CleanSpark’s unaudited Bitcoin mining update reveals an 187% hashrate increase in the fiscal year ending September 2024
On October 3, the publicly traded Bitcoin miner disclosed substantial growth in its share price and treasury holdings, among other metrics.
As the crypto industry was shaken by the adverse effects of geopolitical events in the Middle East, CleanSpark released the unaudited report.
CleanSpark’s hashrate has increased.
According to Chief Executive Officer Zach Bradford, CleanSpark experienced considerable organic growth over the past year. The mining behemoth also weathered the effects of Hurricane Helene over the past month, which has been added to the miner’s list of successfully surmounted obstacles.
CleanSpark’s total hashrate had increased from 9.6 exahashes per second to 27.6 EH/s as of September 30, 2024. This represented an 187% increase and encompassed the addition of 5 EH/s to the miner’s operations in September.
“Our expansion efforts have not slowed down, and we are actively racking miners at newly acquired sites and at our existing facilities as part of our fleet upgrade plan. Through these efforts, we expect to reach 30 EH/s during October 2024,” the CleanSpark CEO noted.
The miner is expected to operate at a rate of 50 EH/s or higher in the fiscal year 2025, as part of growth initiatives.
Bradford also provided commentary on the strategic approach of the bitcoin miner situated in the United States, both before and after the recent halving of BTC.
He believed that the mining firm’s development was primarily due to the diversification of its portfolio, which included acquisitions and expansion to new sites.
One of these developments pertains to the acquisition of GRIID Infrastructure, which CleanSpark anticipates will be concluded by the end of the month.
8,000 Bitcoins are currently in the custody of the Treasury
In total, the treasury increased to over 8,000 self-mined BTC, which represents a 258% increase from the figures recorded at the same time last year.
As of September 30, the total Bitcoin holdings were 8,049, with 7,098 BTC mined in FY2024 and 493 BTC mined in September. Riot Platforms mined 412 bitcoin during the same month, in contrast.
It is important to note that CleanSpark sold 2.5 bitcoins during that time, resulting in an approximate $145,717 profit at an average price of $58,287 per BTC.