Bitcoin miner CleanSpark has significantly boosted its operational hashrate to 50 EH/s, marking a substantial increase from its capacity reported a year ago. This expansion enables the company to mine larger amounts of Bitcoin despite challenging market conditions.
The company achieved the hashrate milestone in the most recent reported month, mining 685 BTC. This represents a significant growth trajectory, rising 145.1% compared to its hashrate a year prior, which stood at 20.4 EH/s.
To support this growth, CleanSpark executed a strategic geographical and technological expansion. The miner added new facilities across multiple states including Georgia, Mississippi, Wyoming, and Tennessee. A critical component involved the acquisition of 26,000 Bitmain immersion mining rigs in a $168 million investment aimed at increasing efficiency and scale.
Despite actively selling 578 BTC during the same period, CleanSpark’s overall Bitcoin holdings saw a slight increase, reaching 12,608 BTC. This positions the company as the seventh-largest public holder of Bitcoin.
The achievement comes alongside industry-wide headwinds, notably a recent all-time peak in Bitcoin mining difficulty, presenting ongoing operational challenges. CleanSpark emphasizes its continued commitment to investing in advanced mining technology to navigate these complexities.
The market response to the mining progress update reflected broader volatility, with the company’s stock declining 8% on Nasdaq following the announcement.