CleanSpark Doubles Operating Hashrate Mining 445 Bitcoin in June

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Tanzeel Akhtar

Journalist

Tanzeel Akhtar

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Tanzeel Akhtar has been covering the cryptocurrency and blockchain sector since 2015. She has written for the Wall Street Journal, Bloomberg, CoinDesk, Bitcoin Magazine and Bitcoin.com.

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July 3, 2024 02:22 EDT

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Bitcoin miner CleanSpark Inc. reports an increase in its Bitcoin production for June, mining a total of 445 Bitcoins.

CleanSpark surpassed its mid-year target for operational hashrate, which now exceeds 20 exahashes per second (EH/s). This development marks a doubling of the company’s hashrate since December 2023.

Acquisition of Georgia Site Game-Changer

The achievement of this mid-year target is attributed to CleanSpark’s strategic acquisition of five new Bitcoin mining sites in Georgia.

The sites have contributed a substantial 60 megawatts (MW) of infrastructure, including interruptible-load designated power purchase agreements (PPAs) with load balancing capabilities.

Introducing $CLSK's June 2024 #Bitcoin mining update:

*Monthly production: 445
*Current #hashrate: 20.4 EH/s
*Total #BTC holdings: 6,591
*Deployed fleet: 152,505
*Month-end fleet efficiency: 22.31 J/TH

*Approximately 1.7 EH/s from our recent closing of five sites in GA have… pic.twitter.com/Z2hN9KeyFZ

— CleanSpark Inc. (@CleanSpark_Inc) July 2, 2024

CleanSpark CEO: Doubling Hashrate Took Grit and Teamwork

“We reached a tremendous milestone on our path to 50 EH/s and beyond. Surpassing 20 EH/s in operational hashrate is more than double our hashrate from December,” said CleanSpark’s CEO, Zach Bradford.

“Doubling our hashrate takes grit and teamwork, and our growth is a testament to the dedication of our teams. While our peers are exploring other avenues of income, we’re laser-focused on delivering results and increasing our Bitcoin mining hashrate and associated revenues,” adds Bradford.

The CEO’s statement highlights CleanSpark’s focus on scaling its Bitcoin mining operations. This focus is in stark contrast to some of its industry rivals, who are diversifying their business models to include other forms of revenue.

CleanSpark Acquires GRIID

In June, CleanSpark entered into a merger agreement with GRIID Infrastructure Inc., acquiring GRIID in an all-stock transaction valued at $155 million.

The merger will improve CleanSpark’s capabilities through a hosting agreement available through GRIID. As part of the agreement, 20 megawatts will be allocated to CleanSpark immediately, increasing its operational capacity. GRIID operates an R&D centre in Texas and an equipment repair centre in Tennessee.

CleanSpark’s strategy is to focus on maximizing efficiency and output at its current sites while exploring future opportunities in new locations such as Wyoming and Tennessee.

The acquisition of the new Georgia sites has been a game-changer for CleanSpark. The 60 MW of infrastructure acquisition combined with the interruptible-load PPAs.

Infrastructure plays a crucial role in CleanSpark’s ability to exceed its hashrate targets and increase Bitcoin production.

The mining firm is focusing on expanding its footprint to states like Wyoming and Tennessee. It has doubled its hashrate since December 2023 and exceeding its mid-year targets. CleanSpark has positioned itself for growth in the Bitcoin mining industry.