What's Going On With Bitcoin Mining Stock CleanSpark Tuesday?

CleanSpark Inc CLSK on Tuesday released an unaudited Bitcoin BTC/USD mining and operations update.

What Happened: CleanSpark announced it mined 445 bitcoin in June, bringing its total bitcoin mined year-to-date up to 3,614. The company said it was holding 6,591 bitcoin as of June 30 after selling 8.06 bitcoin last month at an average price of $67,514.

CleanSpark’s average hashrate through the month of June was 17.85 EH/s, resulting in an average of 14.83 bitcoin mined daily. CleanSpark noted that it exceeded its mid-year hash rate target of 20 EH/s as a result of its previously announced acquisition of five new bitcoin mining sites in Georgia. 

“We reached a tremendous milestone on our path to 50 EH/s and beyond. Surpassing 20 EH/s in operational hashrate is more than double our hashrate from December,” said Zach Bradford, CEO of CleanSpark.

“Doubling our hashrate takes grit and teamwork and our growth is a testament to the dedication of our teams. While our peers are exploring other avenues of income, we’re laser-focused on delivering results and increasing our bitcoin mining hashrate and associated revenues.”

CleanSpark also provided an update on its recent agreement to acquire GRIID Infrastructure. CleanSpark said it closed its acquisition of five turnkey sites in Georgia, providing 60 MW of immediately available data center infrastructure.

Once fully deployed, the company said it expects sites to add 3.7 EH/s of total hashrate. Approximately 1.7 EH/s have been deployed as of June 30, with additional hashrate expected to come online in July.

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CLSK Price Action: CleanSpark shares were down 1.23% at $17.70 at the time of publication, according to Benzinga Pro.

Photo: Miloslav Hamřík from Pixabay.