CleanSpark’s Bitcoin output has surged more than 50% year-over-year, despite the challenges posed by the post-halving environment for BTC miners.
The company posted an operational hashrate of 50 EH/s in June from 20.4 EH/s a year earlier, representing a 145.1% jump in mining capacity. Last month, it mined 685 BTC worth $74.2 million at current prices, from 445 BTC mined in June 2024. EH/s stands for exa hash per second, a measurement of computational power.
“The tireless efforts of our operations and technology teams resulted in the addition of over 10 EH/s of capacity across four states to achieve the ambitious target,” said in a statement Zach Bradford, CEO and president of CleanSpark. “This represents a 9.6% month-over-month increase.”
CleanSpark sold 578 BTC in June, the majority of its monthly production. Its Bitcoin holdings now stand at 12,608 BTC, up slightly from 12,502 in May and placing it seventh among publicly traded companies, according to BitcoinTreasuries.net.
Among Bitcoin miners, only two companies hold more BTC than CleanSpark: MARA Holdings and Riot Platforms. According to BitcoinTreasuries.net, MARA holds 50,000 BTC, making it the second-largest holder of Bitcoin among public companies. Riot Platforms is fourth with 19,225 BTC.
“Corporations around the globe are embracing the value of a Bitcoin-enhanced balance sheet,” Bradford said. “In fact, corporate Bitcoin acquisitions have outpaced ETF net inflows for the third consecutive quarter.”
Related: CleanSpark to start selling Bitcoin in ‘self-funding’ pivot
CleanSpark’s stock slips on mining update
CleanSpark’s shares on the Nasdaq are losing ground on Monday, dropping 8% at the time of this writing. The company’s stock follows a broader market trend, with the Nasdaq index falling over 1% amid talks on trade deals by the US government.
Bitcoin mining difficulty has hit an all-time high this year, reaching 126.9 trillion on May 31. Crypto miners are facing mounting financial pressure as block rewards decline and network difficulty rises, factors that can drive up operational and energy costs.
Since February 2024, CleanSpark has expanded its mining operations to include facilities in the US states of Georgia, Mississippi, Wyoming and Tennessee. In August 2024, it bought 26,000 Bitmain immersion mining rigs in a $168 million deal.
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