CleanSpark’s BTC Treasury Hits $260M as Production Surges 12%

CleanSpark’s Bitcoin treasury sees steady growth after the company’s mining operations surged 12% in February.

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  • CleanSpark has grown its Bitcoin treasury.
  • The development followed a surge in the company’s BTC mining operations.
  • The company “meaningfully outpaced global hashrate” in February.

CleanSpark’s Bitcoin mining operations grew 12% in February, bringing its BTC treasury level to a new high of the year, the company said on Friday.

Listed on the Nasdaq exchange under the ticker CLSK, CleanSpark is among the leading Bitcoin mining firms in the U.S., with its headquarters in Henderson, Nevada. The company mined over 7,300 Bitcoins in 2023, up from 4,621 in 2022.

CleanSpark’s Adds More BTC to Treasury

In a press release dated March 1, CleanSpark said that it mined nearly 650 BTC in February and added most of it to its treasury, which now holds 4,218 Bitcoins (about $260 million), up from 3,002 BTC two months ago.

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The company mined an average of 22.3 BTC per day in February. It reached a high of 25.2, with the operating hashrate for the month averaging at approximately 13.88 EH/s “due to several weeks of rapid growth.”

While CleanSpark grew its Treasury, it sold 2.8 BTC in February at an average of approximately $50,000 per bitcoin, with the total proceeds from the sale amounting to about $140,000.

CleanSpark CEO Zach Bradford lauded the performance, noting that the company’s teams “have been hard at work and that work is paying off.”

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“Even though it was the shortest month of the year, we've dramatically increased our hashrate—growing 60% in the space of a few weeks. The result of that effort is that we have meaningfully outpaced global hashrate growth and are already seeing those gains in our monthly production,” Bradford stated.

Regarding operational updates, CleanSpark’s three Bitcoin mining facilities, recently acquired in Mississippi, are nearing operation, with the company estimating a hashrate of 2.4 EH/s once fully operational.

Read how Bitcoin miners won against President Biden’s administration:

Bitcoin Miners Win Round One Against Biden Administration

Stay updated on BlackRock’s Bitcoin ETF record in terms of AUM:

BlackRock’s IBIT Bitcoin ETF Attracts $10 Billion in AUM

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Author
Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.