CleanSpark, a Bitcoin (BTC) mining company, announced on June 2 that its fiscal year-to-date revenue had surpassed $100 million in May, surpassing expectations for BTC production. CEO Zach Bradford expressed satisfaction with these accomplishments, particularly since most of the expansion plans were anticipated for later in the year.
CleanSpark reported mining 609 BTC in May, marking a 16% rise compared to its April figures. Additionally, the company’s total BTC holdings surged by 44%, reaching 451 BTC. Bradford attributed the better-than-expected Bitcoin production to enhanced operational efficiency and a brief surge in BTC’s transaction fee. This fee increase resulted in the daily production rising from an average of around 18 BTC to 30 BTC.
Bradford explained that the rising fees were a consequence of increased interest in Ordinals on the blockchain. He stated, “May’s daily BTC mined averaged 19.6 and reached a high of 29.6 due to a brief period of unusually high transaction fees.”
During this period, CleanSpark sold 471 BTC for $12.9 million. The company also announced that it had mined a total of 3,004 BTC since the beginning of the fiscal year. CleanSpark maintained its operational hashrate at 6.7 EH/s, deploying 67,9196 miners.
CleanSpark is actively working on expanding its operations in Washington and Sandrrsville. According to the company’s statement, the energization of the Washington site is scheduled to commence in June, while preparations for the expansion of the Sandsville site are currently underway.
The company stated that these expansion efforts could potentially double its mining capacity by adding over 6 EH/s to its current hash rate. On June 1, CleanSpark announced the purchase of 12,500 Bitcoin mining rigs for $40.5 million. The manufacturer plans to ship 6,000 machines in June, with the remaining 6,500 scheduled for shipment in August.
Bradford expressed confidence that this acquisition would enable CleanSpark “to meet and potentially exceed its year-end target of 16 EH/s.”
Despite the positive financial results, CleanSpark’s CLSK stock experienced a 3.4% decline on Nasdaq, currently trading at $4.15 according to Google Finance data.