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Bitcoin mining company CleanSpark has reported a remarkable 187% increase in its hashrate over the past 12 months, as revealed in its unaudited fiscal year report on October 4. The company’s hashrate jumped from 9.6 EH/s in September 2023 to an impressive 27.6 EH/s by September 2024. Notably, 5 EH/s were added in the last month alone. CleanSpark’s CEO, Zach Bradford, credited the substantial growth to strategic acquisitions and expansions across the U.S.
“The company executed its plan to strategically diversify its portfolio across three new states and completed multiple expansions at existing data centers,” Bradford said in a statement. The firm has been actively acquiring mining facilities in key regions, including five turnkey facilities in Georgia, three in Mississippi, and more recently, seven in Knoxville, Tennessee.
These latest acquisitions, valued at $27.5 million, are expected to boost CleanSpark’s hashrate by another 22%, further consolidating its position in the mining industry.
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Record Bitcoin Mined Despite Challenges
In September alone, CleanSpark mined 493 Bitcoin, bringing its total production for the fiscal year to 7,098 BTC. The company’s current Bitcoin holdings stand at 8,049 BTC, with a massive fleet of 188,520 miners working at an efficiency of 21.94 Joules per Terahash (J/Th).
Despite disruptions caused by Hurricane Helene, which left 45 MW of power still pending restoration, CleanSpark is optimistic about its future. The company projects reaching a hashrate of 30 EH/s by the end of October 2024, with a goal of 50 EH/s for the fiscal year 2025.
Bradford also pointed out that CleanSpark’s stock price saw a 145% increase in the same period, though it remains down about 12% year-to-date. Meanwhile, the company continues to pursue new opportunities in the mining space, eyeing future growth despite some market fluctuations.
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Industry-Wide Expansion Trends Continue
CleanSpark’s expansion is part of a broader trend in the Bitcoin mining industry. Other major players have similarly been ramping up their operations. For instance, Bitfarms recently acquired Stronghold Digital Mining for $125 million, while Marathon Digital has been expanding with acquisitions in Texas and Nebraska totaling $179 million.
Hive Digital, too, is making waves with a new 100-megawatt mining site in Paraguay. As competition heats up, these miners are looking beyond just Bitcoin, exploring opportunities in artificial intelligence infrastructure as an additional revenue stream.
