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CleanSpark Mines More Bitcoin in May
CleanSpark boosted its Bitcoin mining output by 9.4% in May, digging up 694 BTC versus 633 in April. That brings their Bitcoin stash to 12,502 coins—double what they had last year.
Hashrate Keeps Climbing
The company increased its hashrate to 45.6 exahash per second, up from 42.4 in April. That’s a 7.5% bump. Their power capacity also grew to 987 megawatts. CEO Zach Bradford called it “a strong execution month.”
Big Bitcoin Wallet, No New Shares
CleanSpark hasn’t sold company shares since November 2024. So, the BTC boost is all mining muscle. They now hold the 6th biggest Bitcoin treasury among public firms.
Stock Price Gets a Pump
On June 3, when they revealed the numbers, CleanSpark shares jumped 6.5% during the day. Over the past month, the stock climbed 12.4%, beating the Nasdaq.
Selling BTC, Raking in Millions
In May alone, CleanSpark sold 293.5 BTC at an average of $102,254 each. That’s about $30 million in revenue. Despite making $182 million in Q2 2024, they still posted a net loss of $139 million. Ouch.
The Competition Is No Joke
MARA crushed May with 950 BTC mined—a 34.8% increase from April. That’s an average of 7.2 more BTC per day. Riot Platforms mined 514 BTC, up 11% from April. Both companies also saw stock price boosts.
Footnotes:
Hashrate: A measure of mining power. Higher is better.
Megawatts (MW): A unit of energy capacity.
BTC Treasury: The total Bitcoins a company holds.
