CleanSpark, a Bitcoin miner based in the United States, experienced a 6.7% increase in its Bitcoin production in June and exceeded its mid-year hashrate goal of 20 exahashes per second (EH/s).
Out of the 445 Bitcoin (BTC) mined in June, the company only sold 8, resulting in a total of 6,591 BTC in its possession as of June 30. This is valued at over $4 billion at current prices.
In a statement on July 2, CleanSpark CEO Zach Bradford announced that the company’s hashrate now stands at 20.4 EH/s, which is more than double what it was in December 2023.
CleanSpark achieved its hashrate target by installing 1.7 EH/s of new miners at the five new facilities it recently acquired in the U.S. state of Georgia.
Hashrate refers to the total combined computational power used to mine transactions on the Bitcoin network. An additional 2 EH/s is expected from the five sites in Georgia once they are completed.
CleanSpark has now become the third Bitcoin miner to surpass the 20 EH/s milestone, following Marathon Digital and Core Scientific at 29.9 EH/s and 20.4 EH/s, respectively, according to Hashrate Index data.
Bradford stated that the company is now aiming to reach 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. The merger involved CleanSpark acquiring all the issued and outstanding common stock of GRIID and assuming its debts, as well as receiving an additional 20 megawatts of power under the agreement.
Despite the increase in Bitcoin production and the milestone in hashrate, CleanSpark’s stock fell over 5.5% to $16.93 on July 2, according to Google Finance data. However, the company is still up 55.6% so far in 2024 and 247.6% over the last 12 months.