CleanSpark Exceeds 10,000 BTC Treasury Milestone With 236% YoY Growth

Nevada-based Bitcoin mining company CleanSpark has reached a major milestone by surpassing 10,000 BTC in its treasury. All Bitcoins were mined exclusively from their US-based operations.

The latest figure reflects a 236% year-on-year (YoY) increase in its Bitcoin holdings.

CleanSpark reaches milestone

Zach Bradford, the company’s CEO and president, attributed the milestone to the company’s strategic focus on efficient and responsible scale, emphasizing the use of energy and northern labor. American to support its mining operations.

In a statement, CleanSpark CFO Gary Vecchiarelli said:

This achievement is not just a number, it is a direct reflection of the success of our financial strategy and how far our industry-leading operations have come, which have evolved since we mined our first bitcoin in December 2021. By avoiding adverse counterparty exposure and leveraging our bitcoin to reduce our cost of capital, we are positioning CleanSpark as a leader in responsible financial innovation.”

According to data compiled by BitcoinTreasuries, CleanSpark is behind other mining companies such as MARA Holdings, which has 44,893 BTC, and Riot Platforms, which has 17,722 BTC. On the other hand, CleanSpark is followed by Florida-based miner Hut 8 Mining, which currently has 10,096 BTC.

Miners prioritize holding Bitcoin

To cover operating expenses, Bitcoin miners usually sell portions of their mined Bitcoin. However, companies like MARA Holdings prioritize keeping their BTC reserves. Its CEO, Fred Thiel, recently said that retail investors should consider buying Bitcoin and let the value of the crypto asset appreciate. It recently lent 7,377 BTC to third parties, worth around $730 million at the time of the deal, for small returns.

CleanSpark also seems to have followed a similar strategy. In 2024, the company mined 7,024 BTC, but sold only 12.65 BTC in December, retaining most of its holdings.

This sentiment is also reflected in a recent report that indicated that Bitcoin miners have significantly slowed their sales since April 2024. Although there was a brief increase in exchange flows in November 2024 due to of a BTC price spike after the election, miners have since cut profits. taking With the current profitability, these miners have resorted to holding their Bitcoin to sell the storage.

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