Bitcoin Miner CleanSpark Sees 567% Increase in BTC Inventory by 2023
CleanSpark, a US public Bitcoin mining operation, has released its unaudited Bitcoin mining and operations update for July 2024. The company reported that it mined 494 BTC that month, with its Bitcoin inventory up 567% year-over-year.
During the bear market, CleanSpark’s Bitcoin holdings fell by more than 40%, suggesting a more bullish approach in 2024.
CleanSpark CEO Zach Bradford highlighted the company’s progress in these new states, saying:
“We made significant progress in two new states this month (…) We remain on track for growth as we move towards our goal of 32 EH/s by year-end.”
CleanSpark’s total mined Bitcoin in 2024 reached 4,108 BTC, which is worth approximately $268 million. As of July 31, the company held 7,082 BTC, which is worth approximately $462 million. The company sold 2.54 BTC in July at an average price of approximately $62,070 per Bitcoin. The deployed mining fleet consisted of 160,900 units with a fleet efficiency of 22.89 J/Th, and the operating hash rate at the end of the month was 21.2 EH/s. The average monthly hash rate was 20.07 EH/s, which means that an average of 15.94 BTC were mined each day, with a single-day high of 16.55 BTC.
CleanSpark’s strategic expansion continues with significant developments in Tennessee and Wyoming. The partnership with GRIID Infrastructure Inc. in Tennessee has delivered immediate results, with 1.0 EH/s already operating from 50 MW of power allocation. This capacity is expected to double in the near term, with an additional 1.28 EH/s expected to come online soon.
In Wyoming, CleanSpark has made significant progress, securing a 75MW power contract and finalizing the acquisition of its first mining site in the state. This 30MW facility, utilizing advanced immersion cooling technology, is expected to increase the company’s hash rate to approximately 2 EH/s before the end of the year. The company is also in the final stages of acquiring a second Wyoming site, underscoring its commitment to rapid regional expansion.
Meanwhile, the Dalton facility expansion is progressing on schedule. With the East Building completed and the West Building’s electrical and construction well underway, the 15MW expansion is scheduled to begin operations in early September. This enhancement is expected to contribute an additional 0.9 EH/s to CleanSpark’s overall hash rate.
These developments are consistent with CleanSpark’s comprehensive strategy to strengthen its Bitcoin mining capabilities, optimize operational efficiency across its portfolio, and capitalize on emerging opportunities in new markets. The growth in Bitcoin reserves also aligns with the broader market trend of miners HODLing rather than cashing out to FIAT.
