CleanSpark Inc., a North American Bitcoin mining company, announced successful results for 2024. In December, the company mined 668 Bitcoins, ending the year with reserves totaling 9,952 Bitcoins.
Growth in Bitcoin Mining Efficiency
CleanSpark mined a total of 7,024 Bitcoins in 2024, reflecting substantial growth in operational capacity. The company's hashrate, a key measure of mining power, increased to 39.1 exahashes per second.
Energy Efficiency and Facility Expansion
The company improved energy efficiency by reducing energy consumption to 17.59 joules per terahash. In 2024, CleanSpark expanded its operations by opening new mining facilities in Mississippi, Tennessee, and Wyoming, and raised $650 million through its offering of convertible notes.
Market and Competitive Challenges
Meanwhile, another North American mining company, Riot Platforms, is under pressure from investors to shift focus from Bitcoin mining to hyperscaler services. Riot Platforms' contrasting financial performance compared to its competitors fuels calls for strategic changes.
CleanSpark continues to expand its capacities and improve metrics, aiming to achieve a hashrate of 50 EH/s by mid-2025.
