CleanSpark’s Latest Update Reveals Major Boost In BTC Mined Due To Fees

CleanSpark, Inc., a publicly traded bitcoin mining company, has released its May 2023 bitcoin mining and operations update, revealing significant growth in both its bitcoin holdings and revenue. The company’s bitcoin holdings grew by 44% in May, reaching a total of 451 BTC. Bitcoin mined during the month increased by 16% to 609 BTC.

CleanSpark’s CEO, Zach Bradford, expressed satisfaction with the company’s performance, stating, “Not only do we continue to increase the amount of bitcoin in our treasury, but we also surpassed $100 million in revenue for our fiscal year to date.”

Bradford also attributed the higher-than-expected bitcoin production to increased operational efficiency and a temporary surge in transaction fees due to increased interest in Ordinals on the blockchain. During this period, CleanSpark’s daily bitcoin production reached nearly 30 BTC, almost double its normal daily production.

In terms of operational updates, CleanSpark’s 50MW expansion in Washington is progressing according to plan, with the facility expected to be fully operational by the end of June. The company’s Sandersville site expansion is also underway, with preparations being made for the addition of over 6 EH/s to CleanSpark’s mining operations.

To fund its growth and operations, CleanSpark sold 471 bitcoins in May, generating approximately $12.9 million in proceeds. The company currently operates a fleet of about 67,196 latest-generation bitcoin miners with a total hashrate of 6.7 EH/s.

CleanSpark described its commitment to expanding its bitcoin mining capacity and capitalizing on market opportunities. The company stated that with its strong performance and increasing bitcoin holdings, it remains well-positioned for future growth in the industry.