CleanSpark Exceeds Hash Rate Target, Mined 445 Bitcoin in June

CleanSpark, a Bitcoin mining company, achieved a 6.7% increase in Bitcoin production for June, surpassing its mid-year hash rate target of 20 exahashes per second (EH/s).

As of June 30, CleanSpark mined 445 Bitcoin, selling only 8 of them, bringing their total Bitcoin holdings to 6,591 BTC, valued at over $4 billion. CEO Zach Bradford announced on July 2 that the company’s hash rate reached 20.4 EH/s, more than double its rate from December.

This milestone was achieved after installing 1.7 EH/s worth of new miners at five new facilities in Georgia, USA. An additional 2 EH/s is expected from these sites once they are fully operational. Hash rate refers to the total computational power used to mine Bitcoin transactions.

CleanSpark is now the third Bitcoin miner to surpass the 20 EH/s mark, following Marathon Digital at 29.9 EH/s and Core Scientific at 20.4 EH/s, according to Hashrate Index data.

Bradford stated that the company is focused on reaching its next goal of 50 EH/s. Unlike some of its competitors, CleanSpark remains dedicated to increasing its Bitcoin mining hash rate and revenue instead of diversifying into alternative revenue streams like artificial intelligence and cloud computing. Competitors such as Core Scientific, TeraWulf, Hut 8 Corp, and Northern Data AG have recently branched out into these areas.

On June 27, CleanSpark announced a $155 million merger with GRIID Infrastructure, acquiring all issued and outstanding common stock and assuming GRIID’s debts. This deal also provided CleanSpark with an additional 20 megawatts of power.

Despite the increase in Bitcoin production and achieving the hash rate milestone, CleanSpark’s stock (CLSK) fell by over 5.5% to $16.93 on July 2, according to Google Finance. Nevertheless, CLSK has risen 55.6% in 2024 and 247.6% over the past year.