Originally published on: October 04, 2024
CleanSpark, a prominent Bitcoin miner, has seen a massive 187% increase in its hashrate in the last 12 months, as revealed in its recent unaudited fiscal year report. The company reported an impressive rise from 9.6 EH/s in September 2023 to 27.6 EH/s in September 2024, with an additional 5 EH/s added just in the past month.
CEO Zach Bradford credited this exceptional performance to strategic acquisitions that CleanSpark has made. The company now operates multiple data centers across the United States, significantly increasing its mining capacity. Notably, CleanSpark has acquired multiple turnkey mining facilities in Georgia, Mississippi, and more recently in Knoxville, Tennessee.
The recent acquisition in Knoxville, Tennessee, valued at $27.5 million, is expected to boost CleanSpark’s hashrate by 22%. With these new additions, the company now boasts at least 15 mining sites in its portfolio. In September alone, CleanSpark mined 493 Bitcoin, bringing the total for the fiscal year to 7,098 BTC, with a total Bitcoin holdings of 8,049 BTC.
Despite disruptions caused by Hurricane Helene, CleanSpark is determined to hit a hashrate of 30 EH/s in October 2024 and aims to further increase it to 50 EH/s in the 2025 fiscal year. Bradford highlighted the impressive 145% growth in the company’s share price compared to the same period last year.
This surge in mining activity is part of a broader trend in the industry, with other players like Bitfarms, Marathon Digital, and Hive Digital also expanding their mining operations and seeking new growth opportunities. With the crypto market heating up, the future looks bright for CleanSpark and the cryptocurrency industry as a whole.
