CleanSpark mined 685 bitcoins in June, with a year-on-year increase in hash rate of 145%.

CN
10 hours ago

Despite the challenges faced by Bitcoin miners in the post-halving environment, CleanSpark's Bitcoin output increased by over 50% year-on-year.

The company's operational hash rate reached 50 EH/s in June, compared to 20.4 EH/s in the same month last year, representing a 145.1% increase in mining capacity. Last month, the company mined 685 Bitcoins, valued at $74.2 million at current prices, compared to 445 Bitcoins mined in June 2024. EH/s stands for exahashes per second, a unit of measurement for computing power.

CleanSpark's CEO and President Zach Bradford noted in a statement, "The relentless efforts of our operations and technology teams have allowed us to increase our capacity by over 10 EH/s across four states, achieving this ambitious goal. This represents a month-on-month growth of 9.6%."

In June, CleanSpark sold 578 Bitcoins, accounting for the majority of its monthly output. Its Bitcoin holdings have now reached 12,608 Bitcoins, a slight increase from 12,502 Bitcoins in May, ranking it seventh among publicly traded companies, according to data from BitcoinTreasuries.net.

Among Bitcoin mining companies, only two have Bitcoin holdings exceeding CleanSpark: MARA Holdings and Riot Platforms. According to BitcoinTreasuries.net, MARA holds 50,000 Bitcoins, making it the second-largest Bitcoin holder among publicly traded companies. Riot Platforms ranks fourth with 19,225 Bitcoins.

Bradford stated, "Businesses around the world are recognizing the value of enhancing their Bitcoin balance sheets. In fact, corporate Bitcoin acquisitions have exceeded ETF net inflows for the third consecutive quarter."

CleanSpark's stock price on Nasdaq fell on Monday, down 8% at the time of writing. The company's stock follows broader market trends, with the Nasdaq index dropping over 1% amid discussions by the U.S. government regarding trade agreements.

This year, Bitcoin mining difficulty reached an all-time high, hitting 1.269 trillion on May 31. With block rewards decreasing and network difficulty increasing, cryptocurrency miners are facing growing financial pressures, which may drive up operational and energy costs.

Since February 2024, CleanSpark has expanded its mining operations to facilities in Georgia, Mississippi, Wyoming, and Tennessee. In August 2024, it purchased 26,000 Bitmain immersion mining devices in a $168 million deal.

Related: CZ is right: There is a structural gap in Web3 trading

Original article: “CleanSpark mines 685 Bitcoins in June, hash rate increases 145% year-on-year”

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