CleanSpark Inc. reports an increase in Bitcoin production in June, mining a total of 445 Bitcoins. CleanSpark has exceeded its annual average target for operational hashrate, which now exceeds 20 exahash per second (EH/s). This development marks a doubling of the company’s hashrate as of December 2023.
Georgia Site-Changer acquisition
The achievement of this mid-year target is attributed to CleanSpark’s strategic acquisition of five new Bitcoin mining sites in Georgia. These sites provided 60 megawatts (MW) of infrastructure, including designated power purchase agreements (PPAs) for intermittent customers with load balancing capabilities.
“Doubling the hashrate required hard and teamwork,” he added
“We have reached a huge milestone on our path to 50 EH/s. Surpassing 20 EH/s in operational hashrate is more than double what we achieved in December,” – CleanSpark CEO Zach Bradford said .
“Doubling our hashrate takes commitment and teamwork, and our growth is a testament to the commitment of our teams. While our colleagues are exploring other revenue avenues, we are laser-focused on delivering results and increasing our hashrate of Bitcoin mining and related revenues,” Bradford added.
The CEO’s statement underscores CleanSpark’s focus on scaling Bitcoin mining operations. This focus is in stark contrast to some industry competitors who are diversifying their business models to include other forms of revenue.
CleanSpark acquires GRIID
CleanSpark entered into a merger agreement with GRIID Infrastructure Inc. in June, acquiring GRIID in an all-stock transaction valued at $155 million.
The merger will improve CleanSpark’s capabilities with a hosting agreement available through GRIID. The deal immediately allocates 20 megawatts to CleanSpark , increasing its operational capacity. GRIID operates a research and development center in Texas and an equipment repair center in Tennessee.
CleanSpark’s strategy is to focus on maximizing capacity in current locations, while exploring future opportunities in new locations such as Wyoming and Tennessee. Infrastructure plays a key role in CleanSpark’s ability to exceed hashrate targets and increase Bitcoin production.