centers across the country while continuously expanding to add more facilities. It has purchased five mining facilities in Georgia and three in Mississippi. Beyond that, it has also recently acquired seven facilities in Knoxville, Tennessee. Those centers come with a total capacity of 85 MW (megawatts). CleanSpark now boasts a total of at least 15 mining sites.
The firm mined 493 BTC the past month, bringing its total mined BTC number to 7098 for the fiscal year. CleanSpark’s treasury now holds over 8,000 BTC, a deployed fleet of 188,520 mining machines, and boasts a fleet efficiency of 21.94 J/Th (Joules per Terahash). The company also mentioned it sold 2.5 BTC last month at an average price of $58,287.
“These results came from successfully navigating the halving, closing multiple acquisitions, delivering significant organic growth, and even riding out a hurricane to close out the year,” added Bradford. “We have successfully worked our way through each opportunity and obstacle and look forward to fiscal year 2025 with a goal of delivering even greater results.”
CleanSpark is targeting to increase its hashrate to 30 EH/s by the end of October despite Hurricane Helene causing recent disruptions—45 MW is yet to be restored. It plans on achieving 50 EH/s by the end of fiscal year 2025.
Miners Continue Expanding to Diversify Their Operations
With the Bitcoin having reducing revenues for miners, many are expanding their operations to diversify and offer services to AI use cases and high-performance computing requirements. Not too long ago, Bitfarms acquired Stronghold Digital for $125 million and will add 950 MW to the latter’s operations by 2025 end.
