CleanSpark Inc (NASDAQ:CLSK) said it had increased its hashrate and grew its Bitcoin balance during the month of September.
The Bitcoin mining firm mined 448 Bitcoin in September, up 13% from the previous month, and saw a hashrate of 4.16 exa has (EH) per second, up 21% from August 2022.
Las Vegas-based CleanSpark has mined 3,090 Bitcoin so far in 2022.
READ: CleanSpark ratchets up bitcoin mining hashrate 30% in less than a month
"We experienced impressive growth this month, increasing our hashrate by 21% in a single month,” CEO Zach Bradford said in a statement.
“Our successes are the direct result of our extraordinary teams who are working to ensure CleanSpark maintains its coveted position in the top five of publicly traded mining companies in North America. In fact, by many measures, including monthly bitcoin production, we are firmly in the top three and we intend to stay there as we build our way out of current market conditions.”
The company has total Bitcoin holdings of 594 as of September, which is a 13% increase in HODL balance. Total Bitcoin converted for operations and growth during the month came in at 380, or 2% less than the previous month.
One of the largest monthly holding increases
CleanSpark funded growth and operations through the sale of 380 bitcoins in September 2022 at an average of approximately $19,783 per Bitcoin, with sales amounting to approximately $7.5 million.
Daily Bitcoin mined during September reached a high of 16.74.
"Our bitcoin balance has increased by 13% month-over-month, making it one of the largest monthly increases in our HODL since we started releasing monthly mining updates,” CFO Gary Vecchiarelli told investors.
“While we continue our strategy of deploying bitcoin to fund our growth and operations, the fact that our bitcoin treasury is increasing is testament to our growth strategy. The growth in our HODL balance is a direct reflection of our free cash flow resulting from our recent acquisitions, low operating costs and minimal debt service.”
CleanSpark develops sustainable infrastructure for Bitcoin.
Contact Angela at angela@proactiveinvestors.com
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