Cryptocurrency

Cleanspark fiscal year revenue crosses $100M amid expansion plans

Bitcoin (BTC) miner CleanSpark made more than $100 million in revenue year-to-date in May, according to a June 2 report. statement.

CEO Zach Bradford said these milestones were achieved even though most of the expansion plans were scheduled for later this year.

BTC production increased by 16%

CleanSpark reported mining 609 BTC in May. This is a 16% increase from what was recorded in April, and the total BTC holdings increased by 44% to 451 BTC.

Bradford said the higher-than-expected bitcoin production was due to operational efficiency gains and a temporary surge in BTC transaction fees, which increased its normal daily production to an average of around 18 BTC to 30 BTC. said to be connected.

Bradford noted that the increase in fees is due to growing interest in Ordinals on the blockchain.

“Due to a short period of unusually high trading fees, daily mined BTC in May reached an average of 19.6 bits and a high of 29.6 bits.”

Meanwhile, CleanSpark sold 471 BTC for $12.9 million. The miner added that he has mined 3,004 BTC during this year.

The operational hashrate from the 67,9196 deployed miners remained at 6.7 EH/s.

Expansion plan

Meanwhile, the mining company is currently working to expand operations in Washington and Sandlesville.

The Washington site is slated to be energized in June, while the Sandsville site is still undergoing land preparation for expansion, according to a statement.

The company noted that the expansion would add more than 6 EH/s to its current hashrate, potentially doubling its mining power.

On June 1st, the miners Said The company bought 12,500 bitcoin mining rigs for $40.5 million. According to a press release, his 6,000 of these machines will ship from the manufacturer in June, and the remaining 6,500 of them will ship in August.

Bradford said the acquisition “will meet and potentially exceed our year-end target of 16 EH/sec.”

Despite positive gains, CleanSpark’s CLSK shares are down 3.4% on the Nasdaq, trading at $4.15, according to Google Finance data.

Among the expansion plans that first appeared on CryptoSlate, Cleanspark has surpassed $100 million in post-fiscal year revenue.

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