CleanSpark becomes fourth Bitcoin miner to hold 10,000 BTC

January 10, 2025 Coin Telegraph

CleanSpark joins MARA Holdings, Riot Platforms and Hut 8 Mining Corp as a major listed Bitcoin mining firm with 10,000 Bitcoin or more on its balance sheet.

United States Bitcoin mining firm CleanSpark says it now holds 10,097 Bitcoin in its treasury — making it the fourth public-listed mining firm to currently hold more than 10,000 Bitcoin.

It follows a 236% year-over-year increase in CleanSpark’s Bitcoin (BTC)-denominated treasury, which CleanSpark’s CEO Zach Bradford attributed to the company scaling more efficiently and responsibly in a Jan. 9 statement.

All of CleanSpark’s 10,097 Bitcoin has been mined in the US, supporting American energy and jobs while contributing to the growth of Bitcoin’s global ecosystem, Bradford added.

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BTC miners adopted ‘treasury strategy,’ diversified business in 2024: Report

January 7, 2025 Coin Telegraph

Bitcoin Miners

In 2024, the combined market capitalization of public Bitcoin mining companies reached $50 billion for the first time.

2024 was a record-breaking year for the Bitcoin mining industry, but increased competition and sector volatility compelled several companies to adopt new strategies.

According to a Jan. 7 report by NiceHash and Digital Mining Solutions, public miners followed in MicroStrategy’s footsteps by increasing their Bitcoin (BTC) treasury holdings.

“In 2024, a notable shift emerged among Bitcoin miners, with many opting to retain a larger portion of their mined Bitcoin or refraining from selling altogether,” wrote report authors Nico Smid and Cindy Geng.

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Bitcoin ASIC maker Bitmain expands production line into US

December 10, 2024 Coin Telegraph

Antminer S21 Pro

It comes as US Bitcoin miners have had to deal with delayed deliveries of Bitmain ASICs that have been stuck at US ports of entry for weeks.

Bitcoin mining hardware firm Bitmain says it has expanded its production line to the United States to improve supply chain efficiency, while trade tensions continue to escalate between China and the US.

“This strategic move aims to provide faster response times and more efficient services to the North American customers,” China-based Bitmain said in a Dec. 9 X post.

Bitmain is a crypto mining equipment manufacturer known for designing application-specific integrated circuit (ASIC) chips, with reports estimating it holds as much as a 90% marketshare of Bitcoin miners.

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CleanSpark targets 400MW Bitcoin mining capacity after acquiring GRIID

November 1, 2024 Coin Telegraph

Bitcoin

CleanSpark CEO Zach Bradford said it was a strategic move for the firm to increase its mining capacity in Tennessee.

Bitcoin mining firm CleanSpark says it is closer to realizing its plan to build 400 megawatts of capacity in the coming years after acquiring American-based infrastructure company GRIID.

CleanSpark CEO Zach Bradford said he was pleased to announce the completion of the firm’s acquisition of GRIID Infrastructure following shareholder approval, which is a “strategic move that allows us to grow our Bitcoin mining capacity in the state of Tennessee,” in an Oct. 31 announcement.

He added that the acquisition will allow CleanSpark to build over 400 megawatts of capacity in the coming years. “Moreover, this adds significant geographic and power supply diversity through expansion in the Tennessee Valley Authority service territory, providing us with additional operational flexibility,” he said.

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Bitcoin mining stocks rocket 24% on macro climate, AI play: Analyst

October 29, 2024 Coin Telegraph

Bitcoin Network Difficulty

Deficit spending and lower interest rates have boosted global liquidity higher, benefiting Bitcoin and related markets, Blockware’s Mitchell Askew said.

Share prices of Bitcoin miners soared as high as 24.4% on Oct. 28 as Bitcoin rallied over $70,000 — with an analyst pointing to an increasingly favorable macroeconomic climate and miners’ continued diversification into AI.

