CleanSpark, a prominent Bitcoin mining firm, has reported a remarkable 187% increase in its hashrate over the past year. This growth, outlined in its unaudited fiscal report for 2024, was driven by strategic acquisitions and significant expansions across its U.S. mining operations.
CleanSpark’s Hashrate Surges to 27.6 EH/s
Between September 2023 and September 2024, CleanSpark’s hashrate jumped from 9.6 exahashes per second (EH/s) to 27.6 EH/s. A significant portion of this growth occurred in the last month alone, with the company adding 5 EH/s to its capacity.
Zach Bradford, CEO of CleanSpark, attributed the surge to the company’s strategic moves. “We executed our plan to diversify across three new states while completing multiple expansions at existing data centers,” said Bradford.
CleanSpark’s mining capacity grew through acquisitions, including five turnkey mining facilities in Georgia and three in Mississippi. Recently, the company also announced its purchase of seven facilities in Knoxville, Tennessee, with a combined capacity of 85 megawatts (MW). This $27.5 million deal is expected to further boost CleanSpark’s hashrate by 22%.
Expanding Footprint Across the U.S.
CleanSpark now operates at least 15 mining facilities, making it a significant player in the U.S. Bitcoin mining landscape. The company has steadily expanded its data center footprint to accommodate its growing fleet of 188,520 miners, with an efficiency rate of 21.94 joules per terahash (J/Th).
In September 2024 alone, CleanSpark mined 493 Bitcoin, bringing its total output for the fiscal year to 7,098 BTC. Its Bitcoin holdings now stand at 8,049 BTC.
Challenges and Future Growth Targets
Despite disruptions caused by Hurricane Helene, which left 45 MW of CleanSpark’s power capacity awaiting restoration, the company remains optimistic. CleanSpark aims to achieve a 30 EH/s hashrate by October 2024 and has set an ambitious target of 50 EH/s for fiscal 2025.
CleanSpark’s stock price has mirrored its growth, rising approximately 145% since September 2023, though it remains down about 12% year to date.
CleanSpark’s success is part of a broader trend in the Bitcoin mining industry. Companies like Bitfarms, Marathon Digital, and Hive Digital are also expanding their operations and investing in new facilities. Bitfarms recently acquired Stronghold Digital Mining for $125 million, while Marathon Digital purchased two mining sites in Texas and Nebraska for $179 million. Meanwhile, Hive Digital is opening a 100-MW mining facility in Paraguay.
