- CleanSpark mined 494 BTC in July 2024, pushing its annual total to 4,108 BTC
- CleanSpark sold just 2.54 BTC in July at an average price of $62,070
- Expansion plans set to increase CleanSpark’s hashrate to 32 EH/s by year-end
CleanSpark, an American Bitcoin mining company, has issued its July 2024 operating report. The report shows that the company mined 494 Bitcoin and increased its Bitcoin treasury by 567% over the previous year, bringing the total to 4,108 BTC mined for the year.
CleanSpark only sold 2.54 BTC for an average price of around $62,070 each. CleanSpark’s Bitcoin reserves were 7,082 BTC at the end of July, worth approximately $462 million at current prices.
The report outlined CleanSpark’s mining efficiency, citing a month-end operating hashrate of 21.2 exahashes per second (EH/s). The corporation has set a target of increasing this statistic to 32 EH/s by the end of 2024, indicating strong growth potential for its operating skills.
Expansion into Wyoming and Tennessee
CleanSpark has revealed considerable success in two more states as part of their planned growth. In Wyoming, the business has successfully acquired power agreements to supply 75 megawatts of electricity to its new mining operation, overcoming earlier obstacles linked to national security. This facility is projected to extensively increase the company’s hashrate using innovative immersion-cooling technology.
CleanSpark began operations at a new facility in Tennessee due to a merger with GRIID Infrastructure Inc. This facility, already contributing an additional 1 EH/s to the total hashrate, reflects CleanSpark’s effective integration and execution of its expansion strategy. The company plans to further double this capacity, enhancing its mining capabilities.
Industry Trends and CleanSpark’s Market Position
The overall trend in the Bitcoin mining industry indicates a decrease in BTC miners selling, indicating a strategic holding pattern across the sector. Despite a 50% rise in miner revenues since the beginning of July, CleanSpark and other significant mining businesses are retaining their assets, most likely in expectation of future price increases.
This trend is supported by the fact that the Miner to Exchange Flow, a metric tracking the number of BTC sent to exchanges from miners, has been relatively low except for a spike on July 24.
CleanSpark’s position in the market is further solidified by its continuous investment in operational efficiency and capacity expansion. The mining company’s strategic decisions to expand and upgrade facilities in Wyoming and Tennessee are timely, aligning with an overall Bitcoin network hashrate increase and a bullish outlook in the industry.
Additionally, CleanSpark has the opportunity for continued growth with many projects underway, such as the Dalton facility’s expansion, which includes a 15 MW capacity increase and is anticipated to be operational by early September. This addition will enhance the company’s hashrate by around 0.9 EH/s.
