- CleanSpark also increased its hashrate by 187% between September 30, 2023, and September, 30, 2024
- Expansion and acquisitions are crucial for organic growth
Bitcoin miner CleanSpark (CLSK) mined 493 BTC in September, according to details in an unaudited update published on October 4.
This brought the company’s total bitcoin mined year-to-end of September to 5,079, as per details in a mining update.
Moreover, total BTC mined in FY2024 rose to 7,098. With these figures, the total Bitcoin treasury holdings rose to 8,049 as of September 30. While the increase marked a 258% spike over the past year as of the end of September, CleanSpark noted it sold 2.5 BTC during the month.
Another year, another proven track record. 🏎️🛣️🏁$CLSK finished FY2024 with over 8,000 #bitcoin in treasury, reaching 27.6 EH/s in hashrate and 552 MW of operational capacity at wholly-owned sites. These are increases of 258%, 187% and 132% from FY2023 respectively.
Despite… pic.twitter.com/alcSQ6BIFw
— CleanSpark Inc. (@CleanSpark_Inc) October 3, 2024
Hashrate jumped to 27.6 EH/s
CleanSpark, a publicly-traded miner whose share price also rose significantly in the past year, also announced a surge in its hashrate.
As of September 30, 2024, CleanSpark’s hashrate stood at 27.6 EH/s – up from 9.6 EH/s and indicating a one year increase of 187%. The company added 5 EH/s to its capacity in September.
In a comment, Zach Bradford, CleanSpark CEO said:
“During the past year, we grew our hashrate from 9.6 EH/s to 27.6 EH/s, or 187%, with 5 EH/s coming online just during the month of September. The Company executed its plan to strategically diversify its portfolio across three new states and completed multiple expansions at existing data centers.”
What helped CleanSpark to grow its hashrate?
Growth was down to CleanSpark getting through the pre-halving and post-halving period and the closure of multiple acquisitions. It includes the GRIID Infrastructure deal and expansion to new sites in the US.
With the expansion efforts, and emerging from Hurricane Helene relatively unscathed means further hashrate growth. According to Bradford, CleanSpark could hit 30 EH/s by the end of October 2024 and forecast 50 EH/s in 2025.
The Bitcoin miner released its unaudited update as BTC’s price struggled amid negative sentiment around geopolitical chaos in the Middle East. At the time of writing, the flagship cryptocurrency traded around $60,663, down 1.5% in the past 24 hours and -7.3% over the past week.
CLSK, on the other hand, changed hands at $8.58, about 2.5% down on the day. The crypto stock was down 17.7% in the past five days.