CleanSpark: the growth in Bitcoin mining

CleanSpark, one of the leading Bitcoin mining companies in the United States, has recently reached a remarkable milestone by accumulating 10,097 BTC in its treasury. 

This represents an increase of 236% year-on-year, a result that places it among the top four publicly listed miners holding over 10,000 BTC, alongside MARA Holdings, Riot Platforms, and Hut 8 Mining.

An efficient scalability model for CleanSpark on Bitcoin

In a statement released on January 9, Zach Bradford, CEO of CleanSpark, attributed this success to the company’s efficiency and responsible scalability. All of the company’s Bitcoin holdings have been mined entirely in the United States, highlighting its commitment to supporting local energy and employment, as well as contributing to the growth of the global Bitcoin ecosystem.

Bradford emphasized how their strategic approach reflects not only technological innovation but also economic sustainability, two essential pillars for a solid future of the bull and bear mining sector.

Gary Vecchiarelli, Chief Financial Officer of CleanSpark, highlighted the central role of risk management in the company’s strategy. “We leverage our Bitcoin to reduce the cost of capital, positioning CleanSpark as a leader in responsible financial innovation,” he stated. 

This approach has allowed the company to maintain a solid position in the industry, strategically using its holdings in BTC to finance the expansion of the infrastructures.

During 2024, CleanSpark produced 7,024 BTC, retaining a significant portion. In December alone, the company generated 668 BTC, with an increase of 7.4% compared to the previous month. This result places it in second place for monthly production, just behind MARA Holdings, which mined 890 BTC in the same period.

Growth of operational efficiency

CleanSpark started 2024 with about 2,300 BTC in the treasury, managing to significantly increase its reserves thanks to disciplined financial strategies and an improvement in operational efficiency. The company’s operational hashrate reached 39.1 exahash per second by the end of the year, marking a 33% increase compared to 2023.

These improvements not only demonstrate CleanSpark’s ability to compete in the sector, but also consolidate its position as a leader in the adoption of advanced technological solutions for Bitcoin mining.

Despite the positive operating results, CleanSpark’s shares recorded a 16% decline in 2024, a figure that contrasts with the broader market rally. 

However, the company has maintained its long-term strategy, selling only 12.65 BTC in December to finance the expansion of its facilities.

In the Bitcoin mining sector, competition is increasingly fierce. While companies like Bit Digital have faced challenges related to asset redistribution and the decommissioning of obsolete machines, CleanSpark has maintained a focus on efficiency and scalability. This has allowed it to stand out as one of the most resilient and innovative entities.

A vision for the future

CleanSpark’s commitment to adopting responsible practices and contributing to the growth of the Bitcoin sector translates into a business model that aims for sustainability and innovation. With a constantly increasing BTC production and a focus on energy efficiency, CleanSpark demonstrates that it is possible to reconcile economic goals with a long-term strategic vision.

With a treasury that has exceeded 10,000 BTC and a constant expansion of its infrastructures, CleanSpark positions itself not only as an industry leader, but as an example of how Bitcoin mining can evolve towards more sustainable and responsible models.