CleanSpark Achieves 187% Growth in Hashrate

CleanSpark has reported a remarkable 187% increase in its hashrate over the past year, rising from 9.6 EH/s to 27.6 EH/s. This significant growth can be attributed to strategic acquisitions that have enhanced its mining capabilities.

Key Highlights

• Hashrate rose from 9.6 EH/s in September 2023 to 27.6 EH/s by September 2024.
• A total of 5 EH/s was added in the last month alone.
• CEO Zach Bradford credits the success to diversifying operations across multiple states.

With a focus on expanding its footprint, CleanSpark operates several data centers across the United States and recently made multiple acquisitions:

• Five turnkey mining facilities in Georgia.
• Three additional facilities in Mississippi.
• Seven new facilities in Knoxville, Tennessee, with a capacity of 85 MW, valued at $27.5 million.

These developments have raised CleanSpark’s total operational facility count to at least 15 sites, positioning it as a key player in the Bitcoin mining landscape.

Bitcoin Mining Activity

In September 2024, CleanSpark mined a total of 493 Bitcoin, bringing the fiscal year’s total to 7,098 BTC. Currently, the company holds 8,049 BTC and operates a fleet of 188,520 miners with an efficiency rate of 21.94 Joules per Terahash (J/Th). In the previous month, CleanSpark sold 2.5 BTC at an average price of $58,287 per Bitcoin.

Despite weather-related disruptions due to Hurricane Helene, which affected 45 MW of power that is still awaiting restoration, CleanSpark is optimistic about achieving a hashrate of 30 EH/s by October 2024 and plans to scale up to 50 EH/s during the 2025 fiscal year.

Market Position and Industry Trends

During this rapid growth period, CleanSpark’s stock price increased by approximately 145% compared to the prior year, though it remains down about 12% year-to-date on the Nasdaq.

The Bitcoin mining sector is witnessing sustained growth, with companies expanding their mining capabilities and diversifying revenue streams. Notably, firms are beginning to provide infrastructure support for artificial intelligence companies.

Recent industry activity includes:

• Bitfarms’ acquisition of Stronghold Digital Mining for approximately $125 million.
• Marathon Digital’s purchase of two mining sites in Texas and Nebraska for $179 million.
• Hive Digital’s expansion into Paraguay with a new 100-megawatt mining site.

These trends reflect a dynamic and rapidly evolving landscape in the Bitcoin mining sector as companies look to capitalize on new opportunities while scaling their operations.