CleanSpark reported a significant increase in Bitcoin production in June 2024, linked to infrastructure expansion and rising hashrate.
Increase in Bitcoin Production
In June 2024, CleanSpark mined 685 BTC, a notable increase from 445 BTC the previous month. This amount is valued at approximately $74.2 million.
Infrastructure Expansion
The increase in production is attributed to a 145% rise in the company's operational hashrate, which jumped from 20.4 EH/s to 50 EH/s over the past year. CEO Zach Bradford noted that this is due to recent infrastructure expansions across four U.S. states.
Market and Corporate Strategies
Despite these positive developments, CleanSpark's stock declined by 8% amid broader Nasdaq losses. Bradford also highlighted that Bitcoin acquisitions by companies have now outpaced ETF inflows for three consecutive quarters.
CleanSpark showcases successes in Bitcoin mining and infrastructure development, strengthening its market position and making it one of the leading public companies with substantial Bitcoin holdings.
