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

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

This achievement comes after the acquisition of five new mining facilities in Georgia, which increased the company’s total capacity.

CleanSpark Achievements

In its latest unaudited update on Bitcoin mining and operations for the month ending June 30, 2024, CleanSpark reported: Hinge Its progress.

“We have achieved a tremendous milestone on our way to 50 EH/s and beyond,” CleanSpark CEO Zach Bradford said in a press release on July 2. “Exceeding 20 EH/s operational hashrate is more than double our hashrate since December.”

In June, CleanSpark mined 445 BTC, bringing its total mined in 2024 to 3,614 BTC. As of June 30, the company held 6,591 BTC and sold 8.06 BTC at an average price of around $67,514 per BTC.

The deployed fleet consists of 152,505 miners with an end-of-month 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 per day, with a single-day high of 22.41 BTC.

Bradford emphasized that doubling their hashrate took perseverance and teamwork, attributing their growth to the dedication of their teams. He noted that while other companies are exploring different revenue streams, CleanSpark remains focused on delivering results and increasing its Bitcoin mining hashrate and associated revenue.

Bradford also highlighted their efforts to maximize efficiency at existing locations and expressed his look forward to 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 operational sites in Georgia adds 3.7 EH/s to its 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 said that the newly acquired sites in Georgia contribute approximately 60 megawatts (MW) of infrastructure and feature dedicated intermittent load power purchase agreements (PPAs) with load balancing capabilities, a unique feature for utility providers and the power grid.

They also noted that the expansion work at Dalton is progressing well, with concrete pouring completed for both buildings and transformers installed.

Once fully operational, the Dalton complex, which includes four independent data centers, will operate at a rate of 2.4 EH/s. This 15 MW expansion is expected to be completed by September 2024.