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CleanSpark Sees Increased Performance When Mining 30 Bitcoins A Day In May

Key Points:

CleanSpark has published its unaudited Bitcoin mining and operations report for the month of May 31, 2023.
In May, the company mined 609 Bitcoins, up from 524 the previous month.
The company raised funds for expansion and operations by selling 471 Bitcoins.

CleanSpark, a Bitcoin mining firm, issued an update on Bitcoin mining and operations in May.

According to CEO Zach Bradford, 609 Bitcoins were produced in May, 3,004 Bitcoins have been produced so far in 2023, and 471 BTCs were sold for approximately $12.9 million in May to cover operating and growth expenses, thanks to increases in operational efficiency and a brief, albeit significant, increase in transaction fees.

CleanSpark Sees Increased Performance When Mining 30 Bitcoins A Day In May 3

Costs were raised for five days in May because of increasing demand in ordinals on the blockchain, he said.

“At its peak, our bitcoin production jumped to nearly 30 bitcoins in a single day, almost double our normal daily production of about 18 bitcoins. Since then, transaction fees have normalized.”

Cipher Mining, another Bitcoin miner, credited its 21% rise in May BTC output to a substantial spike in transaction fees throughout the month.

The corporation has a deployed fleet of about 67,196 BTC miners with a mining capacity of 6.7 exahashes per second (EH/s).

CleanSpark Sees Increased Performance When Mining 30 Bitcoins A Day In May 4

The total number of BTC holdings as of May 31 was 451. CleanSpark now has 67,196 latest-generation Bitcoin mining rigs with a total computational capacity of 6.7 EH/s installed.

The 50MW expansion project is scheduled to begin operations in the second part of June. The projected Sandersville extension will increase CleanSpark’s mining activities by more than 6 EH/s.

CleanSpark has announced a $40.5 million acquisition of 12,500 Antminer S19 XP Bitcoin mining rigs. The computers were purchased for $23 per terahash, which is less than the current market average. According to the purchase agreement, 6,000 machines will be delivered in June, with the remaining 6,500 arriving in August.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.