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Tag: CleanSpark

  • CleanSpark mined 493 Bitcoin in September

    CleanSpark mined 493 Bitcoin in September

    • CleanSpark also increased its hashrate by 187% between September 30, 2023, and September, 30, 2024
    • Expansion and acquisitions are crucial for organic growth

    Bitcoin miner CleanSpark (CLSK) mined 493 BTC in September, according to details in an unaudited update published on October 4.

    This brought the company’s total bitcoin mined year-to-end of September to 5,079, as per details in a mining update.

    Moreover, total BTC mined in FY2024 rose to 7,098. With these figures, the total Bitcoin treasury holdings rose to 8,049 as of September 30. While the increase marked a 258% spike over the past year as of the end of September, CleanSpark noted it sold 2.5 BTC during the month.

    Hashrate jumped to 27.6 EH/s

    CleanSpark, a publicly-traded miner whose share price also rose significantly in the past year, also announced a surge in its hashrate.

    As of September 30, 2024, CleanSpark’s hashrate stood at 27.6 EH/s – up from 9.6 EH/s and indicating a one year increase of 187%. The company added 5 EH/s to its capacity in September.

    In a comment, Zach Bradford, CleanSpark CEO said:

    “During the past year, we grew our hashrate from 9.6 EH/s to 27.6 EH/s, or 187%, with 5 EH/s coming online just during the month of September. The Company executed its plan to strategically diversify its portfolio across three new states and completed multiple expansions at existing data centers.”

    What helped CleanSpark to grow its hashrate?

    Growth was down to CleanSpark getting through the pre-halving and post-halving period and the closure of multiple acquisitions. It includes the GRIID Infrastructure deal and expansion to new sites in the US.

    With the expansion efforts, and emerging from Hurricane Helene relatively unscathed means further hashrate growth. According to Bradford, CleanSpark could hit 30 EH/s by the end of October 2024 and forecast 50 EH/s in 2025.

    The Bitcoin miner released its unaudited update as BTC’s price struggled amid negative sentiment around geopolitical chaos in the Middle East. At the time of writing, the flagship cryptocurrency traded around $60,663, down 1.5% in the past 24 hours and -7.3% over the past week.

    CLSK, on the other hand, changed hands at $8.58, about 2.5% down on the day. The crypto stock was down 17.7% in the past five days.

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  • CleanSpark acquires Bitcoin miner GRIID for $155 million

    CleanSpark acquires Bitcoin miner GRIID for $155 million

    • CleanSpark announced on June 27 that it had acquired GRIID Infrastructure, a US-based Bitcoin miner for $155 million.
    • The company expects the all-stock deal to close in Q3, 2024 subject to GRIID shareholder approval and other customary requirements.

    Bitcoin miner CleanSpark announced today that it has entered an agreement to acquire GRIID Infrastructure in an all-stock transaction valued at $155 million.

    According to a press release the merger agreement also saw the two Bitcoin mining companies seal an exclusive hosting agreement for all of GRIID’s currently available power. 20 MW of this power will immediately be allocated to CleanSpark.

    “We are looking forward to welcoming the GRIID team into the CleanSpark family and we are excited to apply the CleanSpark way, carefully honed alongside the communities we operate in Georgia and Mississippi, to GRIID’s impressive pipeline in Tennessee,” CleanSpark CEO Zach Bradford said in a statement.

    CleanSpark eyes 400 MW by 2026

    CleanSpark, which has closed other deals before, expects to build out its operations in Tennessee over the next three years. This should see the miner reach operational capacity it managed in Georgia over the same period.

    “That achievement was to build out over 400 MW of infrastructure backed by valuable, long-term power contracts,” Bradford noted.

    The miner targets surpassing 100 MW in Tennessee by the end of this year, 200 MW in 2025 and over 400 MW in 2026.

    Deal expected to close in Q3

    Per the announcement, CleanSpark’s acquisition of GRIID has already received unanimous approval from the Boards of Directors of both companies.

