CleanSpark mined more BTC and earned higher fees according to their latest update.

CleanSpark, Inc., a company that mines bitcoin and is publicly traded, has shared its update for May 2023 on its bitcoin mining and operations. The update shows a significant increase in both the company’s bitcoin holdings and revenue. In May, the company’s bitcoin holdings increased by 44%, reaching a total of 451 BTC. The amount of bitcoin mined by the company in the same month increased by 16%, reaching 609 BTC.

The CEO of CleanSpark, Zach Bradford, expressed his satisfaction with the company’s performance and said, “We not only continue to increase the amount of bitcoin in our treasury but we have also surpassed $100 million in revenue for our fiscal year to date.”

Bradford also attributed the higher-than-expected bitcoin production to increased operational efficiency and a temporary surge in transaction fees due to increased interest in Ordinals on the blockchain. During this period, CleanSpark’s daily bitcoin production reached nearly 30 BTC, almost double its normal daily production.

CleanSpark’s operational updates show that the company’s 50MW expansion in Washington is progressing according to plan and is expected to be fully operational by the end of June. The expansion of the Sandersville site is also underway, with plans to add over 6 EH/s to CleanSpark’s mining operations.

CleanSpark sold 471 bitcoins in May, generating approximately $12.9 million in proceeds to fund its growth and operations. The company currently operates a fleet of about 67,196 latest-generation bitcoin miners with a total hashrate of 6.7 EH/s.

CleanSpark is committed to expanding its bitcoin mining capacity and capitalizing on market opportunities. The company stated that with its strong performance and increasing bitcoin holdings, it remains well-positioned for future growth in the industry.

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