CleanSpark Boosts Hashrate by 187% in a Year, Expands Mining Capacity

• The CEO, Zach Bradford, said that the success was due to strategic acquisitions.
• The miner has also recently announced the purchase of seven facilities in Knoxville.

In its unaudited fiscal year report, CleanSpark, a Bitcoin miner, said on October 4 that their hashrate had increased by 187% over the past year.

The company’s total Bitcoin mined for the fiscal year reached 7,098 with 493 mined in September. It has 188,520 miners on the go with an efficiency rate of 21.94 Joules per Terahash (J/Th), bringing its total Bitcoin holdings to 8,049 BTC.

There was a 2.5 BTC sale last month, with an average price of $58,287 per coin. In spite of the fact that 45 MW of electricity is still waiting to be restored after Hurricane Helene, CleanSpark plans to reach 30 EH/s in October 2024 and aims to increase to 50 EH/s in the fiscal year of 2025.

Strategic Acquisitions

With an increase of 5 EH/s in only the last month, CleanSpark’s hashrate jumped from 9.6 EH/s in September 2023 to 27.6 EH/s in September 2024. The CEO, Zach Bradford, made a statement saying that the success was due to strategic acquisitions.

After greatly increasing its capacity in the last several years, CleanSpark now runs many data centers around the US. Five fully operational mining sites in Georgia and three in Mississippi have been purchased by the firm.

The miner has also recently announced the purchase of seven facilities in Knoxville, Tennessee, totaling 85 MW in capacity. Its hashrate is anticipated to rise by 22% as a result of the $27.5 million acquisition. The latest purchases increase CleanSpark’s overall number of mining sites to fifteen.

In the last few months, Bitcoin mining activities have grown substantially. Miners have increased their mining capacity and diversified their income streams by, for example, providing infrastructure assistance to AI businesses.

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