    As such, they expect the deal will close in Q3, 2024. However, this is still subject to approval by GRIID shareholders as well as other customary closing conditions.

    CleanSpark’s acquisition of GRIID comes as another Bitcoin miner Riot Platforms’ plans to take over Bitfarms hit a snag. In the latest development around the saga, Riot has reportedly decided to go for an overhaul of the Bitfarms’ board by taking up three seats.

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  • CleanSpark reports a 47% annualised growth in quarterly revenue

    CleanSpark reports a 47% annualised growth in quarterly revenue

    cleanspark q3 earnings report
    • CleanSpark narrowed its loss in its fiscal third quarter.
    • The bitcoin mining company had a blockbuster July.
    • CleanSpark shares are up over 150% YTD at writing.

    Bitcoin miner CleanSpark Inc is trading slightly up in extended hours after reporting a narrower-than-expected loss for its fiscal third quarter.

    CleanSpark Q3 financial highlights

    Lost $14.2 million versus the year-ago $29.3 million

    Per-share loss also narrowed from 40 cents to 12 cents

    Revenue jumped 47% year-on-year to $45.5 million

    Consensus was 17 cents loss on $45.7 million revenue

    Ended the quarter with $125 million of cash and bitcoin

    The bitcoin mining company now has assets worth more than liabilities on its balance sheet. Gary Vecchiarelli – the Chief Financial Officer of CleanSpark said today in the press release:

    I like the flexibility of our balance sheet and our operational performance. We have all pieces in place to extend our strong track record of growth and operational excellence.

    CleanSpark had a blockbuster July

    CleanSpark had its Georgia location go live in July that added more than 15,000 miners and 50 megawatts of power, as per the press release.

    The Nasdaq-listed firm trailed only Marathon Digital and Core Scientific in terms of the number of bitcoin mined last month. According to its CEO Zach Bradford:

    We have fully funded our growth to 16 EH/s, including miners, facilities, and other infrastructure. We continue to build on our track record of executing on commitments.

    The hash rate improved to 9 EH/s in its recently concluded quarter. At writing, shares of CleanSpark Inc are up more than 150% versus the start of 2023. Its peer Marathon Digital also reports its quarterly update earlier this week (read more).

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  • CleanSpark to acquire two Bitcoin mining campuses for $9.3M

    CleanSpark to acquire two Bitcoin mining campuses for $9.3M

    • CleanSpark will complete the $9.3 million all-cash deal for the two turnkey Bitcoin mining facilities this week.
    • The facilities in Dalton, Georgia, will host 6,000 Antminer S19 XPs and S19J Pro+ rigs.
    • CleanSpark CEO Zach Bradford says the deal puts the miner on track to reach its year-end hashrate target of 16 EH/s

    CleanSpark (NASDAQ: CLSK), one of the largest Bitcoin mining firms in the world, has announced the acquisition of two BTC mining campuses in Dalton, Georgia.

    The company said in a press release that it had struck a definitive agreement to purchase the two turnkey facilities for $9.3 million, an all-cash deal expected to close later this week.

    CleanSpark targets 16 EH/s by end of year

    According to the miner, the two campuses are set to host over 6,000 Antminer S19 XPs and S19J Pro+s, and will see the mining giant add just under 1 exahashes per second (EH/s) to its hashrate.

    “This acquisition ensures that we have more than enough infrastructure to reach our year-end target of 16 EH/s. It also continues to position us as one of the most power-efficient miners on an energy-per-hashrate basis,” Zach Bradford, CEO of CleanSpark, said in a statement.

    CleanSpark’s latest purchase adds to multiple previous buys and acquisitions secured over the past several months. After purchasing 20,000 Antminer S19j Pro+ machines for $43.6 million in February, the company added 45,000 Antminer S19 XP units worth $144.9 million in April. In May, it bought 12,500 Antminer S19 XP rigs.

    CLSK traded at $4.86, up 10% on the day on Wednesday. The crypto stock has rallied more than 140% in 2023 and analysts expect it to reach $12.

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