CleanSpark, a publicly-traded Bitcoin mining company, recently announced a significant increase in its hashrate by 187% in the fiscal year ending September 2024. This update was shared on October 3, highlighting the company’s growth in treasury holdings and share price.
CEO Zach Bradford attributed this growth to substantial organic expansion efforts over the past year. Despite facing challenges such as the impact of Hurricane Helene, CleanSpark managed to increase its total hashrate from 9.6 exahashes per second to 27.6 EH/s as of September 30, 2024. This includes adding 5 EH/s to its operations in September alone.
Looking ahead, Bradford expressed optimism about reaching 30 EH/s by October 2024 and targeting 50 EH/s or higher in fiscal year 2025. He emphasized the importance of strategic diversification, acquisitions, and expansion to new sites in driving the company’s growth.
CleanSpark’s treasury holdings also saw significant growth, with over 8,000 self-mined BTC, marking a 258% increase from the previous year. The company held a total of 8,049 BTC as of September 30, with 7,098 BTC mined in FY2024 and 493 BTC in September. In comparison, Riot Platforms mined 412 bitcoins during the same month.
Despite the impressive numbers, CleanSpark also sold 2.5 bitcoins during the period, generating approximately $145,717 at an average price of $58,287 per BTC. The company remains focused on its expansion plans and strategic acquisitions, such as the upcoming acquisition of GRIID Infrastructure.
Overall, CleanSpark’s growth in hashrate and treasury holdings reflects its commitment to innovation and strategic development in the competitive Bitcoin mining industry. The company’s success in navigating challenges and seizing opportunities positions it well for future growth and expansion in the evolving crypto market landscape.