TL;DR
- CleanSpark has surpassed its 2024 operating hashrate target, achieving 37.5 exahashes per second (EH/s), driven by newly energized sites.
- The company plans to continue expanding its hashrate, aiming for 50 EH/s in the first half of 2025, supported by a $650 million convertible bond offering.
- CleanSpark’s recent production stood at 622 BTC mined in November, with an operating hashrate of 33.7 EH/s and a total of 9,297 BTC held.
Bitcoin mining company CleanSpark has surpassed its 2024 operating hashrate target, achieving a significant milestone of 37.5 exahashes per second (EH/s). This accomplishment comes amid the company’s ongoing expansion efforts in the United States, marking a notable increase in fleet efficiency and operational capacity.
Expansion and Efficiency
On December 23, CleanSpark announced that it had exceeded its 2024 guidance of reaching 37 EH/s, hitting 37.5 EH/s instead. This achievement was driven by a combination of newly energized sites, acquisition deals, and fleet upgrades. The company’s fleet efficiency also saw a notable improvement, reaching 17.7 Joules per Terahash (J/Th), which is a significant indicator of the firm’s operational prowess.
Strategic Growth Plans
CleanSpark’s CEO and President, Zach Bradford, highlighted the company’s ambitious targets and the hard work of its teams throughout the year.
“We have delivered on our ambitious targets and expanded our hashrate nearly 300% since the beginning of 2024,” Bradford stated.
The company plans to continue adding highly efficient hashrate through the end of the year and into 2025, with a new target of 50 EH/s in the first half of 2025.
Financial Backing and Future Goals
To support its growth plans, CleanSpark recently closed a $650 million convertible bond offering. The capital raised from this offering is expected to fund the company’s expansion to 50 EH/s. CleanSpark’s strategic growth will be achieved through a mix of greenfield infrastructure development, organic growth via existing site expansion, and strategic mergers and acquisitions.
Recent Production and Holdings
In November, CleanSpark’s production stood at 622 BTC mined, with an operating hashrate of 33.7 EH/s at the end of the month. The number of deployed miners hovered at 195,059, while fleet efficiency hit 19.05 J/Th. The company held a total of 9,297 BTC at the end of November, reflecting its strong position in the Bitcoin mining industry.
CleanSpark’s achievement of surpassing its 2024 hashrate target and its ambitious plans for 2025 underscores the company’s commitment to growth and efficiency in the Bitcoin mining sector. With substantial financial backing and strategic expansion efforts, CleanSpark is well-positioned to continue its upward trajectory in the coming years.
