Mining company CleanSpark sold only 2.54 Bitcoin in July.
Mining company CleanSpark released its monthly mining report for July 2024, which revealed that 2.54 bitcoins (BTC) were sold during the month, at an average price of $62,000.
The report states that CleanSpark mined 494 BTC in July, bringing its total for the year to 4,108 BTC. In total, the publicly traded miner reported holding 7,082 BTC in reserves as of July 31, 2024.
CleanSpark has announced expansion into Wyoming and Tennessee. According to Bitcoin Miner, it has acquired its first mining site in Wyoming and executed power agreements to bring 75 megawatts of electricity to the facility.
CleanSpark is operating a new facility in Tennessee, with 50MW of capacity already available, following a merger agreement with mining company GRIID completed earlier this year. CleanSpark reported an end-of-month hashrate of 21.2 ehashes per second (EH/s) and a target of 32 EH/s by the end of the year.
Related: CleanSpark mine expansion continues at Wyoming facilities
Miners showing relatively low sales pressure
CleanSpark's low BTC sales volume reflects a broader trend in the mining sector. Mining reserves, the amount of BTC held by miners, have been steadily declining since 2021 and are currently at multi-year lows, suggesting supply-side selling pressure has subsided for now.
According to CryptoQuant, the exchange's mining flow, a measure of BTC sent from miners to the exchange, rose to 13,729 BTC on July 24, but remained relatively low compared to the exchange's mining flow recorded between January and April 2024.
A dramatic 50% increase in mining revenue since the beginning of July and an increase in Bitcoin hashrate during the session also contributed to the month's low selling pressure.
In June, mining company Mara, formerly known as Marathon Digital Holdings, reportedly did not sell any of its bitcoin holdings, an indication that the bitcoin mining company is holding on to its valuable decentralized asset in anticipation of future price increases.
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