In its monthly mining report for July 2024, CleanSpark disclosed that it sold just 2.54 Bitcoin (BTC) at an average price of around $62,000. The company managed to mine a total of 494 BTC during the month, bringing its cumulative total for the year to 4,108 BTC. As of July 31, 2024, CleanSpark reported holding 7,082 BTC in reserve.

Additionally, CleanSpark is expanding its operations into Wyoming and Tennessee. The company announced that it has secured its first mining site in Wyoming and executed power agreements to provide 75 megawatts of electricity to this facility.

Furthermore, following a merger agreement with GRIID earlier this year, CleanSpark has begun operating a new facility in Tennessee, which already has 50 megawatts of power available. As reported, the company’s month-end operating hashrate reached 21.2 exahashes per second, with an ambition to hit 32 exahashes per second by the year’s end.

Trends in Mining and Selling Pressure

The limited Bitcoin selling volume observed by CleanSpark is indicative of a broader trend within the mining industry. The miner reserve, which reflects the amount of Bitcoin held by miners, has been in steady decline since 2021 and is currently at its lowest levels in multiple years, suggesting reduced selling pressure from this sector.

According to data from CryptoQuant, the Miner to Exchange Flow metric, which tracks Bitcoin sent to exchanges by miners, peaked at 13,729 BTC on July 24 but has generally remained low compared to exchange flows noted earlier in 2024.

A recent surge in miner revenues, reportedly a 50% increase since early July, along with a rise in the Bitcoin hashrate, may have contributed to the reduced selling pressure observed in the month. Additionally, miners like MARA (formerly Marathon Digital Holdings) did not sell any of their Bitcoin holdings in June, indicating a trend of holding onto assets with an eye towards anticipated future price increases.