CleanSpark announced that its Bitcoin mining activities rose by 9.4% in May, leading to a total of 12,502 BTC in its treasury—double compared to the same month last year. The company mined 694 coins in May, compared to 633 in April, while also increasing its hash rate to 45.6 exahash, a 7.5% increase from the previous month. With a power capacity expansion to 987 MW, CleanSpark is positioning itself firmly in the market.
Zach Bradford, CleanSpark's CEO, stated, "May was a strong execution month for CleanSpark. We increased our month-end hashrate to 45.6 EH/s while improving average fleet efficiency." This performance indicates a solid foundation for future growth; the company’s BTC reserve has expanded without involving any equity issuance since November 2024.
On the same day of the announcement, CleanSpark's shares rose by 6.5% during intraday trading. The stock has seen a rise of 12.4% over the month, surpassing the performance of the Nasdaq. In terms of financial results, CleanSpark recorded approximately $30 million in revenue from selling 293.5 BTC at an average price of $102,254 per coin. Despite generating $182 million in revenue for the second quarter of 2024—62.5% higher than the previous year—the company reported a net loss of $139 million.
CleanSpark faces growing competition, notably from competitors like MARA and Riot Platforms, who also boosted their production in May. MARA reported a remarkable 34.8% increase to 950 BTC mined, while Riot Platforms saw an 11% rise to 514 BTC. Each company has experienced rising stock prices, reflecting positive sentiment across the mining sector.
As the crypto mining market expands, CleanSpark's recent performance provides insight into the competitive dynamics and ongoing challenges faced by the sector.
Zach Bradford, CleanSpark's CEO, stated, "May was a strong execution month for CleanSpark. We increased our month-end hashrate to 45.6 EH/s while improving average fleet efficiency." This performance indicates a solid foundation for future growth; the company’s BTC reserve has expanded without involving any equity issuance since November 2024.
On the same day of the announcement, CleanSpark's shares rose by 6.5% during intraday trading. The stock has seen a rise of 12.4% over the month, surpassing the performance of the Nasdaq. In terms of financial results, CleanSpark recorded approximately $30 million in revenue from selling 293.5 BTC at an average price of $102,254 per coin. Despite generating $182 million in revenue for the second quarter of 2024—62.5% higher than the previous year—the company reported a net loss of $139 million.
CleanSpark faces growing competition, notably from competitors like MARA and Riot Platforms, who also boosted their production in May. MARA reported a remarkable 34.8% increase to 950 BTC mined, while Riot Platforms saw an 11% rise to 514 BTC. Each company has experienced rising stock prices, reflecting positive sentiment across the mining sector.
As the crypto mining market expands, CleanSpark's recent performance provides insight into the competitive dynamics and ongoing challenges faced by the sector.
