CleanSpark’s latest update shows major increase in BTC mining due to fees

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CleanSpark, Inc., a publicly traded bitcoin mining company. has released its May 2023 bitcoin mining and operations update, revealing a significant increase in both bitcoin holdings and revenue. The company’s bitcoin holdings increased by 44% in May, reaching a total of 451 BTC. Bitcoin mining increased by 16% to 609 BTC during the month.

Zach Bradford, CEO of CleanSpark, expressed satisfaction with the company’s performance, saying, “Not only do we continue to grow the amount of bitcoin in our treasury, but we also surpassed $100 million in revenue for our fiscal year.” “

Bradford also attributed the higher-than-expected bitcoin production to an increase in operational efficiencies and a temporary jump in transaction fees due to increased interest in ordinals on the blockchain. During this period, CleanSpark’s daily bitcoin production reached almost 30 BTC, almost double its normal daily production.

In terms of operational updates, CleanSpark’s 50MW expansion in Washington is progressing as planned, with the facility expected to be fully operational by the end of June. Expansion of the company’s Sandersville site is also underway, with CleanSpark’s mining operations preparing to exceed 6 EH/s.

To fund its development and operations, CleanSpark sold 471 bitcoins in May, raising approximately $12.9 million. The company currently operates a fleet of approximately 67,196 latest generation bitcoin miners with a total hash rate of 6.7 EH/s.

CleanSpark described its commitment to expanding its bitcoin mining capacity and capitalizing on market opportunities. The company said that with its strong performance and growing bitcoin holdings, it is well positioned for future growth in the industry.