CleanSpark Inc (NASDAQ:CLSK)’s bitcoin mining hashrate has climbed above 4 EH/s (quintillion hashes per second), the company announced.
Hasharate determines how much bitcoin a company mines. Essentially, it’s a measure of the computing power available for processing transactions and securing the bitcoin blockchain, which makes it a critical metric for evaluating bitcoin mining companies.
CleanSpark has managed to increase its hashrate more than 30% in less than a month.
READ: CleanSpark inks deal to acquire turnkey bitcoin mining facility in Georgia
"We are proud to bring so much clean energy-backed infrastructure onto the Bitcoin network, and I am grateful to the operational teams that have made this growth possible,” CleanSpark CEO Zach Bradford said in a statement.
"Bitcoin mining, when done with an eye toward low-carbon energy sources, can hasten the decarbonization of our economy. No other industry can do this like Bitcoin. In addition to being a technology that we believe will revolutionize our monetary system, Bitcoin is also a technology capable of revolutionizing our energy systems, making them more resilient, abundant, and clean.”
CleanSpark operates more than 41,000 bitcoin mining machines at three facilities, which have reached a daily production high of 16 bitcoins. The company has purchased a fourth facility from Mawson Infrastructure Group Inc (NASDAQ:MIGI, OTC:MIGI), which is expected to add 1.4 EH/s to the company’s hashrate by the end of the year. That deal is expected to close in October.
CleanSpark also maintained its 2022 year-end guidance of 5 EH/s and 2023 year-end guidance of 22.4 EH/s, the latter of which would make it one of the largest publicly traded bitcoin miners in the world.
“Our rapid growth clearly indicates where our heads are in terms of market dynamics,” executive chairman Matthew Schultz said. “All bear markets eventually end, and this one is no different. We are building the groundwork for significant acceleration when we eventually emerge on the other side of these extraordinary market conditions.”
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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