CleanSpark Inc., a prominent bitcoin mining company, has recently achieved remarkable growth in its mining operations, resulting in a surge in its bitcoin production and treasury. The details of this significant development, explained in a press release by the company, sheds light on company’s endeavors and its recent success.
Hashrate Surges to 16 EH/s
In February 2024, CleanSpark witnessed an impressive 60% surge in its hashrate, reaching a staggering 16 exahashes per second (EH/s). This remarkable expansion in computational power is attributed to the deployment of a larger mining fleet, now boasting over 131,000 operational miners. As CleanSpark CEO Zach Bradford exclaimed:
“What a month this has been for us. Our teams have been hard at work and that work is paying off.”
Bitcoin Production and Treasury Growth
This surge in hashrate translated into a 12% increase in bitcoin production compared to the previous month. CleanSpark mined approximately 648 bitcoin in February, contributing to the growth of its bitcoin treasury, which now stands at an impressive 4,218 bitcoin. This substantial increase underscores CleanSpark’s commitment to capitalizing on the burgeoning bitcoin market.
CleanSpark Operational Advancements
CleanSpark’s operational update highlighted significant progress in its recent acquisitions in Mississippi. The crews have nearly completed setting up machines in the newly acquired data centers, which are expected to contribute approximately 1.5 EH/s to the operation’s overall hashrate, with expectations to rise to 2.4 EH/s upon full operation. Similarly, the Dalton acquisition is progressing on schedule, with an operational target set for April 2024 and an anticipated hashrate of 0.8 EH/s.
Financial Implications and Market Performance
CleanSpark’s operational successes are not only reflected in its production figures but also in its financial performance. The company’s revenue growth over the last twelve months, as of Q1 2024, has been impressive, with a substantial increase of 75.4%. Moreover, the quarterly revenue growth figure for Q1 2024 stands at an astonishing 165.24%, showcasing CleanSpark’s rapid expansion in the market.
Despite the lack of profitability in the last twelve months, CleanSpark’s stock has experienced a strong return, with a staggering increase of almost 1,000% since last March. This indicates investors’ optimism about the company’s future prospects and its ability to capitalize on the growing demand for bitcoin mining. Analysts anticipate further sales growth in the current year, which is expected to fuel investor confidence in CleanSpark’s potential for high growth in the tech sector.
CEO Optimism
CEO Zach Bradford expressed confidence in the company’s future prospects, emphasizing the company’s continuous efforts to improve efficiency and expand its operations. “We expect to see additional gains in both hashrate and fleet energy efficiency in March,” Bradford noted, highlighting the company’s ongoing commitment to innovation and growth.
Bradford added:
“Even though it was the shortest month of the year, we’ve dramatically increased our hashrate—growing 60% in the space of a few weeks. The result of that effort is that we have meaningfully outpaced global hashrate growth and are already seeing those gains in our monthly production.”
Outlook
CleanSpark’s remarkable achievements in boosting its bitcoin mining capacity and growing its treasury to $260 million underscore its position as a leading player in the sustainable bitcoin mining industry. With a strong focus on operational efficiency and expansion, CleanSpark is poised to capitalize on the increasing demand for bitcoin mining, offering investors promising opportunities for high-growth returns in the evolving tech landscape.
