CleanSpark, a Bitcoin mining company, has reported a 187% increase in its hashrate over the past year, according to its unaudited fiscal year report released on October 4. The company’s hashrate surged from 9.6 EH/s in September 2023 to 27.6 EH/s by September 2024, with an additional 5 EH/s gained in just the past month.
CEO Zach Bradford credited the growth to strategic acquisitions, which allowed the company to diversify its operations across multiple states and expand existing data centers.
CleanSpark has been aggressively expanding its footprint, operating several data centers across the United States. It has recently acquired five turnkey mining facilities in Georgia and three in Mississippi. Additionally, the company announced the acquisition of seven mining facilities in Knoxville, Tennessee, with a combined capacity of 85 MW.
This $27.5 million deal is projected to boost the company’s hashrate by 22%, bringing its total mining site count to at least 15.
In September alone, CleanSpark mined 493 Bitcoin, pushing its total for the fiscal year to 7,098 BTC. The company’s total Bitcoin holdings now stand at 8,049 BTC, supported by a fleet of 188,520 miners operating with an efficiency of 21.94 J/Th. CleanSpark sold 2.5 BTC in September at an average price of $58,287 per coin.
Despite weather disruptions from Hurricane Helene, which delayed the restoration of 45 MW of power, CleanSpark remains optimistic about reaching a hashrate of 30 EH/s by October 2024 and aims for 50 EH/s in fiscal year 2025. Bradford noted that the company’s stock price has risen approximately 145% over the past year, though CleanSpark’s Nasdaq-listed shares are down around 12% year to date.
Bitcoin miners, including CleanSpark, have been expanding operations and diversifying revenue streams. Bitfarms recently acquired Stronghold Digital Mining for $125 million, while Marathon Digital purchased mining sites in Texas and Nebraska for $179 million, Hive Digital is also expanding with a new 100 MW mining site in Paraguay.
