CleanSpark, a Bitcoin mining company, has surpassed $100 million in revenue for the fiscal year-to-date, indicating an impressive achievement as its BTC production exceeded expectations. On June 2, CleanSpark released a statement regarding this milestone, highlighting that despite having most of its expansion plans scheduled for later this year, it was still able to achieve these significant milestones.
The company mined 609 BTC in May, which represents a 16% increase from April’s numbers. Its total BTC holding also surged by 44%, reaching 451 BTC. CEO Zach Bradford attributed the better-than-expected Bitcoin production to enhancements in operational efficiency and a brief spike in BTC’s transaction fee. This caused the company’s regular daily production to rise from around 18 BTC to 30 BTC. It is worth noting that the rising fees resulted from increased interest in Ordinals on the blockchain.
CleanSpark sold 471 BTC for $12.9 million, bringing its total mined BTC for the year to 3,004, while its operational hashrate remained at 6.7 EH/s from the 67,9196 miners it deployed.
The company is currently focusing on expanding its operations in Washington and Sandrrsville, which could double its mining capacity by adding more than 6 EH/s to its current hash rate. The Washington site’s energization is expected to begin this month, while the Sandsville site continues undergoing land preparations for expansion.
CleanSpark’s recent purchase of 12,500 Bitcoin mining rigs for $40.5 million on June 1 is another step towards achieving its year-end target of 16 EH/s. The manufacturer will ship 6,000 of these machines in June, while the remaining 6,500 units are scheduled for shipping in August.
Despite CleanSpark’s positive results, its CLSK stock has decreased by 3.4% on Nasdaq and currently trades at $4.15, according to Google Finance data.
In conclusion, CleanSpark’s remarkable achievement of over $100 million in fiscal year-to-date revenue with impressive BTC production highlights the company’s commitment to growth and innovation within the Bitcoin mining industry. The company’s continued expansion plans in Washington and Sandrrsville bode well for its future success in the competitive world of Bitcoin mining.
Post time: Jun-12-2023