Business
CleanSpark Releases July 2024 Bitcoin Mining Update
Mines 494 bitcoin during the month and increases treasury by 567% compared to same prior-year period Officially expands into Wyoming and Tennessee LAS VEGAS,
About this update from Cleanspark, Inc.
[{"type":"text","content":"Mines 494 bitcoin during the month and increases treasury by 567% compared to same prior-year period\nOfficially expands into Wyoming and Tennessee \nLAS VEGAS, Aug. 2, 2024 /PRNewswire/ -- CleanSpark Inc. (Nasdaq: CLSK), America's Bitcoin Miner®, today released its unaudited bitcoin mining and operations update for the month ending July 31, 2024.\n\n \n \n \n \n \n \n\n \n\"We made significant progress in two new states this month,\" said Zach Bradford, CEO. \"Power agreements totaling 75 MW have been secured in Wyoming along with the closing of our first Bitcoin mining site in the state. In Tennessee, we began hashing under our agreements with GRIID infrastructure Inc. with 1 EH/s of additional hashrate added in July. We're continuing our trajectory of growth as we progress towards our target of 32 EH/s by the end of the year.\"\nJuly Bitcoin Mining Update (unaudited)\nBitcoin mined in July: 494CY2024 bitcoin mined: 4,108Total bitcoin holdings as of July 31: 7,082Total bitcoin sold in July: 2.54Deployed fleet: 160,900Fleet efficiency: 22.89 J/ThMonth-end operating hashrate: 21.2 EH/sThe Company sold 2.54 bitcoin in July 2024 at an average price of approximately $62,070 per bitcoin. The average hashrate throughout the month of July was 20.07 EH/s resulting in an average of 15.94 bitcoin mined daily and a single day high of 16.55. The slight change in average fleet efficiency was due to the Company operating a portion of its fleet in higher power modes to maximize production at opportune times.\nGrowth UpdateTennessee Co-location: Hashing in Tennessee per the terms of the Company's acquisition agreements with GRIID has begun. Under the co-location agreement approximately 50 MW of power is currently available, 1.0 EH/s of which was operational at month end, with an additional 1.28 EH/s expected to begin hashing by the end of the current week.\nWyoming Closings: Power agreements for 75 MW have been executed and the Company has closed on its first Bitcoin mining site in the state. The initial 30 MW site will be immersion-cooled and is expected to add approximately 2 EH/s to CleanSpark's hashrate before the end of the year. The Company expects to proceed with the closing of a second site in the coming weeks.\nDalton Expansion: Electrical primary installation is currently ongoing. The East building is completed, and electrical shelvi...