CleanSpark’s Latest Update Unveils Significant Increase in Bitcoin Mining Profits from Transaction Fees

CleanSpark Reports Significant Growth in Bitcoin Holdings and Revenue in May 2023 Update

CleanSpark, a publicly traded bitcoin mining company, has reported a 44% increase in its bitcoin holdings in May, bringing its total to 451 BTC. The company also saw a 16% increase in bitcoin mined during the month, totaling 609 BTC.

CleanSpark’s CEO, Zach Bradford, expressed satisfaction with the company’s performance, stating, “Not only do we continue to increase the amount of bitcoin in our treasury, but we also surpassed $100 million in revenue for our fiscal year to date.” Bradford attributed the higher-than-expected bitcoin production to increased operational efficiency and a temporary surge in transaction fees due to increased interest in Ordinals on the blockchain. During this period, CleanSpark’s daily bitcoin production reached nearly 30 BTC, almost double its normal daily production.

In terms of operational updates, CleanSpark’s 50MW expansion in Washington is progressing according to plan, with the facility expected to be fully operational by the end of June. The company’s Sandersville site expansion is also underway, with preparations being made for the addition of over 6 EH/s to CleanSpark’s mining operations.

To fund its growth and operations, CleanSpark sold 471 bitcoins in May, generating approximately $12.9 million in proceeds. The company currently operates a fleet of about 67,196 latest-generation bitcoin miners with a total hashrate of 6.7 EH/s.

CleanSpark described its commitment to expanding its bitcoin mining capacity and capitalizing on market opportunities. The company stated that with its strong performance and increasing bitcoin holdings, it remains well-positioned for future growth in the industry.

As reported by Bitcoin Magazine, CleanSpark is a bitcoin mining company that is committed to expanding its mining capacity and capitalizing on market opportunities. With its strong performance and increasing bitcoin holdings, CleanSpark is well-positioned for future growth in the industry.

This news was first seen here: CleanSpark’s Latest Update Reveals Major Boost In BTC Mined Due To Fees on 2023-06-02 14:33:18

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J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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