Bitcoin miner CleanSpark increased its Bitcoin production by 6.7% in June and surpassed its mid-year hashrate target of 20 exahashes per second (EH/s).
The United States-based miner only sold 8 of the 445 Bitcoin (BTC) it mined in June, bringing its total Bitcoin holdings to 6,591 BTC as of June 30, worth more than $4 billion at current prices.
In a July 2 statement, CleanSpark CEO Zach Bradford said that the firm’s hashrate now stands at 20.4 EH/s — more than double what it was in December 2023.
CleanSpark’s hashrate surpassed its mid-year target of 20 EH/s following the installation of 1.7 EH/s of new miners at the five new facilities it recently purchased in the U.S. state of Georgia.
Hashrate refers to the total combined computational power used to mine transactions on the Bitcoin network.
An additional 2 EH/s are expected to come from the five sites in Georgia once completed.
It is now the third Bitcoin miner to surpass the 20 EH/s milestone, trailing Marathon Digital and Core Scientific at 29.9 EH/s and 20.4 EH/s, respectively, Hashrate Index data shows.
Bradford said his firm was now setting its sights on the next milestone, reaching 50 EH/s:
“While our peers are exploring other avenues of income, we’re laser-focused on delivering results and increasing our bitcoin mining hash rate and associated revenues.”
In a bid to capture additional revenue streams, several major Bitcoin miners have expanded into the artificial intelligence and cloud computing space in recent months, including Core Scientific, TeraWulf, Hut 8 Corp and Northern Data AG.
Related: Bitcoin miner Northern Data eyes $16B IPO for US cloud and mining units
Meanwhile, CleanSpark announced a $155 million merger with GRIID Infrastructure on June 27.
CleanSpark acquired all the issued and outstanding common stock of GRIID and assumed GRIID’s debts.
The Bitcoin miner also received an additional 20 megawatts of power under the agreement.
Despite the news increase in Bitcoin production and hashrate milestone, CleanSpark stock fell over 5.5% to $16.93 on July 2, Google Finance data shows.
However, CleanSpark is still up 55.6% so far in 2024 and 247.6% over the last 12 months.
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