CleanSpark, a Bitcoin miner, saw a 6.7% rise in Bitcoin production in June, surpassing its mid-year hash rate target of 20 exahash per second. The company, based in Nevada, only sold 8 out of the 445 Bitcoins mined that month, boosting its total Bitcoin holdings to 6,591 Bitcoins valued at over $4 billion by the end of June.

Milestone Achieved by CleanSpark

The CEO of CleanSpark, Zach Bradford, revealed on July 2 that the company's hash rate had reached 20.4 EH/s, more than double the rate recorded in December. This feat was accomplished after installing 1.7 EH/s of new miners at five newly acquired facilities in Georgia, USA, pushing the hash rate beyond the 20 EH/s mid-year target.

Hash rate represents the total computational power used for processing Bitcoin transactions. An additional 2 EH/s is anticipated from the Georgia facilities upon completion. CleanSpark became the third Bitcoin miner, alongside Marathon Digital and Core Scientific, to surpass the 20 EH/s mark, with Bradford pointing towards a new goal of reaching 50 EH/s:

"While competitors diversify into other revenue sources, our focus remains on enhancing our Bitcoin mining hash rate and related revenues."

Key Developments

In a bid to explore additional revenue streams, prominent Bitcoin miners like Core Scientific, TeraWulf, Hut 8 Corp, and Northern Data AG have ventured into artificial intelligence and cloud computing lately. Conversely, on June 27, CleanSpark unveiled a $155 million merger with GRIID Infrastructure.

The merger involved CleanSpark acquiring all outstanding shares of GRIID and taking on its debts, along with gaining an extra 20 megawatts of power. Despite the positive news about increased Bitcoin production and hash rate achievement, CleanSpark's (CLSK) shares experienced a 5.5% dip to $16.93 on July 2. However, CLSK has recorded a 55.6% increase in 2024 thus far and a significant 247.6% surge over the past year.