CleanSpark has released its unaudited Bitcoin mining update, revealing a 187% increase in its hashrate during the fiscal year ending September 2024.
The publicly traded Bitcoin (BTC) miner made the announcement on October 3, highlighting key areas of growth, including its treasury holdings and share price, despite the broader crypto market’s struggles due to geopolitical tensions in the Middle East.
According to the report, CleanSpark’s hashrate surged from 9.6 exahashes per second (EH/s) to 27.6 EH/s by September 30, 2024. This jump includes an additional 5 EH/s added in September alone. CEO Zach Bradford attributed this to organic growth and emphasized that expansion efforts continue as CleanSpark upgrades its mining fleet and racks new miners at recently acquired and existing facilities. The company expects to reach 30 EH/s by October 2024 and is targeting 50 EH/s or more in fiscal year 2025.
Bradford also discussed CleanSpark’s strategic diversification before and after the recent Bitcoin halving. Key to this growth were acquisitions, including the anticipated closing of the GRIID Infrastructure deal by the end of the month.
On the financial front, CleanSpark’s treasury holdings grew to over 8,000 self-mined BTC, marking a 258% increase compared to the previous year. As of September 30, CleanSpark held 8,049 BTC, having mined 7,098 BTC during FY2024 and 493 BTC in September. For comparison, Riot Platforms mined 412 BTC in the same month.
CleanSpark also sold 2.5 BTC during this period, generating approximately $145,717 at an average price of $58,287 per Bitcoin.