CleanSpark Surpasses Hash Rate Target

CleanSpark’s CEO, Zach Bradford, stated that the company has prioritized the enhancement of its future hash rate over pursuing alternative revenue sources.

CleanSpark, a Bitcoin miner, exceeded its mid-year hash rate objective of 20 exahashes per second and increased its Bitcoin production by 6.7% in June.

The miner based in Nevada only sold 8 of the 445 Bitcoin it mined in June, increasing its total Bitcoin holdings to 6,591 BTC as of June 30. This amount is valued at over $4 billion at current pricing.

CleanSpark’s CEO Zach Bradford announced in a July 2 statement that the company’s hash rate has increased to 20.4 EH/s, more than double its rate in December of last year.

Following the implementation of 1.7 EH/s of new miners at the five new facilities that CleanSpark recently acquired in the state of Georgia in the United States, the company’s hash rate surpassed its mid-year target of 20 EH/s.

The combined computational capacity utilized to mine transactions on the Bitcoin network is called the hash rate.

Upon completion, it is anticipated that an additional 2 EH/s will be generated from the five facilities in Georgia.

It is now the third Bitcoin miner to surpass the 20 EH/s milestone, following Marathon Digital and Core Scientific at 29.9 EH/s and 20.4 EH/s, respectively, according to hash rate Index data.

Bradford stated that his organization was currently focusing on the subsequent milestone, which is the attainment of 50 EH/s:

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Core Scientific, TeraWulf, Hut 8 Corp, and Northern Data AG are among the leading Bitcoin miners that have ventured into the artificial intelligence and cloud computing sectors in recent months to generate additional revenue streams.

In the meantime, on June 27, CleanSpark disclosed a $155 million merger with GRIID Infrastructure.

CleanSpark acquired all of GRIID’s issued and outstanding common stock and assumed GRIID’s debts.

The agreement also gave the Bitcoin miner an additional 20 megawatts of power.

According to data from Google Finance, CleanSpark’s (CLSK) stock it plummeted by over 5.5% to $16.93 on July 2, despite the recent news of an increase in Bitcoin production and a hash rate milestone.

Nevertheless, CLSK has experienced a 55.6% increase thus far in 2024 and a 247.6% increase over the past year.