Amidst the post-halving chaos that has left many Bitcoin miners in a state of existential dread, CleanSpark has emerged not just unscathed but positively gleaming with success. The company’s Bitcoin output has surged more than 50% year-over-year, a feat that would make even the most jaded of crypto enthusiasts raise an eyebrow. 🤯
In June, CleanSpark’s operational hashrate soared to a staggering 50 EH/s, up from 20.4 EH/s a year earlier, marking a 145.1% leap in mining capacity. This is no small feat, especially considering the current climate. Last month, the company mined 685 BTC, worth a cool $74.2 million at current prices, compared to 445 BTC mined in June 2024. EH/s, for the uninitiated, stands for exa hash per second, a measurement of computational power that might as well be the digital equivalent of a superpower. 🦸♂️
“The tireless efforts of our operations and technology teams resulted in the addition of over 10 EH/s of capacity across four states to achieve the ambitious target,” declared Zach Bradford, CEO and president of CleanSpark, with a flourish that would make even the most stoic of executives crack a smile. “This represents a 9.6% month-over-month increase.”
CleanSpark sold 578 BTC in June, the majority of its monthly production, leaving it with a total of 12,608 BTC, a slight increase from 12,502 in May. This places it seventh among publicly traded companies, according to BitcoinTreasuries.net. Not bad for a company that’s been navigating the treacherous waters of the crypto world. 🌊
Among Bitcoin miners, only two companies hold more BTC than CleanSpark: MARA Holdings and Riot Platforms. According to BitcoinTreasuries.net, MARA holds 50,000 BTC, making it the second-largest holder of Bitcoin among public companies. Riot Platforms is fourth with 19,225 BTC. It’s a veritable arms race in the world of digital gold. 🏆
“Corporations around the globe are embracing the value of a Bitcoin-enhanced balance sheet,” Bradford continued, his words dripping with the kind of optimism that could light up a dark room. “In fact, corporate Bitcoin acquisitions have outpaced ETF net inflows for the third consecutive quarter.”
CleanSpark’s Stock Takes a Dive on Mining Update
Despite the company’s impressive performance, CleanSpark’s shares on the Nasdaq are taking a nosedive on Monday, dropping 8% at the time of this writing. The company’s stock is following a broader market trend, with the Nasdaq index falling over 1% amid talks on trade deals by the US government. It seems that even the best-laid plans can be derailed by the whims of the market. 📉
Bitcoin mining difficulty has hit an all-time high this year, reaching 126.9 trillion on May 31. Crypto miners are facing mounting financial pressure as block rewards decline and network difficulty rises, factors that can drive up operational and energy costs. It’s a tough world out there, and only the strongest will survive. 🛡️
Since February 2024, CleanSpark has expanded its mining operations to include facilities in the US states of Georgia, Mississippi, Wyoming, and Tennessee. In August 2024, it bought 26,000 Bitmain immersion mining rigs in a $168 million deal, a move that has clearly paid off. 🤑
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2025-07-07 23:52