CleanSpark’s Bitcoin stash hashrate rises to 9,952 BTC
US cryptocurrency miner CleanSpark increased its Bitcoin (BTC) holdings in the final month of 2024, as the company cited efficiency improvements and hashrate growth as reasons for its success.
According to a January 6 report, CleanSpark mined 668 BTC in December and 7,024 BTC for the full year. The company's hashrate — or the amount of computing power it deploys to secure the Bitcoin network — jumped 287.9 percent year over year.
Hashrate efficiency has improved by 33.3% over last year, bringing the company's throughput to 39.1 hashes per second by the end of 2024.
CleanSpark traded 12.65 BTC in December, representing only 58% of the company's average daily production during the month.
The average sale price was about $101,246, which earned the company $1.28 million in revenue.
CleanSpark has significantly increased its mining capacity by 2024 by acquiring seven facilities in Knoxville, Tennessee. At the time, the company said the new facility would increase revenue by 22 percent.
CleanSpark stock, which trades under the ticker symbol CLSC, rose sharply on January 6. But CLSK is still less than half of its 52-week high.
Related: Bitcoin hashrate is at an all-time high.
Top-5 Corporate Bitcoin Holders
By the end of 2024, CleanSpark had accumulated 9,952 BTC with a total value of $1.01 billion. It is now the fifth largest corporate owner of Bitcoin, overtaking Tesla.
MicroStrategy and three other mining companies hold more bitcoins than CleanSpark.
Cointelegraph reports that Microstrategy added to its Bitcoin holdings by acquiring another 1,070 BTC in the first week of January.
A total of 2.95 million BTC is held in the vaults. Source: BitcoinTreasuries.NET
Publicly listed companies now hold 593,152 BTC, accounting for roughly 20% of institutional Bitcoin treasuries, according to industry data. However, the caveat is that this information also includes government holdings of inherited Bitcoin.
There are signs that more corporations are looking to add bitcoin to their balance sheets. Last month, space technology company KUR announced that it had converted $21 million in cash to Bitcoin.
This comes after Canadian companies Matador Technologies and Quantum Biopharma bought Bitcoin as part of their corporate treasury strategy.
Source: Hunter Horsley
Bitwise CRO Hunter Horsley believes 2025 will be the year of the “Bitcoin Standard” for corporations, with more companies adding BTC to their balance sheets.
Related: Bitwise files for ETF tracking firms with Bitcoin treasuries
