CleanSpark Inc., a publicly traded North American Bitcoin mining company, mined 668 Bitcoin in December 2024, according to its latest investor update.
— CleanSpark Inc. (@CleanSpark_Inc) January 6, 2025
During the same period, the company sold 12.65 Bitcoin at an average price of $101,246 per Bitcoin, concluding the year with reserves of 9,952 Bitcoin.
For the full year, CleanSpark mined a total of 7,024 Bitcoin, reflecting significant growth in operational capacity. Its hashrate—a key measure of mining power—increased to 39.1 exahashes per second (EH/s), and the company enhanced energy efficiency by reducing energy consumption to 17.59 joules per terahash.
This performance follows a September report that showcased a 187% increase in hashrate over the fiscal year, reaching a peak of 27.6 EH/s. In the same month, CleanSpark sold 2.5 Bitcoin at an average price of $58,287 per Bitcoin.
The company expanded its operations in 2024 by opening new mining facilities in Mississippi, Tennessee, and Wyoming. CleanSpark also raised $650 million through its offering of 0.00% Convertible Senior Notes due 2030, which included $100 million from the exercise of additional purchase options.
CleanSpark CEO Zach Bradford expressed confidence in leading the industry into its “next phase of innovation and scale,” claiming the is on track to achieve its long term goal of a hashrate of 50 EH/s by mid-2025
Meanwhile, Riot Platforms, another North American Bitcoin miner, is under pressure from its investors to pivot from Bitcoin mining. Starboard proposed that Riot lease its unused 600 MW capacity to tech giants like Amazon Web Services and Google.
The push for change came as Riot struggled financially despite Bitcoin’s impressive 130% price surge in 2024. The miner’s stock declined 24% over the year to close at $11.55 per share, with a market cap of $3.97 billion. This lacklustre performance stood in stark contrast to competitors who capitalized on Bitcoin’s rally, fueling calls for a strategic overhaul.
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