CleanSpark, a United States-based Bitcoin mining firm, has announced it now possesses a total of 10,097 Bitcoin in its treasury. This development makes it the fourth publicly-listed mining company to hold over 10,000 Bitcoin, joining the ranks of MARA Holdings, Riot Platforms, and Hut 8 Mining Corp.
According to CleanSpark’s CEO, Zach Bradford, this landmark achievement follows a significant 236% increase in their Bitcoin holdings year-over-year. Bradford credits the company’s efficient and responsible scaling for this growth, all of which was mined domestically in the U.S., thereby supporting local energy and job markets while also contributing to the broader global Bitcoin ecosystem.
In light of this milestone, CleanSpark’s CFO, Gary Vecchiarelli, underscored the company’s commitment to judicious financial management. He stated that CleanSpark aims to leverage its Bitcoin assets in ways that align with solid risk management and disciplined capital strategies, such as lowering capital costs and minimizing exposure to unfavorable counterparty risks.
Like many Bitcoin miners, CleanSpark sells a portion of its mined Bitcoin to finance new equipment and operational costs. However, CleanSpark has maintained a strategy of holding onto most of its Bitcoin. In December alone, they mined 668 Bitcoin, selling only 12.65 of them, thereby maintaining a substantial portion of their production.
The company reported an increase in its operational hashrate to 39.1 exahashes per second by the end of 2024, marking a 33% improvement in energy efficiency from the previous year. Despite these achievements, CleanSpark shares fell by 5.8% amidst a broader market downturn.
In December, CleanSpark was surpassed only by MARA Holdings, which mined 890 Bitcoin during the month. Other companies like Riot Platforms and IREN also mined significant amounts, while Bitdeer reported 145 Bitcoin and Bit Digital experienced a decline in production due to operational adjustments and the retirement of older miners.
CleanSpark reported robust performance in 2023 with its shares soaring over 440%, but like other companies in the sector, failed to sustain the momentum amid a challenging market landscape in 2024. Despite these setbacks, CleanSpark remains committed to its operational and financial strategies in the rapidly evolving Bitcoin mining industry.
