Bitcoin miner CleanSpark increased its Bitcoin production by 6.7% in June and surpassed its mid-year hash rate target of 20 exahash per second. The Nevada-based miner sold only 8 of the 445 Bitcoins mined in June, increasing its total Bitcoin holdings to 6,591 Bitcoins worth over $4 billion as of June 30.
Significant Step by the Mining Company
CleanSpark CEO Zach Bradford announced on July 2 that the company’s hash rate is currently at 20.4 EH/s. This level is more than double that of last December. CleanSpark’s hash rate surpassed the mid-year target of 20 EH/s following the installation of 1.7 EH/s of new miners at five newly acquired facilities in Georgia, USA.
The hash rate refers to the total combined computational power used to process transactions on the Bitcoin network. An additional 2 EH/s is expected from the five facilities in Georgia once completed. According to Hash Rate Index data, CleanSpark became the third Bitcoin miner to surpass the 20 EH/s milestone, following Marathon Digital and Core Scientific with 29.9 EH/s and 20.4 EH/s, respectively. Bradford stated that the company is now aiming for the next milestone of reaching 50 EH/s:
“While our peers explore other revenue streams, we are focused on achieving results and increasing our Bitcoin mining hash rate and related revenues.”
Noteworthy Details
In pursuit of additional revenue streams, several major Bitcoin miners, including Core Scientific, TeraWulf, Hut 8 Corp, and Northern Data AG, have expanded into artificial intelligence and cloud computing in recent months. Meanwhile, CleanSpark announced a $155 million merger with GRIID Infrastructure on June 27.
CleanSpark acquired all issued and outstanding common shares of GRIID and assumed GRIID’s debts. The Bitcoin miner also received an additional 20 megawatts of power as part of the deal. According to Google Finance, despite the news of increased Bitcoin production and the hash rate milestone, CleanSpark’s (CLSK) shares fell by 5.5% to $16.93 on July 2. However, CLSK has increased by 55.6% in 2024 so far and by 247.6% over the past 12 months.