“Deficit spending and lower interest rates are driving global liquidity higher [while] investors are fearful of high inflation over the long term, as evidenced by poor performance from treasury bonds since the Sept[ember] rate cut,” Mitchell Askew, head analyst at Bitcoin (BTC) mining firm Blockware told Cointelegraph.

As such, investors are turning to the Bitcoin markets where Bitcoin mining stocks are trading at a “beta.”

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CleanSpark reports 187% hashrate growth

October 4, 2024 Coin Telegraph

Bitcoin mining

CleanSpark’s hashrate increased from 9.6 EH/s to 27.6 EH/s over the past year, driven largely by strategic acquisitions that boosted its mining capacity.

Bitcoin miner CleanSpark has posted a 187% increase in its hashrate over the past 12 months, according to its unaudited fiscal year report released on Oct. 4.

CleanSpark’s hashrate rose from 9.6 EH/s in September 2023 to 27.6 EH/s in September 2024, with 5 EH/s added over the past month alone. In a statement, CEO Zach Bradford attributed the performance to strategic acquisitions:

CleanSpark currently operates multiple data centers across the United States, expanding its capacity significantly in recent years. The company has acquired five turnkey mining facilities in Georgia and three more in Mississippi.

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CleanSpark still to restore 165MW in aftermath of Hurricane Helene

October 1, 2024 Coin Telegraph

Alabama

The massive category 4 hurricane has killed at least 137 people, and many more are still missing — while millions of homes and businesses remain without power.

United States Bitcoin mining firm CleanSpark says it is still working to turn the power back on across all its facilities in the aftermath of Hurricane Helene — which saw devastating flooding, power outages and widespread damage across several US states.

The Bitcoin miner’s hashrate briefly fell from 28 exahashes per second to 10.5 EH/s when it was forced to shut down 365 MW at the southeast Georgia site shortly after the hurricane started on Sept. 27.

However, CleanSpark has managed to turn 200 MW back online since then, increasing its current operating hash rate to 22 EH/s, CleanSpark’s CEO Zach Bradford noted in a Sept. 30 statement.

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Crypto Biz: Crypto fever hits wealth managers

September 14, 2024 Coin Telegraph

Bitfarms

This week’s Crypto Biz explores the launch of new crypto ETFs, CleanSpark’s acquisition of new mining sites, another round of conflict between Bitfarms and Riot, and more.

Wealth advisers are adopting Bitcoin exchange-traded funds at an unprecedented rate, faster than any previous ETF in history, according to Matt Hougan, chief investment officer at Bitwise.

The surge is primarily driven by financial advisers such as registered investment advisers and large firms like Morgan Stanley. BlackRock’s iShares Bitcoin Trust ETF alone has attracted $1.45 billion in flows from wealth managers.

Asset management firms are also looking to offer diversified exposure to blockchain technology. Over the past few days, State Street and Galaxy launched three new funds to provide alternative strategies for institutional investors.

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Cleanspark Expands Bitcoin Mining Operations by Acquiring 7 Tennessee Facilities

September 12, 2024 Bitcoin.com

Acquisition

Cleanspark Inc. has unveiled plans to acquire seven bitcoin mining facilities in Knoxville, Tennessee. The $27.5 million deal is expected to boost the company’s current mining capacity by 5 exahash per second (EH/s) by 2024, representing a 22% increase in its operational hashrate. Cleanspark to Acquire 7 Bitcoin Mining Facilities in $27.5M Deal, Boosting Hashrate […]

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Cleanspark Secures 26,000 Bitmain Immersion Miners in $167.7M Deal

August 13, 2024 Bitcoin.com

Cleanspark Secures 26,000 Bitmain Immersion Miners in 7.7M Deal

ASIC miners

Cleanspark, a publicly-listed bitcoin mining company, recently shared in its 10-Q report that it has acquired 26,000 units of Bitmain’s S21 XP immersion-cooled bitcoin mining machines. These types of cutting-edge immersion miners, known for their quieter operation and impressive hashrate performance, are gaining traction in the industry. Cleanspark to Acquire Next-Gen Immersion-Cooled Mining Rigs From […]

Cleanspark

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