CleanSpark, Inc., a publicly traded bitcoin mining company, released its May 2023 update on bitcoin mining and operations, revealing significant growth in its bitcoin holdings and revenue. The company’s bitcoin holdings increased by 44% in May, reaching a total of 451 BTC. Bitcoin mined during the month rose 16% to 609 BTC.
CleanSpark CEO Zach Bradford expressed satisfaction with the company’s performance, saying, “Not only do we continue to grow the amount of bitcoin in our treasury, but we’ve also surpassed $100 million in revenue. for our exercise to date.”
Bradford also attributed the higher-than-expected bitcoin production to increased operational efficiency and a temporary increase 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 on schedule, with the facility expected to be fully operational by the end of June. Expansion of the company’s Sandersville site is also underway, with preparations underway to add more than 6 PE/s to CleanSpark’s mining operations.
To fund its growth and operations, CleanSpark sold 471 bitcoins in May, generating approximately $12.9 million in proceeds. The company currently operates a fleet of approximately 67,196 latest generation bitcoin miners with a total hashrate of 6.7 EH/s.
CleanSpark outlined its commitment to expanding its bitcoin mining capacity and taking advantage of market opportunities. The company said that with its strong performance and growing bitcoin holdings, it remains well positioned for future industry growth.