CleanSpark Increased Hashrate In September

CleanSpark, a Bitcoin miner, stated that their hashrate increased 21% in September, hitting 4.16 exahase per second (EH/s).

Despite the downturn market, the firm has been on a run recently, acquiring two sites in less than a month and amassing over 16,000 mining equipment at a discount since June.

CleanSpark mined 448 BTC in September (a 13.4% increase month over month) and increased its Bitcoin balance to 594 BTC. It also sold 380 BTC to fund operations, totaling around $7.5 million.

 Zach Bradford, Chief Executive Officer, said:

“We experienced impressive growth this month, increasing our hashrate by 21% in a single month. Our successes are the direct result of our extraordinary teams who are working to ensure CleanSpark maintains its coveted position in the top five of publicly traded mining companies in North America.

In fact, by many measures, including monthly bitcoin production, we are firmly in the top three and we intend to stay there as we build our way out of current market conditions.”

The company’s goal is to achieve 5 EH/s by the end of the year and 22.4 EH/s by the end of 2023. In September, it grew by more than 30% in a month, exceeding its 4 EH/s projection.

According to Chardan Research, CleanSpark’s latest purchase improves operating leverage and boosts hash rate growth above Street estimates. CleanSpark Executive Chairman Matthew Schultz recently said:

“Our rapid growth clearly indicates where our heads are in terms of market dynamics. All bear markets eventually end, and this one is no different. We are building the groundwork for significant acceleration when we eventually emerge on the other side of these extraordinary market conditions.”

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