US Public Bitcoin miner CleanSpark has released its unaudited Bitcoin mining and operations update for July 2024. It reports mining 494 BTC during the month and a 567% increase in its Bitcoin treasury compared to last year.
During the bear market, CleanSpark’s Bitcoin reserve had declined over 40%, indicating a more bullish approach in 2024.
Zach Bradford, CEO of CleanSpark, highlighted the company’s progress in these new states, stating,
“We made significant progress in two new states this month[…] We’re continuing our trajectory of growth as we progress towards our target of 32 EH/s by the end of the year.”
CleanSpark’s total Bitcoin mined for 2024 has reached 4,108 BTC, worth roughly $268 million. As of July 31, the company held 7,082 BTC, valued at $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 month-end operating hashrate was 21.2 EH/s. The average monthly hashrate was 20.07 EH/s, resulting in an average of 15.94 BTC mined daily, with a single-day high of 16.55 BTC.
CleanSpark’s strategic expansion continues with significant developments in Tennessee and Wyoming. The company’s collaboration with GRIID Infrastructure Inc. in Tennessee has yielded immediate results, with 1.0 EH/s already operational under a 50 MW power allocation. This capacity is set to double in the near term, with an additional 1.28 EH/s expected to come online imminently.
In Wyoming, CleanSpark has made substantial strides, securing power agreements for 75 MW and finalizing the acquisition of its state’s first mining site. This 30 MW facility, utilizing advanced immersion-cooling technology, is projected to boost the company’s hashrate by approximately 2 EH/s before year-end. The company is also in the final stages of acquiring a second Wyoming site, underlining its commitment to rapid regional expansion.
Meanwhile, the Dalton facility expansion is progressing on schedule. With the East building completed and undergoing electrical outfitting and construction of the West building well underway, the 15 MW expansion is on track to commence operations by early September. This enhancement is expected to contribute an additional 0.9 EH/s to CleanSpark’s overall hashrate.
These developments align with CleanSpark’s overarching strategy to enhance its Bitcoin mining capabilities, optimize operational efficiency across its portfolio, and capitalize on emerging opportunities in new markets. Further, the increase in Bitcoin reserves aligns with broader market trends of miners HODLing rather than cashing out to FIAT.