Categories: Bitcoin Latest News

Energy Company Turned Miner Produced A Record 532 BTC In October

CleanSpark saw a record bitcoin production in October following recent investments in growth amid a battered mining market.

CleanSpark Inc., an energy company turned bitcoin miner, produced a record amount of new BTC last month.

The Nasdaq-traded firm said in a statement sent to Bitcoin Magazine that it had mined 532 bitcoin in October, representing a nearly 20% increase from its September production. In addition, the company also shared some updates on its immersion-cooled farm.

“I’m excited to announce that Phase 2 of our immersion-cooled mining campus in Norcross is now officially complete and hashing,” said Zach Bradford, CleanSpark’s CEO, per the statement. “The progress there has translated into another record-breaking month for us, mining a total of 532 bitcoin. And we’ve now seen a 20% increase in our hashrate two months in a row.”

CleanSpark has mined a total of 3,622 BTC so far this year. However, the miner only holds 290 bitcoin on its balance sheet as it has been selling most of its production to cover operating costs. In October, the firm sold 836 BTC to fund “growth and operations” at an average price of approximately $19,340 per bitcoin to proceeds of $16.1 million.

While some bitcoin miners have faced extreme hardship since the digital currency’s price tumbled earlier this year, CleanSpark has grown its business, scooping up miners and facilities at attractive prices. Earlier this week, the firm announced it had purchased nearly 3,900 Bitmain Antminer S19j Pro miners to its mining fleet for $5.9 million, which translates to about $15.50 per terahash. The price tag paid by CleanSpark is low as, according to data from mining services company Luxor Technologies, machines of such efficiency are currently selling at about $23 per terahash.

Last week, CleanSpark hiked its 2022 hash rate forecast by 10% to 5.5 exahash per second (EH/s) from 5 EH/s. As of October 31, 2022, the company’s mining fleet operated with a hash rate of 5.1 EH/s, up 23% from September 2022. Daily bitcoin mined reached 19.2 in October.

Read More

CleanSpark saw a record bitcoin production in October following recent investments in growth amid a battered mining market.

Author:

Namcios

Publish date:

Nov 3, 2022

CleanSpark saw a record bitcoin production in October following recent investments in growth amid a battered mining market.

CleanSpark Inc., an energy company turned bitcoin miner, produced a record amount of new BTC last month.

The Nasdaq-traded firm said in a statement sent to Bitcoin Magazine that it had mined 532 bitcoin in October, representing a nearly 20% increase from its September production. In addition, the company also shared some updates on its immersion-cooled farm.

“I’m excited to announce that Phase 2 of our immersion-cooled mining campus in Norcross is now officially complete and hashing,” said Zach Bradford, CleanSpark’s CEO, per the statement. “The progress there has translated into another record-breaking month for us, mining a total of 532 bitcoin. And we’ve now seen a 20% increase in our hashrate two months in a row.”

CleanSpark has mined a total of 3,622 BTC so far this year. However, the miner only holds 290 bitcoin on its balance sheet as it has been selling most of its production to cover operating costs. In October, the firm sold 836 BTC to fund “growth and operations” at an average price of approximately $19,340 per bitcoin to proceeds of $16.1 million.

While some bitcoin miners have faced extreme hardship since the digital currency’s price tumbled earlier this year, CleanSpark has grown its business, scooping up miners and facilities at attractive prices. Earlier this week, the firm announced it had purchased nearly 3,900 Bitmain Antminer S19j Pro miners to its mining fleet for $5.9 million, which translates to about $15.50 per terahash. The price tag paid by CleanSpark is low as, according to data from mining services company Luxor Technologies, machines of such efficiency are currently selling at about $23 per terahash.

Last week, CleanSpark hiked its 2022 hash rate forecast by 10% to 5.5 exahash per second (EH/s) from 5 EH/s. As of October 31, 2022, the company’s mining fleet operated with a hash rate of 5.1 EH/s, up 23% from September 2022. Daily bitcoin mined reached 19.2 in October.

Bitcoin Magazine – Bitcoin News, Articles and Expert Insights

Recent Posts

Bitcoin Hovers Below $120K as On-Chain Indicators Point to Slowing Demand

Bitcoin’s price remains in a zone where it is seeing little upward momentum as it…

7 hours ago

Bitcoin Price Sets Up for Another Move—Can the Bulls Seal the Deal?

Bitcoin price is eyeing a fresh increase above the $118,000 resistance. BTC must clear the…

8 hours ago

Asia Morning Briefing: The First AI vs BTC Environmental Impact Numbers are Here. And it Might Start a New Debate

Good Morning, Asia. Here's what's making news in the markets: Welcome to Asia Morning Briefing,…

9 hours ago

‘Sell Ethereum, Buy Bitcoin’: Peter Schiff Makes Surprising Crypto Call

In a fresh post to X on 21 July, long-time cryptoc sceptic and gold advocate…

9 hours ago

Bitcoin Must Defend This Key Support For $180,000 Year-End Target, Analyst Says

As Bitcoin (BTC) consolidates near the $119,000 mark following a new all-time high (ATH) above…

10 hours ago

Analyst Drops ‘Realistic’ Price Predictions For Bitcoin, Ethereum, LINK, BNB, And Aptos

As the crypto market gears up for what many expect to be a major bull…

13 hours ago