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

CleanSpark has released its unaudited Bitcoin mining update, which shows the company saw its hashrate jump 187% in the fiscal year ending September 2024.

The publicly-traded Bitcoin (BTC) miner announced this on Oct. 3, detailing significant growth across its treasury holdings and share price among other metrics.

CleanSpark published the unaudited report as the crypto industry heaved amid the negative impact of geopolitical events in the Middle East.

Read more: Bitcoin dumps as Biden supports Israel hitting Iran oil facilities

CleanSpark’s hashrate increase

During the past year, Chief Executive Officer Zach Bradford said that CleanSpark recorded substantial organic growth. The past month also saw the mining giant ride out the impact of Hurricane Helene, with this adding to the miner’s list of successfully navigated challenges.

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

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

Growth projects have the miner at 50 EH/s or higher in the fiscal year 2025.

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

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

Treasury holds 8,000 BTC

Overall, treasury increased to more than 8,000 self-mined BTC, translating to a 258% spike from figures recorded at the same time last year.

The total Bitcoin holdings stood at 8,049 as of Sept. 30, with 7,098 BTC mined in FY2024 and 493 BTC in September. In comparison, Riot Platforms mined 412 bitcoin during the same month.

Notably, CleanSpark sold 2.5 bitcoins in that period, netting roughly $145,717 at the average price of $58,287 per BTC.

Read more: CleanSpark acquiring seven Bitcoin mining facilities in Tennessee