CleanSpark Inc (NASDAQ:CLSK), the bitcoin miner, said it has raised its year-end hashrate guidance by 10% to 5.5 exahashes per second (EH/s) after the company surpassed its year-end guidance more than 60 days ahead of schedule.
A firm's hashrate is one of the most critical metrics for evaluating public bitcoin mining companies as it determines how much bitcoin a company can mine.
In a statement, CleanSpark told investors that its bitcoin mining hashrate has now exceeded 5 EH/s, representing an increase of 150% since January this year.
"The effective deployment of our capital strategy has allowed us to exceed hashrate expectations," said the firm's finance chief Gary A. Vecchiarelli.
"Crucial to that strategy has been our long-held commitment to selling a portion of the bitcoin we mine to fund growth and operations. As our hashrate has grown, the amount of bitcoin we produce has also grown, creating a virtuous cycle that has allowed us to seize opportunities for growth and expansion."
READ: CleanSpark completes acquisition of Mawson Infrastructure Group’s Sandersville bitcoin mining facility
Zach Bradford, CEO, added: "Our hashrate growth over the last few months has been helped along with the acquisition of the Washington and Sandersville facilities, but that only tells part of the story.
"This milestone reflects operational prowess and efficiency gains that I believe are unmatched in our industry. In a period where the sector is experiencing reversals in forward-looking expectations, we are bucking that trend."
CleanSpark operated four facilities and has about 50,000 bitcoin mining machines operational with a daily production high of 19.2 bitcoin.
The company expects to meet its 2023 year-end guidance of 22.4 EH/s, an achievement that would make it one of the largest publicly traded bitcoin miners in the world.
Shares surged over 18% in New York on the day to US$3.46 each.
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Contact the writer at giles@proactiveinvestors.com