CleanSpark, a prominent Bitcoin mining company, has exceeded its 2024 operating hashrate target of 37 exahashes per second. The company announced on Dec. 23 that it had achieved a hashrate of 37.5 EH/s, surpassing its initial goal. This accomplishment was a result of expansion efforts in the United States, with a focus on increasing efficiency and upgrading its fleet.
The company’s fleet efficiency reached 17.7 Joules per Terahash (J/Th), leading CleanSpark to set a new target of 50 EH/s in the first half of 2025. This represents a significant jump in hashrate, with a 300% surge in 2024 alone. The increased hashrate can be attributed to the activation of new sites, acquisition deals, and fleet upgrades.
CleanSpark recently launched new data centers in Tennessee and Wyoming, further boosting its mining capabilities. CEO and President Zach Bradford expressed pride in the company’s achievements, stating, “Our teams have been hard at work throughout the entirety of this past year. Achieving 37.5 EH/s with a fleet efficiency of 17.7 J/Th is a significant milestone, and we intend to continue adding highly efficient hashrate through the end of the year and into 2025.”
To support its growth trajectory, CleanSpark closed a $650 million convertible bond offering. The company plans to utilize this capital to reach its target of 50 EH/s in the first half of 2025. In November, CleanSpark mined 622 BTC, with an operating hashrate of 33.7 EH/s and a fleet efficiency of 19.05 J/Th. The company held 9,297 BTC in total at the end of the month.
These developments underscore CleanSpark’s commitment to expanding its mining operations and achieving its ambitious hashrate targets. With a focus on efficiency and strategic growth initiatives, the company is poised for further success in the Bitcoin mining industry.