CleanSpark's Bitcoin mining output increased by over 9% in May, bringing its Bitcoin reserves to 12,502 coins, which is double that of the same period last year.
According to its monthly report, the company mined 694 Bitcoins in May, a 9.4% increase from April's 633 Bitcoins. CleanSpark's hash rate also rose from 42.4 EH/s in April to 45.6 EH/s, and it expanded its contracted power capacity to 987 MW.
"May was a month of strong execution for CleanSpark," said CEO and President Zach Bradford. "We increased our hash rate to 45.6 EH/s by the end of the month, a 7.5% month-over-month growth, while also improving the average miner efficiency."
The company's Bitcoin reserves reached 12,502 coins in May, a year-over-year increase of 103%. According to the company, the expansion of its Bitcoin reserves is related to its mining operations, with no equity issuance since November 2024. The company is the sixth largest public Bitcoin holder. "This strongly validates the effectiveness of our 'infrastructure-first' strategy," Bradford stated.
On June 3, the same day the company announced its May operational performance, CleanSpark's stock price rose by 6.5% during the day.
CleanSpark's stock price on June 3. Data source: Google Finance
According to Google Finance, CleanSpark's stock price increased by 12.4% over the past month, outperforming the Nasdaq index during the same period.
CleanSpark's hash rate has been on an upward trend through 2025. In May, the company sold 293.5 Bitcoins at an average price of $102,254 each, generating approximately $30 million in total sales revenue.
The company's Q2 2024 financial report showed revenue of $182 million, a year-over-year increase of 62.5%. Despite the revenue growth, CleanSpark still recorded a net loss of $139 million.
CleanSpark faces strong competition from other mining companies. Cryptocurrency miner MARA mined 950 Bitcoins in May, a 34.8% month-over-month increase from 705 Bitcoins in April. On average, the company mined an additional 7.2 Bitcoins per day.
Riot Platforms saw a smaller but still significant increase in output, mining 514 Bitcoins in May, up 11% from 463 in April.
Like CleanSpark, MARA and Riot Platforms' stock prices have also risen in recent days. At the time of writing, MARA's stock price was up 8% for the day, while Riot Platforms rose by 6.5%.
Related: Senator Lummis: U.S. military leadership supports establishing a Bitcoin (BTC) strategic reserve
Original article: “CleanSpark's Bitcoin (BTC) mining scale expands by 9% in May, with hash rate and power capacity increasing simultaneously”
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