CleanSpark Surpasses 20 EH/s Milestone, Mines 445 BTC in June

CleanSpark Inc. has achieved a milestone, mining 445 Bitcoin (BTC) in June and surpassing its mid-year operational hashrate target of 20 exahashes per second (EH/s).

This achievement follows the acquisition of five new mining facilities in Georgia, which has increased the company’s overall capacity.

CleanSpark’s Milestone

In its latest unaudited Bitcoin mining and operations update for the month ending June 30, 2024, CleanSpark detailed its progress.

“We reached a tremendous milestone on our path to 50 EH/s and beyond. Surpassing 20 EH/s in operational hashrate is more than double our hashrate from December,” said Zach Bradford, CEO of CleanSpark in a July 2 press release.

In June, CleanSpark mined 445 BTC, bringing the total for CY2024 to 3,614 BTC. As of June 30, the company held 6,591 BTC and sold 8.06 BTC at an average price of approximately $67,514 per BTC.

The deployed fleet consisted of 152,505 miners with a month-end fleet efficiency of 22.31 joules per terahash (J/Th) and a current hashrate of 20.4 EH/s. The average hashrate for the month was 17.85 EH/s, resulting in an average of 14.83 BTC mined daily, with a single-day high of 22.41 BTC.

Bradford emphasized that doubling their hashrate required grit and teamwork, attributing their growth to the dedication of their teams. He noted that while other companies are exploring different income avenues, CleanSpark remains focused on delivering results and increasing their Bitcoin mining hashrate and associated revenues.

Bradford also highlighted their efforts to maximize efficiency at existing sites and expressed anticipation for future opportunities in Wyoming and Tennessee.

Strategic Growth and Future Prospects

CleanSpark’s strategic growth plans include an agreement to acquire GRIID Infrastructure (Nasdaq: GRDI). The acquisition of five turnkey sites in Georgia has added 3.7 EH/s to their total hashrate, with 1.7 EH/s already deployed by the end of June. The remaining hashrate is expected to come online in July.

The Bitcoin mining company also stated that the newly acquired sites in Georgia contribute 60 megawatts (MW) of infrastructure and feature interruptible-load designated power purchase agreements (PPAs) with load balancing capabilities, a unique advantage for utility providers and the power grid.

Additionally, they mentioned that its Dalton expansion is progressing well. Concrete pours for both building slabs have been completed, and transformers have been set.

Once fully operational, the Dalton campus, comprising four independent data centers, will operate at 2.4 EH/s. This 15 MW expansion is projected to be completed by September 2024.