CleanSpark, a Bitcoin miner based in the United States, experienced a significant increase in its Bitcoin production in June, surpassing its mid-year hashrate target of 20 exahashes per second (EH/s). The company only sold 8 out of the 445 Bitcoin it mined during the month, resulting in a total Bitcoin holding of 6,591 BTC by the end of June, valued at over $4 billion at current prices.
CleanSpark CEO Zach Bradford announced on July 2 that the company’s hashrate now stands at 20.4 EH/s, which is more than double its December 2023 level. This achievement was made possible through the installation of 1.7 EH/s of new miners at the five recently acquired facilities in Georgia, USA. Once these facilities are completed, an additional 2 EH/s is expected to contribute to CleanSpark’s hashrate.
CleanSpark joins Marathon Digital and Core Scientific as the third Bitcoin miner to surpass the 20 EH/s milestone. Marathon Digital leads with 29.9 EH/s, followed by Core Scientific at 20.4 EH/s, according to Hashrate Index data. With this accomplishment, CleanSpark is now setting its sights on reaching the next milestone of 50 EH/s.
In recent months, several major Bitcoin miners, including Core Scientific, TeraWulf, Hut 8 Corp, and Northern Data AG, have expanded into the artificial intelligence and cloud computing space to capture additional revenue streams.
On June 27, CleanSpark announced a $155 million merger with GRIID Infrastructure. As part of the agreement, CleanSpark acquired all the issued and outstanding common stock of GRIID and assumed its debts. Additionally, the company gained an extra 20 megawatts of power.
Despite the positive news of increased Bitcoin production and surpassing the hashrate milestone, CleanSpark’s stock experienced a 5.5% decrease on July 2. However, the stock is still up 55.6% in 2024 and 247.6% over the past 12 months.
Overall, CleanSpark’s performance in June showcases its growth as a Bitcoin miner, and the company remains optimistic about its future achievements in the industry.