CleanSpark, a Bitcoin miner based in the United States, increased its Bitcoin production by 6.7% in June and surpassed its mid-year hashrate target of 20 exahashes per second (EH/s).
Out of the 445 Bitcoin mined in June, CleanSpark sold only 8, retaining the remaining amount. This brings their total Bitcoin holdings to 6,591 BTC as of June 30, valued at over $4 billion at current prices.
According to CleanSpark CEO Zach Bradford, the firm’s hashrate now stands at 20.4 EH/s, which marks a significant increase from December 2023.
CleanSpark exceeded its mid-year hashrate goal of 20 EH/s after deploying 1.7 EH/s of new miners across five recently acquired facilities in Georgia, USA.
CleanSpark has now joined the ranks of top Bitcoin miners exceeding a hashrate of 20 EH/s, with an additional 2 EH/s expected from its new facilities in Georgia upon completion. This positions CleanSpark as the third miner to achieve this milestone, following Marathon Digital at 29.9 EH/s and Core Scientific at 20.4 EH/s, according to Hashrate Index data.
CEO Zach Bradford expressed the company’s focus on reaching the next milestone of 50 EH/s, stating, “While our peers explore alternative revenue streams, we remain committed to increasing our bitcoin mining hash rate and associated revenues.”
In recent months, several major Bitcoin miners, including Core Scientific, TeraWulf, Hut 8 Corp, and Northern Data AG, have diversified into artificial intelligence and cloud computing to capture additional revenue opportunities.
CleanSpark announced a $155 million merger with GRIID Infrastructure on June 27, acquiring all issued and outstanding common stock of GRIID and assuming its debts. As part of the agreement, the Bitcoin miner also gained an additional 20 megawatts of power.
Despite achieving milestones in Bitcoin production and hashrate, CleanSpark’s stock fell over 5.5% to $16.93 on July 2, according to Google Finance data. Nevertheless, CleanSpark has seen a 55.6% increase year-to-date in 2024 and a 247.6% rise over the past 12 months.
