Bitcoin miner CleanSpark grew its hashrate by 187% over the past year

CleanSpark has released the company’s unaudited Bitcoin mining update showing hashrate increased by 187% in the fiscal year ending September 2024.

The publicly traded Bitcoin (BTC) miner announced this on October 3, detailing significant growth in treasury holdings and share prices, among other metrics.

CleanSpark released the unaudited report at a time when the crypto industry is struggling amid the negative impact of geopolitical events in the Middle East.

CleanSpark’s hashrate increase

Last year, Chief Executive Officer Zach Bradford said CleanSpark experienced significant organic growth. Last month also saw the mining giant recover from the impact of Hurricane Helene, adding to the list of challenges the miner has successfully overcome.

As of September 30, 2024, CleanSpark has seen its total hashrate increase from 9.6 exahashes per second to 27.6 EH/s. This represented an increase of 187% and includes the 5 EH/s the miner added to its operations in September.

“Our expansion efforts have not slowed down and, as part of our fleet upgrade plan, we are actively challenging miners at our newly acquired sites and existing facilities. Thanks to these efforts, we expect to reach 30 EH/s in October 2024,” said CleanSpark CEO.

Growth projects enable the miner to achieve 50 EH/s or higher in fiscal 2025.

Bradford also commented on the US-based bitcoin miner’s strategic approach before and after the recent BTC halving. According to him, diversification of the mining firm’s portfolio, including acquisitions and expansion into new fields, was key to this growth.

One of these developments concerns the acquisition of GRIID Infrastructure, which CleanSpark expects to close before the end of the month.

Treasury holds 8,000 BTC

Overall, the treasury increased to more than 8,000 self-mined BTC, which corresponds to a 258% increase compared to the figures recorded in the same period last year.

Total Bitcoin assets stood at 8,049 as of September 30; of which, 7,098 BTC were mined in FY 2024 and 493 BTC were mined in September. In comparison, Riot Platforms mined 412 Bitcoins in the same month.

Notably, CleanSpark sold 2.5 bitcoins during this period, netting roughly $145,717 at an average price of $58,287 per BTC.