CleanSpark Reports 9% Increase in Bitcoin Mining Output in May

CleanSpark has reported a 9% increase in Bitcoin mining in May, bringing its total BTC treasury to 12,502 coins. The company raised its hashrate to 45.6 EH/s and expanded its power capacity to 987 MW amid rising competition in the crypto mining space. While revenue increased significantly, CleanSpark faced a substantial net loss.

CleanSpark reported a 9% jump in its Bitcoin mining production for May, reaching a total of 12,502 BTC. That’s double what the company held this time last year. According to their monthly report, the firm mined 694 BTC during the month, surpassing April’s 633 coins. They also increased their hash rate to 45.6 exahash per second (EH/s), improving from 42.4 EH/s in April. Power capacity expanded to 987 megawatts (MW).

Zach Bradford, the CEO, expressed enthusiasm about the results, stating, “May was a strong execution month for CleanSpark.” A sequential increase of 7.5% in the hash rate reflects their improved average fleet efficiency. The significant boost in BTC reserves stems solely from mining, with no equity issued since November 2024.

As of June 3, following the announcement of these operational results, CleanSpark’s shares saw an intraday spike of 6.5%. Over the past month, the stock has surged by 12.4%, outperforming the Nasdaq index during the same timeframe. Moreover, in May, the company sold 293.5 BTC at an average price nearing $102,254 per coin, netting approximately $30 million in revenue from these sales.

In terms of revenue, CleanSpark reported $182 million for the second quarter of 2024, marking a 62.5% increase from the previous year. Despite this growth in revenue, they did share a concerning net loss of $139 million. Meanwhile, competitors in the mining space are also ramping up production.

For instance, MARA significantly increased its output, mining 950 Bitcoin in May, compared to 705 in April—a notable rise of 34.8%. They averaged an extra 7.2 Bitcoin mined daily. Riot Platforms also experienced growth, recording 514 Bitcoin in May versus 463 in April, an increase of 11%. These rising figures in competitor mining reflect a competitive landscape.

Both MARA and Riot Platforms have also seen their share prices climb recently, with MARA up 8% and Riot 6.5% as of the time of reporting. This upsurge in share prices illustrates the growing interest and activity in the Bitcoin mining sector even amid the backdrop of market fluctuations.