CleanSpark, a Bitcoin miner based in the United States, achieved a notable increase in its Bitcoin production, marking a 6.7% rise in June. This surge allowed the company to surpass its mid-year target for hashrate, reaching 20 exahashes per second (EH/s).
During June, CleanSpark mined a total of 445 BTC but only sold 8, retaining the rest. As of June 30, the company held 6,591 BTC, valued at over $4 billion based on current market prices.
CEO Zach Bradford announced on July 2 that CleanSpark’s hashrate now stands at 20.4 EH/s, a significant achievement considering it more than doubled since December 2023.
CleanSpark accomplished this milestone after installing 1.7 EH/s of new miners across five recently acquired facilities in Georgia, USA. Hashrate, which represents the combined computational power used in Bitcoin transaction mining, is expected to increase by an additional 2 EH/s once these facilities are fully operational.
CleanSpark now ranks as the third Bitcoin miner globally to exceed the 20 EH/s mark, trailing Marathon Digital and Core Scientific, with 29.9 EH/s and 20.4 EH/s respectively, according to Hashrate Index data.
Looking ahead, Bradford indicated that CleanSpark aims to achieve a hashrate of 50 EH/s as its next goal.
In response to industry trends, several major Bitcoin miners, including Core Scientific, TeraWulf, Hut 8 Corp, and Northern Data AG, have diversified into artificial intelligence and cloud computing.
Simultaneously, CleanSpark announced a merger with GRIID Infrastructure valued at $155 million on June 27, gaining additional power resources along with assuming GRIID’s debts.
Despite these accomplishments, CleanSpark’s stock experienced a slight decline of over 5.5% to $16.93 on July 2, according to Google Finance data. Nevertheless, the stock has shown significant gains of 55.6% year-to-date and 247.6% over the last 12 months.
CleanSpark continues to be a dynamic player in the Bitcoin mining sector, demonstrating robust growth and strategic expansion initiatives amid evolving market conditions.