CleanSpark, Inc. , a publicly traded bitcoin mining company, updated bitcoin mining and operations in may 2023, revealing significant growth in both bitcoin holdings and revenue. The company’s bitcoin holdings grew 44% in May, to a total of 451 bitcoins. Bitcoin mined during the month increased by 16% to 609 BTC.
CleanSpark CEO Zack Bradford expressed satisfaction with the company’s performance, saying, “Not only do we continue to increase the amount of Bitcoin in our treasury, but we’ve also crossed $100 million in revenue for our fiscal year to date.”
Bradford also attributed the higher-than-expected bitcoin production to increased operational efficiencies and a temporary increase in transaction fees due to a surge in interest in Ordinals on the blockchain. During this period, CleanSpark’s daily bitcoin production reached nearly 30 BTC, double its usual daily output.
In terms of operational updates, CleanSpark’s 50-megawatt expansion in Washington is progressing according to plan, and the facility is expected to be fully operational by the end of June. The company’s Sandersville site is also currently being expanded, with preparations to add more than 6 EH/s to CleanSpark’s mining operations.
To fund its growth and operations, CleanSpark sold 471 bitcoins in May, generating approximately $12.9 million in revenue. The company currently operates a fleet of approximately 67,196 latest generation bitcoin miners with a total hash rate of 6.7 EH/s.
CleanSpark described its commitment to expanding its bitcoin mining capacity and taking advantage of market opportunities. The company stated that with its strong performance and increased bitcoin holdings, it remains well positioned for future growth in the industry.