CleanSpark Reports 187% Hashrate Increase, Treasury Now Holds 8000 BTC

CleanSpark has released its unaudited Bitcoin mining update, which shows the company saw its hashrate jump 187% in the fiscal year ending September 2024.

United States-based Bitcoin (BTC) miner CleanSpark has unveiled its latest unaudited BTC mining update, revealing a 187% increase in hashrate for the fiscal year ending September 2024.

The publicly-traded crypto mining firm announced this in a press release on Oct. 3, detailing other significant growth across its treasury holdings and share price among other metrics.

CleanSpark published the unaudited report as the crypto industry heaves amid the negative impact of geopolitical events in the Middle East.

CleanSpark’s hashrate increase

During the past year, Chief Executive Officer Zach Bradford said that CleanSpark recorded substantial organic growth. The past month also saw the mining giant ride out the impact of Hurricane Helene.

As of September 30, 2024, CleanSpark had seen its total hashrate increase from 9.6 exahashes per second to 27.6 EH/s. This meant an increase of 187% and includes 5 EH/s that the miner added to its operations in September.

“Our expansion efforts have not slowed down, and we are actively racking miners at newly acquired sites and at our existing facilities as part of our fleet upgrade plan. Through these efforts, we expect to reach 30 EH/s during October 2024,” the CleanSpark CEO noted.

Growth projects have the miner at 50 EH/s or higher in the fiscal year 2025.

Bradford also commented on the U.S.-based bitcoin miner’s strategic approach, both before and after the recent BTC halving. According to him, diversification of the mining firm’s portfolio, including acquisitions and expansion to new sites, was key to this growth.

One of these developments related to the acquisition of GRIID Infrastructure, which CleanSpark expects to close before the end of the month.

Treasury holds 8,000 BTC

Overall, treasury increased to more than 8,000 self-mined BTC, translating to a 258% spike from figures recorded at the same time last year.

The total Bitcoin holdings stood at 8,049 as of Sept. 30, with 7,098 BTC mined in FY2024 and 493 BTC in September. In comparison, Riot Platforms mined 412 bitcoin during the same month.

CleanSpark sold 2.5 bitcoins in that period, netting roughly $145,717 at the average price of $58,287 per BTC.

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