CleanSpark Boosts Bitcoin Mining Capacity to 16 EH/s
Impressive Growth in Mining Operations
CleanSpark Inc. has seen significant growth in its mining operations, with a 60% increase in hashrate for February 2024. The company now boasts a formidable 16 exahashes per second (EH/s) in computational power for mining bitcoin transactions.
Boost in Bitcoin Production
The surge in hashrate has led to a 12% increase in bitcoin production, resulting in CleanSpark mining approximately 648 bitcoins in February. The company now holds a bitcoin treasury of 4,218 bitcoins, showcasing its robust mining capabilities.
Efficiency and Expansion
CleanSpark attributes its growth to a larger mining fleet, now comprising over 131,000 operational miners. The company’s efficiency has also improved, with a fleet efficiency recorded at 24.68 joules per terahash (J/Th), indicating operational excellence.
Acquisitions and Future Plans
The company’s recent acquisitions in Mississippi and Dalton are progressing well. The Mississippi data centers are close to full operation, with a current hashrate of 1.5 EH/s expected to rise to 2.4 EH/s. In Dalton, operations are on schedule for an operational target in April 2024 with an anticipated hashrate of 0.8 EH/s.
Financial and Market Performance
Despite the lack of profitability, CleanSpark’s market capitalization stands at $3.31 billion USD, reflecting investor confidence. The company’s revenue growth over the last twelve months is impressive, with a substantial 75.4% increase. Quarterly revenue growth for Q1 2024 is a remarkable 165.24%, showcasing strong operational prowess.
Investor Insights
CleanSpark’s stock has experienced a significant return over the last year, with a 1 Year Price Total Return of 548.06%. Analysts anticipate sales growth, indicating a positive outlook for investors. With stable financials and a focus on growth, CleanSpark presents an enticing opportunity in the tech sector.
This article provides insights into CleanSpark’s operational advancements and financial performance, offering investors valuable information for decision-making. With a focus on sustainable bitcoin mining, CleanSpark’s growth trajectory presents promising opportunities for investors.
