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

CleanSpark Inc CLSK shares are bouncing around in early trading. The company on Thursday announced that it achieved 30 EH/s in operational hashrate.

What Happened: Bitcoin BTC/USD mining company, CleanSpark, said its hashrate reached 30 EH/s and is on track to surpass 37 EH/s before the end of the year.

CleanSpark attributed its year-over-year hashrate growth of approximately 200% to turn-key acquisitions and the execution of a fleet upgrade, paired with significant organic growth. The Bitcoin miner noted that it improved its efficiency over the last year by nearly 20% and increased its total operational machines by 112% over the same period.

“Reaching 30 EH/s positions us as one of the largest bitcoin miners in the world. We have added more operational hashrate than any other miner in 2024. The results we continue to deliver demonstrate our commitment and ability to scale rapidly and with capital efficiency,” said Zach Bradford, CEO of CleanSpark.

“Since October 2021, we have significantly increased our computing power year over year by quadrupling in 2022, nearly doubling in 2023 and tripling our hashrate in 2024.”

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The company said additional hashrate is expected to come online with the closing of its GRIID Infrastructure acquisition this month as it targets 50 EH/s of hashrate and beyond in 2025.

The operational update comes after CleanSpark announced last week that it shut down some of the power at its Southeast Georgia sites due to Hurricane Helene.

CleanSpark said it brought its hashrate up to 17.5 EH/s within 24 hours of the storm. The company recently noted that it experienced no material damage to its site infrastructure and was unaware of any material losses related to mining servers.

CleanSpark reported monthly mining metrics last week showing that it mined 493 Bitcoin in September, up from 478 in August. The company has now mined a total of 5,079 Bitcoin year-to-date.

“Our efforts to time the market and lock in industry-best pricing on rigs and sites positioned us to take advantage of the opportunities in the market. During this period of rapid expansion of our operations, we have also grown our bitcoin treasury to over 8,049 bitcoin,” Bradford said.

CLSK Price Action: CleanSpark shares were up more than 1% following the hashrate update before pulling back and turning negative as the overall market reacted to CPI and jobless claims data. The stock was down 0.436 at $8.82 at the time of publication Thursday, according to Benzinga Pro.

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