CleanSpark reported a 187% hash rate increase

Bitcoin miner CleanSpark has seen a 187% increase over the past 12 months, according to its unaudited fiscal year report released on October 4.

CleanSpark's hashrate increased from 9.6 EH/s in September 2023 to 27.6 EH/s in September 2024, an increase of 5 EH/s in the last month alone. In a statement, CEO Zach Bradford presented the performance with strategic findings:

“The company has executed its plan to strategically distribute its portfolio in three new territories and completed several expansions in existing data centers.”

CleanSpark currently operates several data centers in the United States, expanding its capacity significantly in recent years. The company has acquired five rotary drilling rigs in Georgia and another three in Mississippi.

In addition, the miner announced the acquisition of seven facilities in Knoxville, Tennessee, with a total capacity of 85 MW. The $27.5 million deal is expected to increase revenue by 22 percent. Recent acquisitions bring CleanSpark's total facility count to at least 15 mining sites.

In September, the company issued 493 bitcoins (BTC), bringing its total for the fiscal year to 7,098.

Total Bitcoin holdings now stand at 8,049 BTC, with 188,520 miners and an efficiency of 21.94 Joules per Terahash (J/Th). Last month, the company sold 2.5 BTC at an average price of $58,287 per coin.

Despite recent weather disruptions from Hurricane Helene, with 45MW of power still pending restoration, CleanSpark expects to achieve a hashrate of 30 EH/s by October 2024 and targets to increase to 50 EH/s by fiscal year 2025.

“During this rapid growth, our share price has increased approximately 145% compared to September 30, 2023. CleanSpark's stock traded on Nasdaq is down approximately 12% year to date,” Bradford said.

Bitcoin miners have been expanding their operations in recent months, not only increasing their mining capacity, but also moving into new revenue streams and providing infrastructure support for artificial intelligence companies.

Mining company BitFarms recently announced the purchase of Strong Digital Mining for $125 million. A few months ago, Marathon Digital acquired two mining sites in Texas and Nebraska from Generate Capital for $179 million. Hive Digital is also expanding its operations with a new 100 MW mining site in Paraguay.

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