CleanSpark Releases August 2024 Bitcoin Mining Update

CleanSpark published its Bitcoin mining report in August 2024. Although the audit has not yet taken place, the report reveals that CleanSpark mined 478 tokens and sold 2.5 bitcoin at an average price of $56,729 per token. In the previous month, CleanSpark increased the total hash rate by 1.4 EH/s. This has paved the way for the goal of establishing a 65 MW data center by the end of September.

Zach Bradford, the Chief Executive Officer of CleanSpark, expressed his commitment to optimizing fleet efficiency and increasing the hashrate. Zach added that the fleet upgrade is already underway and should conclude in the days to come. While he did not highlight a specific timeline, Bradford did say that they will see the results of their efforts by the end of this fiscal year, which would increase operating hashrate and bitcoin production.

The total Bitcoin holdings by CleanSpark are 7,558, and its month-end operating hashrate is 22.6 EH/s. That is higher than the average hashrate of 21.3 EH/s for August. An average of 15.43 bitcoins were mined daily, with a single daily high of 17.88.

The American Bitcoin Miner expects to add 15 MW by next week. That will be followed by 50 MW of additional data center capacity, which might arrive by the middle of the month. CleanSpark executed the agreement for a site totaling 75 MW of power in July 2024. It is now utilizing almost 50 MW under the hosting agreement in Tennessee.

That said, the price of BTC was $56,277.84, down by 4.62% in the last 24 hours, at the time of writing this article. It further reflects a drop of 5.12% in the last 7 days and 7.38% in the last 30 days. While drafting this article, the 24-hour trading volume has increased by 23.78%. According to the BTC forecast, Bitcoin is next projected to surge by 42.03% in the next 30 days and touch the value of $80,614.

As for CleanSpark, the company reportedly lost value in its shares. This is possibly connected to the fact that bitcoins mined in August are less than in July, when 494 tokens were mined. The update about BTC mined in August comes after CleanSpark published financials for the third quarter of FY2024.

The net loss stood at $236.2 million with an adjusted EBITDA of $12.7 million. Quarterly revenue reported was $104.1 million, which is 129% up from $45.5 million, which was the number for the previous year’s third quarter. The financial report reported Bitcoin tokens worth $413 million, in addition to total current assets of $598.8 million. The reported total assets were $1.48 billion.

All sights are on September and CleanSpark’s willingness to achieve the stated target.