CleanSpark surpassed the 20 EH/s Milestone in June, mining 445 BTC

CleanSpark Inc. By mining 445 Bitcoins (BTC) in June, it exceeded its mid-year operational hashrate target of 20 exahashes per second (EH/s).

This success increased the company's total capacity by acquiring five new mines in Georgia.

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CleanSpark's Milestone

CleanSpark has detailed its progress in its latest unaudited Bitcoin mining and operations update for the month ending June 30, 2024.

“We've reached a major milestone on our way to 50 EH/s and beyond. Exceeding 20 EH/s in operational hashrate is more than double our hashrate since December,” CleanSpark CEO Zach Bradford said in a July 2 press release.

In June, CleanSpark mined 445 BTC, bringing the total for CY2024 to 3,614 BTC. As of June 30, the company holds 6,591 BTC and sells 8.06 BTC at an average price of $67,514 per BTC.

The deployed fleet consists of 152,505 miners, with a monthly output of 22.31 joules per terahash (J/T) and a current hashrate of 20.4 EH/s. The average hashrate for the month was 17.85 EH/s, resulting in an average daily production of 14.83 BTC, with a one-day high of 22.41 BTC.

Bradford emphasized that doubling their workforce required hustle and teamwork, and that their growth was the result of their teams' commitment. While other companies are exploring different revenue streams, CleanSpark is focused on delivering results and increasing their Bitcoin mining revenue and associated revenue.

Bradford also highlighted their efforts to increase efficiency at existing sites and noted that they look forward to future opportunities in Wyoming and Tennessee.

Strategic development and future prospects

CleanSpark's strategic growth plans include an agreement to acquire GRIID Infrastructure (Nasdaq: GRDI). The acquisition of five turnstiles in Georgia added 3.7 EH/s to their total capacity, 1.7 EH/s already deployed at the end of June. The rest of Hashrate is expected to come online in July.

The bitcoin mining company has announced 60 megawatts (MW) of infrastructure and load-disruptive designated power purchase agreements (PPAs) with load-balancing capabilities at newly acquired sites in Georgia, a unique benefit to utilities and the power grid.

They also mentioned that Dalton's expansion is going well. Concrete pouring for both building slabs has been completed and transformers have been installed.

Once fully operational, the Dalton campus, which contains four independent data centers, will operate at 2.4 EH/s. This 15MW expansion is expected to be completed by September 2024.