TLDR:
- CleanSpark hit 20 EH/s after adding 60 MW across five new Georgia facilities.
- June output reached 445 BTC, raising the 2024 total to 3,614 mined coins.
- The company holds 6,591 BTC after selling just 8 coins in June for liquidity.
- GRIID Infrastructure acquisition signals intent to expand CleanSpark’s footprint.
CleanSpark has surpassed a key milestone in its Bitcoin mining operations, pushing its operational hashrate above 20 EH/s by the end of June.
The increase follows the company’s successful acquisition and integration of five mining facilities across Georgia. These sites brought 60 MW of capacity, offering flexible power agreements beneficial to both miners and utilities.
The update reflects CleanSpark’s push to grow its presence while maintaining a focus on energy efficiency and low-carbon operations. This achievement moves the company closer to its longer-term goal of reaching 50 EH/s.
CleanSpark Bitcoin Production and June Performance
According to its June update, CleanSpark mined 445 BTC during the month, bringing its 2024 total to 3,614 BTC. The company maintained a deployed fleet of 152,505 machines, reaching a fleet efficiency of 22.31 J/Th by month-end.
Average daily output stood at 14.83 BTC, with a high of 22.41 BTC mined in a single day.
The company sold just over 8 BTC in June at an average price of $67,514, indicating its continued strategy of holding most of its mined Bitcoin. By June 30, CleanSpark held a total of 6,591 BTC, underscoring its accumulation-focused approach despite volatility in the crypto market.
The 60 MW infrastructure gained from the Georgia sites already added 1.7 EH/s to CleanSpark’s capacity, with another 2 EH/s expected in July. These sites were acquired turnkey and are already contributing to the company’s total hashrate.
The flexible power agreements also provide operational advantages during peak grid demand periods.
Construction at CleanSpark’s Dalton campus has also advanced, with concrete pours and transformer installations completed. This 15 MW expansion is expected to bring the site’s output to 2.4 EH/s once fully operational by September 2024.
Strategic Moves and Acquisition of GRIID
In a separate development, CleanSpark has signed a definitive agreement to acquire GRIID Infrastructure, which trades under Nasdaq: GRDI.
While details remain under review, the deal signals CleanSpark’s intent to expand its footprint and asset base further. The acquisition could support its longer-term plans to scale operations toward the 50 EH/s target.
CleanSpark’s CEO, Zach Bradford, said the doubling of hashrate since December showcases the company’s operational momentum. He emphasized continued focus on Bitcoin mining revenue, even as other firms seek alternative business models.
CleanSpark’s approach remains centered on expanding its mining capacity and improving operational efficiency. Its focus on building low-carbon infrastructure and strategic acquisitions sets the tone for continued growth.
With more capacity scheduled to go live in the coming months, the company appears committed to staying ahead in the competitive BTC mining space.