Bitcoin miner CleanSpark grew its hashrate by 187% over the past year

CleanSpark has published its unaudited Bitcoin mining update, revealing a remarkable 187% increase in hashrate for the fiscal year ending September 2024.

On October 3, the publicly-traded Bitcoin miner announced this significant growth alongside improvements in its treasury holdings and share price, despite the broader challenges facing the crypto industry due to geopolitical tensions in the Middle East.

Hashrate Growth

CEO Zach Bradford highlighted that CleanSpark achieved substantial organic growth over the past year. The company also managed to weather the effects of Hurricane Helene, showcasing its resilience.

As of September 30, 2024, CleanSpark’s total hashrate surged from 9.6 exahashes per second to 27.6 EH/s, marking a 187% increase, which includes an addition of 5 EH/s in September alone.

“Our expansion efforts continue unabated, and we are actively installing miners at both newly acquired sites and existing facilities as part of our fleet upgrade strategy. We anticipate reaching 30 EH/s by October 2024,” Bradford stated.

Looking ahead, the miner aims for a hashrate of 50 EH/s or more in fiscal year 2025.

Bradford also discussed CleanSpark’s strategic initiatives leading up to and following the recent BTC halving, emphasizing that diversifying the company’s portfolio through acquisitions and new site expansions has been crucial to its growth. One key development includes the anticipated acquisition of GRIID Infrastructure, expected to finalize by the end of the month.

Treasury Holdings

In terms of treasury assets, CleanSpark has increased its holdings to over 8,000 self-mined BTC, reflecting a 258% rise compared to the same period last year.

As of September 30, the company’s total Bitcoin holdings reached 8,049, with 7,098 BTC mined during FY2024 and 493 BTC in September alone. In comparison, Riot Platforms mined 412 BTC in the same month.

Additionally, CleanSpark sold 2.5 bitcoins during this period, generating approximately $145,717 at an average price of $58,287 per BTC.