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    Home ยป Mining Titan CleanSpark Clutches Bitcoins Worth 400 Million
    Bitcoin

    Mining Titan CleanSpark Clutches Bitcoins Worth 400 Million

    By adminJul. 3, 2024No Comments2 Mins Read
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    Mining Titan CleanSpark Clutches Bitcoins Worth 400 Million
    Mining Titan CleanSpark Clutches Bitcoins Worth 400 Million
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    Bitcoin mining volume for CleanSpark, a Bitcoin mining company, has increased significantly in July, growing 20% and surpassing its mid-year target of 6.7 exahashes (EH/s) per second. The US-based company mined 8 BTC in July, selling only 6,591 BTC, increasing its total holdings to 4 BTC, valued at nearly $100 million.

    CleanSpark CEO Zach Bradford announced in a statement on February 2nd that the company’s hash rate is now at 20.4 EH/s, double that of January 2023. Hash rate measures the total computing power used for mining and processing Bitcoin transactions.

    According to hash rate index data, CleanSpark currently ranks third in Bitcoin mining, behind Marathon Digital (29.9 EH/s) and Core Scientific (also 20.4 EH/s). Bradford stated that CleanSpark’s goal is to reach a speed of 50 EH/s next year. He shared:

    “Read more:
    [Image]

    Bitcoin network fees drop by 90% – miners may continue to sell off

    While our colleagues are exploring other revenue streams, we remain focused on delivering results and increasing the speed of Bitcoin mining and related income.”

    While some major companies like Core Scientific, TeraWulf, Hut 8 Corp, and Northern Data AG are shifting towards artificial intelligence and cloud computing, CleanSpark continues to focus on improving its BTC mining capacity. Additionally, CleanSpark recently announced a merger with GRIID Infrastructure at a price of $1.55 billion, acquiring all of its common stock and assuming its debt, while also gaining an additional 20 megawatts of capacity.

    Despite the growth in the mining industry and reaching hashing milestones, CleanSpark’s stock price dropped to $55.6 on July 2nd. However, the company’s stock price has risen 247.6% in 2024, a 100% increase from last year.

    [Image]

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