CleanSpark, a public Bitcoin miner in the US, has seen a significant increase in its Bitcoin treasury, growing by 567% since 2023. The company reported mining 494 BTC in July 2024, with a total of 4,108 BTC mined for the year, valued at roughly $268 million. As of July 31, CleanSpark held 7,082 BTC, valued at $462 million.
CEO Zach Bradford highlighted the company’s progress in expanding into Tennessee and Wyoming, stating that they are on track to reach their goal of 32 EH/s by the end of the year. In Tennessee, CleanSpark has already operationalized 1.0 EH/s under a 50 MW power allocation, with plans to double this capacity in the near future. In Wyoming, the company has secured power agreements for 75 MW and is finalizing the acquisition of its first mining site in the state.
The company’s strategic expansion efforts also include the Dalton facility expansion, where the East building is completed and the West building is well underway, with a projected 15 MW expansion set to commence operations by early September. This expansion is expected to contribute an additional 0.9 EH/s to CleanSpark’s overall hashrate.
These developments align with CleanSpark’s strategy to enhance its Bitcoin mining capabilities, optimize operational efficiency, and capitalize on opportunities in new markets. The company’s increase in Bitcoin reserves reflects a broader trend among miners to hold onto their BTC rather than converting it to fiat currency.
Overall, CleanSpark’s growth in its Bitcoin treasury and strategic expansions position the company for continued success in the evolving cryptocurrency mining landscape.