CleanSpark, a Bitcoin mining company, has published its financial report revealing significant growth in its hashrate over the past year.
CleanSpark's Hashrate Growth
According to its unaudited financial report, CleanSpark has increased its hashrate by 187% over the past year. The company's hashrate rose from 9.6 EH/s in September 2023 to 27.6 EH/s by September 2024, with 5 EH/s added in the last month alone. CEO Zach Bradford credited this growth to strategic acquisitions and expansions across the U.S. CleanSpark has been actively acquiring mining facilities in key regions, including five turnkey facilities in Georgia, three in Mississippi, and seven in Knoxville, Tennessee. These acquisitions, valued at $27.5 million, are expected to boost CleanSpark's hashrate by 22%.
Bitcoin Mining Achievements
In September alone, CleanSpark mined 493 Bitcoin, bringing its total production for the fiscal year to 7,098 BTC. The company’s Bitcoin holdings stand at 8,049 BTC, with a fleet of 188,520 miners operating at an efficiency of 21.94 Joules per Terahash (J/Th). Despite challenges posed by Hurricane Helene, which left 45 MW of power still pending restoration, CleanSpark remains optimistic about its future, projecting a hashrate of 30 EH/s by the end of October 2024 and aiming for 50 EH/s in the fiscal year 2025.
Industry Expansion Trends
CleanSpark's expansion is part of a broader trend in the Bitcoin mining industry. Other major players are similarly ramping up their operations. For instance, Bitfarms recently acquired Stronghold Digital Mining for $125 million, while Marathon Digital is expanding with acquisitions in Texas and Nebraska totaling $179 million. Hive Digital is also making moves with a new 100-megawatt mining site in Paraguay. As competition heats up, miners are looking beyond just Bitcoin, exploring opportunities in artificial intelligence infrastructure as an additional revenue stream.
CleanSpark is showing impressive growth in hashrate and is actively expanding its capacity, despite challenges and competition in the industry.