CleanSpark’s Bitcoin mining update for the fiscal year ending September 2024 has shown impressive growth, with the company’s hashrate surging by 187%. This publicly-traded Bitcoin miner announced the news on October 3, highlighting significant increases in its treasury holdings and share price, among other key metrics. The unaudited report was released amidst a turbulent period for the crypto industry, marked by geopolitical events in the Middle East.
Chief Executive Officer Zach Bradford attributed CleanSpark’s remarkable growth to substantial organic expansion over the past year. Despite facing challenges like Hurricane Helene, the mining giant managed to increase its total hashrate from 9.6 exahashes per second to 27.6 EH/s as of September 30, 2024. This represents a 187% rise, including an additional 5 EH/s added in September alone. Bradford indicated that the company aims to reach 30 EH/s by October 2024, with plans to surpass 50 EH/s in fiscal year 2025 through ongoing growth projects.
CleanSpark’s strategic approach, which prioritizes diversification through acquisitions and expansion to new sites, has been instrumental in driving its success. The upcoming acquisition of GRIID Infrastructure is one such development expected to further bolster the company’s position in the market.
In terms of treasury holdings, CleanSpark’s Bitcoin reserves have surpassed 8,000 self-mined BTC, marking a 258% increase from the previous year. As of September 30, the company held a total of 8,049 BTC, with 7,098 BTC mined in FY2024 and an additional 493 BTC mined in September. Notably, CleanSpark sold 2.5 bitcoins during this period, generating approximately $145,717 at an average price of $58,287 per BTC.
Overall, CleanSpark’s impressive performance in Bitcoin mining and treasury management underscores its position as a key player in the industry. The company’s growth trajectory and strategic initiatives signal a promising outlook for its future prospects. Stay tuned for more updates on CleanSpark’s continued success in the evolving crypto landscape.