CleanSpark Releases May 2024 Bitcoin Mining Update
CleanSpark, a prominent Bitcoin miner, reported mining 417 bitcoins in May 2024, reaching a total holding of 6,154 bitcoins. The company achieved a significant milestone with a hashrate of nearly 18 exahashes per second and an efficiency of 23.05 joules per terahash. This performance exceeds pre-halving levels and industry expectations. CleanSpark sold 2.43 bitcoins in May at an average price of $59,000 each. The company is also expanding its Dalton facility, which will eventually contribute 2.4 EH/s to its total hashrate. CEO Zach Bradford highlighted the company's growth and upcoming acquisitions, including a new site in Wyoming.
- Mined 417 bitcoins in May 2024.
- Total bitcoin holdings at 6,154.
- Achieved hashrate of nearly 18 EH/s.
- Efficiency improved to 23.05 J/Th.
- Daily bitcoin mined averaged 13.45, peaking at 15.0.
- Ongoing Dalton expansion to add 2.4 EH/s.
- New acquisitions, including a site in Wyoming.
- Sold only 2.43 bitcoins in May.
- Revenue from bitcoin sales by the small quantity sold.
Insights
CleanSpark's release of their May 2024 Bitcoin mining update provides meaningful insights into their operational performance and financial health. Mining 417 bitcoins at an impressive efficiency rate of 23.05 joules per terahash signifies robust operational capacity. Additionally, their post-halving production exceeding peers’ pre-halving outputs highlights their competitive edge.
From a financial perspective, the sale of 2.43 bitcoins at approximately
Retail investors should note the company's strategic acquisition plans, which could further enhance their market position. However, the volatile nature of the cryptocurrency market remains a risk factor to consider.
CleanSpark's achievement of nearly 18 exahashes per second (EH/s) post-halving is a significant milestone. The efficiency rate of 23.05 joules per terahash (J/Th) is noteworthy, as it indicates a high level of technical optimization and reduced energy consumption, both critical in maintaining profitability given fluctuating energy costs and the recent halving event.
The planned Dalton expansion, which will add 0.8 EH/s to their hashrate, demonstrates the company's commitment to scaling their operations effectively. The deployment of S21s in their 15MW facility further underscores CleanSpark's focus on integrating advanced mining technologies to maintain their competitive edge.
Investors should be aware of the technological advancements and operational efficiencies as these are key differentiators in the highly competitive and resource-intensive bitcoin mining industry.
Company mined 417 bitcoin; total bitcoin holdings now at 6,154
"We have outperformed industry expectations as well as our peers in our first full month of production after the block reward halving," said Zach Bradford, CEO. "Remarkably, our post-halving production has also outpaced what some of our peers achieved prior to the halving. We have continued with our progress and are making meaningful gains and upgrades. For example, we achieved a new high mark of nearly 18 exahashes per second while driving our efficiency even further to 23.05 joules per terahash. As we continue to grow our hashrate, we are on a trajectory to rapidly recover our production to pre-halving levels.
"Meanwhile, as we maximize the performance of our existing fleet, we remain highly active in the M&A space. We expect to close on the first site in
May Bitcoin Mining Update (unaudited)
- Bitcoin mined in May: 417
- CY2024 bitcoin mined: 3,169
- Total bitcoin holdings as of May 31: 6,154
- Total bitcoin sold in May: 2.43
- Deployed fleet: 134,464
- Month-end fleet efficiency: 23.05 J/Th
- Current hashrate: 17.97 EH/s
The Company sold 2.43 bitcoin in May 2024 at an average price of approximately
Operational Update
Dalton expansion. Grading is complete and building permits have been issued. Conduit installation for the primary cables is complete and concrete forms are being installed. Once complete, the expansion will run a fleet of S21s in a 15MW facility for a hashrate of approximately 0.8 exahashes per second (EH/s). After the expansion is complete, CleanSpark's Dalton campus, which consists of four independent data centers, is expected to operate at 2.4 EH/s.
About CleanSpark
CleanSpark (Nasdaq: CLSK) is America's Bitcoin Miner™. We own and operate data centers that primarily run on low-carbon power. Our infrastructure responsibly supports Bitcoin, the world's most important digital commodity and an essential tool for financial independence and inclusion. We cultivate trust and transparency among our employees and the communities we operate in. Visit our website at www.cleanspark.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this press release, forward-looking statements include, but may not be limited to, statements regarding the Company's expectations, beliefs, plans, intentions, and strategies. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "forecasts," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. The forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: the performance and timing of the Dalton expansion; our merger and acquisition activity and closings; anticipated additions to CleanSpark's hashrate and the timing thereof; the risk that the electrical power available to our facilities does not increase as expected; the success of its digital currency mining activities; the volatile and unpredictable cycles in the emerging and evolving industries in which we operate; increasing difficulty rates for bitcoin mining; bitcoin halving; new or additional governmental regulation; the anticipated delivery dates of new miners; the ability to successfully deploy new miners; the dependency on utility rate structures and government incentive programs; dependency on third-party power providers for expansion efforts; the expectations of future revenue growth may not be realized; and other risks described in the Company's prior press releases and in its filings with the Securities and Exchange Commission (SEC), including under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2023, and any subsequent filings with the SEC. Forward-looking statements contained herein are made only as to the date of this press release, and we assume no obligation to update or revise any forward-looking statements as a result of any new information, changed circumstances or future events or otherwise, except as required by applicable law.
Investor Relations Contact
Brittany Moore
702-989-7693
ir@cleanspark.com
Media Contact
Eleni Stylianou
702-989-7694
pr@cleanspark.com
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SOURCE CleanSpark, Inc.
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