United States Cryptocurrency Miner CleanSpark Sees Significant Growth in Bitcoin Holdings
Efficiency Improvements and Accelerated Hasrate Drive Success
In a recent report released on January 6th, United States-based cryptocurrency miner CleanSpark has announced a substantial increase in its Bitcoin holdings for the final month of 2024. The company attributes this growth to efficiency improvements and a sharp acceleration of hashrate growth, marking a significant milestone in its mining endeavors.
Hashrate Growth Surpasses Expectations
According to the report, CleanSpark mined an impressive 668 BTC in December alone, contributing to a total of 7,024 BTC for the entire year. Notably, the company’s hashrate – or the amount of computational power deployed to secure the Bitcoin network – experienced a remarkable 287.9% year-over-year increase. This significant surge in hashrate growth is a testament to CleanSpark’s ability to adapt and optimize its mining operations.
Efficiency Improvements Drive Operating Hasrate
Hashrate efficiency, which measures the amount of computational power required to achieve a specific level of operating hashrate, also saw a notable improvement of 33.3% from the previous year. This increase brought CleanSpark’s operating hashrate to an impressive 39.1 exahashes per second by the end of 2024.
Selling Prices and Revenue
In December, CleanSpark sold 12.65 BTC, representing only 58% of its average daily production during the month. The average selling price was approximately $101,246, generating a substantial $1.28 million in revenue for the company.
Mining Capacity Expansion
CleanSpark significantly expanded its mining capacity in 2024 by acquiring seven facilities in Knoxville, Tennessee. At the time, the company stated that these new facilities would boost its hashrate by 22%. This strategic move is expected to continue driving CleanSpark’s growth and competitiveness in the cryptocurrency mining market.
Stock Performance
Following the release of the report, CleanSpark stock (ticker symbol CLSK) experienced a sharp rally on January 6th. However, it still trades at less than half its 52-week high.
CleanSpark Surpasses Tesla as Top Corporate Holder
By the end of 2024, CleanSpark had accumulated an impressive 9,952 BTC for a total value of $1.01 billion. This makes it the fifth-largest corporate holder of Bitcoin, surpassing Tesla and joining only MicroStrategy and three other mining companies in holding more Bitcoin than CleanSpark.
Institutional Demand Continues to Grow
As reported by Cointelegraph, publicly listed companies now hold 593,152 BTC, accounting for approximately 20% of institutional Bitcoin treasuries. This figure includes government holdings of confiscated Bitcoin. However, industry data suggests that more corporations are looking to add Bitcoin to their balance sheets.
KULR Converts Cash into Bitcoin
In a recent development, space technology company KULR announced that it had converted $21 million in cash into Bitcoin. This move follows the footsteps of Canadian companies Matador Technologies and Quantum BioPharma, which have also adopted Bitcoin as part of their corporate treasury strategy.
"Bitcoin Standard" Corporations on the Rise
Hunter Horsley, Bitwise CRO (Chief Revenue Officer), believes that 2025 will be the year of "Bitcoin Standard" corporations. He predicts an increased adoption of Bitcoin by more companies looking to add BTC to their balance sheets.
Related Articles and Resources
- Bitwise Files for ETF Tracking Firms with Bitcoin Treasuries
- Exploring More Articles Like This
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