Bitcoin miner CleanSpark has posted a 187% increase in its hashrate over the past 12 months, according to its unaudited fiscal year report released on Oct. 4.
CleanSpark’s hashrate rose from 9.6 EH/s in September 2023 to 27.6 EH/s in September 2024, with 5 EH/s added over the past month alone. In a statement, CEO Zach Bradford attributed the performance to strategic acquisitions:
“The Company executed its plan to strategically diversify its portfolio across three new states and completed multiple expansions at existing data centers.”
CleanSpark currently operates multiple data centers across the United States, expanding its capacity significantly in recent years. The company has acquired five turnkey mining facilities in Georgia and three more in Mississippi.
In addition, the miner recently announced the acquisition of seven facilities in Knoxville, Tennessee, with a total capacity of 85 MW. The deal, valued at $27.5 million, is expected to increase its hashrate by 22%. The recent acquisitions bring CleanSpark’s total facility count to at least 15 mining sites.
In September, the company mined 493 Bitcoin (BTC), bringing the total for the fiscal year to 7,098.
Its total Bitcoin holdings now stand at 8,049 BTC, with a deployed fleet of 188,520 miners and a fleet efficiency of 21.94 Joules per Terahash (J/Th). Last month, the company sold 2.5 BTC at an average price of $58,287 per coin.
Despite recent weather disruptions by Hurricane Helene, with 45 MW of power still pending restoration, CleanSpark expects to achieve a hashrate of 30 EH/s in October 2024 and is targeting a rise to 50 EH/s in the 2025 fiscal year.
“During this same period of rapid growth, our share price increased approximately 145% compared to September 30, 2023,” said Bradford. CleanSpark’s stock, which is traded on the Nasdaq, is down roughly 12% year to date.
Bitcoin miners have been steadily expanding their operations in recent months, not only increasing their mining capacities but also diversifying into new revenue streams, such as offering infrastructure support for artificial intelligence companies.
Mining firm Bitfarms has recently announced the acquisition of Stronghold Digital Mining for about $125 million. A few months before, Marathon Digital acquired two mining sites in Texas and Nebraska from Generate Capital for $179 million. Hive Digital is also expanding its operations with a new 100-megawatt mining site in Paraguay.
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