CleanSpark has released its unaudited Bitcoin mining update, highlighting a 187% increase in its hashrate for the fiscal year ending September 2024.

Significant Growth in Hashrate

The publicly-traded Bitcoin miner reported significant growth across various metrics, including treasury holdings and share price. This announcement comes amid the crypto industry’s challenges due to geopolitical events in the Middle East.

During the past year, CleanSpark’s CEO, Zach Bradford, noted substantial organic growth, particularly in overcoming challenges such as Hurricane Helene. As of September 30, 2024, CleanSpark’s total hashrate increased from 9.6 exahashes per second (EH/s) to 27.6 EH/s, marking a 187% rise. This includes 5 EH/s added in September alone.

“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,”

Bradford stated.

Looking ahead, CleanSpark aims to achieve a hashrate of 50 EH/s or higher in the fiscal year 2025. The strategic approach includes diversification of the mining portfolio, acquisitions, and expansion to new sites, which was crucial for this growth.

Acquisition and Expansion

One of the recent developments is the acquisition of GRIID Infrastructure, expected to close before the end of the month. This acquisition is part of CleanSpark’s broader strategy to enhance its operational capabilities and scale its mining activities.

Treasury Holdings

CleanSpark’s treasury saw a significant increase, holding more than 8,000 self-mined BTC, a 258% spike compared to the previous year. As of September 30, 2024, the total Bitcoin holdings stood at 8,049 BTC, with 7,098 BTC mined during FY2024 and 493 BTC in September. In comparison, Riot Platforms mined 412 BTC in the same month.

During this period, CleanSpark sold 2.5 BTC, netting approximately $145,717 at an average price of $58,287 per BTC.

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