LAS VEGAS - CleanSpark Inc. (NASDAQ: NASDAQ:CLSK), a U.S.-based bitcoin mining company, announced its latest operational update, revealing the mining of 417 bitcoins in May 2024. Following this increase, the company's total bitcoin holdings have reached 6,154. The data, released today, comes after the company's first full month of mining post-bitcoin block reward halving, a period typically associated with reduced mining outputs.
Zach Bradford, CEO of CleanSpark, highlighted the company's performance, stating that it had surpassed industry expectations and the output of some competitors, even outperforming some pre-halving achievements. The company reportedly achieved a new high in its mining capacity, reaching nearly 18 exahashes per second while improving efficiency to 23.05 joules per terahash.
In addition to mining operations, CleanSpark has been active in mergers and acquisitions, expecting to finalize the acquisition of a site in Wyoming soon. The company also held its first retail investor day at its facility in Norcross, Georgia, emphasizing its commitment to transparency and stakeholder engagement.
The May update also disclosed the sale of 2.43 bitcoins at an average price of approximately $59,000 per bitcoin. CleanSpark's current hashrate stands at 17.97 EH/s, with a deployed fleet of 134,464 miners.
On the infrastructure front, CleanSpark is progressing with its Dalton expansion. The company has completed grading, received building permits, and is moving forward with concrete form installations. Once completed, the Dalton campus is expected to operate at a capacity of 2.4 EH/s.
CleanSpark, which operates data centers primarily powered by low-carbon energy sources, positions itself as a responsible participant in the bitcoin ecosystem, contributing to the digital commodity's infrastructure while emphasizing environmental considerations.
This press release contains forward-looking statements, and readers are reminded that actual results could differ due to various risks and uncertainties. The company has indicated that it will continue to update stakeholders as new information becomes available.
The information in this article is based on a press release statement from CleanSpark Inc.
In other recent news, CleanSpark has reported a record-breaking revenue for the second quarter of fiscal year 2024. The company's Q2 revenue reached $111.8 million, marking a 163% increase from the previous year, while its adjusted EBITDA also saw a 163% quarter-over-quarter growth to reach $181.8 million.
Furthermore, CleanSpark's net income for the quarter was a significant $126.7 million, a notable turnaround from the net loss of $18.5 million in the same quarter last year.
In terms of operations, CleanSpark has expanded its Bitcoin production, with operating capacity growing by 63% since the start of 2024, due to new facilities in Mississippi and Georgia. The company anticipates further growth and operational efficiency with plans to increase its hashrate to 50 exahash per second by 2025, and an expansion into Wyoming that is expected to add approximately 4.2 exahash per second.
Still, it is worth noting that the company's payroll expenses increased by $1.5 million or 10% due to additional hiring, and general and administrative expenses rose by approximately $1.8 million or 36%, mainly due to shipping miners and property tax expenses.
On a positive note, CleanSpark's mining economics improved, with a gross profit increase of 21 points, and the company's HODL strategy resulted in a gain on fair value of almost $120 million. These are some of the recent developments in CleanSpark's business operations and financial performance.
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