CleanSpark Becomes Fourth Major Bitcoin Miner to Hold Over 10,000 Bitcoins
[CleanSpark](https://www.clean spark.com/), a leading US-based Bitcoin mining firm, has announced that it now holds an impressive 10,097 Bitcoins in its treasury. This significant milestone makes CleanSpark the fourth publicly listed miner to hold more than 10,000 Bitcoins, as per the latest data from BitcoinTreasuries.NET.
A 236% Year-Over-Year Increase in Bitcoin Holdings
According to a recent statement by CEO Zach Bradford on January 9, CleanSpark’s Bitcoin-denominated treasury has seen a remarkable 236% year-over-year increase. This significant growth can be attributed to the company’s efforts to scale more efficiently and responsibly.
All Bitcoins Mined in the US, Supporting American Energy and Jobs
Notably, all 10,097 Bitcoins held by CleanSpark were mined within the United States. This not only supports American energy and jobs but also contributes significantly to the growth of Bitcoin’s global ecosystem. As Bradford emphasized, "All of our Bitcoins were mined in the US, supporting American energy and jobs while contributing to the growth of Bitcoin’s global ecosystem."
CleanSpark’s Commitment to Responsible Financial Innovation
Chief Financial Officer Gary Vecchiarelli reinforced CleanSpark’s commitment to using its Bitcoin holdings in a way that aligns with sound risk management principles and disciplined capital strategy. By avoiding unfavorable counterparty exposure and leveraging their Bitcoin to lower their cost of capital, CleanSpark is positioning itself as a leader in responsible financial innovation.
The Importance of Treasury Policies for Bitcoin Miners
Bitcoin miners often sell some of their mined Bitcoin to fund new machines, cover maintenance expenses, and pay employees. However, some companies have adopted treasury policies to retain all or most of the Bitcoins they mine. CleanSpark is among these companies, with a policy that enables them to hold onto as much of their mined Bitcoins as possible.
CleanSpark’s Mining Performance in 2024
In 2024, CleanSpark mined an impressive 7,024 BTC, which is a significant increase from the 2,300 Bitcoins they started the year with. Their operating hashrate increased to 39.1 exahashes per second by the end of 2024, while their hash rate efficiency – the number of hashes a mining machine produces per unit of energy consumed – rose by 33% from 2023.
Market Performance and Share Price
On January 9, CleanSpark’s shares fell 5.8% to $10.09 amid a broader market downturn, as per Google Finance data. This decline is part of the company’s performance in 2024, during which they failed to capitalize on an industry-wide market rally, ultimately falling around 16%.
Comparison with Other Public Miners
CleanSpark’s Bitcoin mining performance can be compared with other public miners like MARA Holdings, Riot Platforms, and Hut 8 Mining. While CleanSpark mined 7,024 BTC in December, MARA Holdings reported an impressive 890 Bitcoins, followed by Riot Platforms and IREN with over 500 each.
Other Companies’ Performance
In contrast to CleanSpark’s significant increase in Bitcoin mining, Bit Digital attributed their decline in monthly production – falling 27.8% to 32.4 BTC – to changes in their hosting portfolio, redeployment of mining assets, and the retirement of older generation miners.
Conclusion
CleanSpark’s achievement of holding 10,097 Bitcoins in its treasury is a testament to the company’s commitment to responsible financial innovation and efficient scaling. As they continue to grow and innovate, it will be interesting to see how their policies and performance impact the broader Bitcoin mining industry.
