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As the price of Bitcoin (BTC) continues to fall, mining company CleanSpark has reached two important milestones. The first concerns its production, as the company mined 445 Bitcoins in June.

However, the main goal achieved by the company was breaking the 20 exahashes per second (EH/s) mark. With this, CleansSpark reached its all-time high in terms of processing power (hash rate).

This achievement comes on the heels of the company’s acquisition of five new facilities in Georgia, which increased CleanSpark’s global capacity. In addition, the data shows that the company continues to expand its activities despite the crisis that has hit the industry following the halving.

Record hash rate in Bitcoin mining

In its latest update on Bitcoin mining and operations for the month ending June 30, 2024, CleanSpark detailed its progress. The numbers are yet to undergo an audit, but they are an important preview of the company’s performance.

“We’ve reached a tremendous milestone on our path to 50 EH/s and beyond. We’ve surpassed 20 EH/s in operational hashrate, which is more than double our December hashrate,” said Zach Bradford, CEO of CleanSpark.

In June, the miner produced 445 Bitcoins, bringing the total produced in 2024 to 3,614 BTC. As of June 30, the company held 6,591 Bitcoins and sold 8.06 BTC at an average price of approximately $67,514 per unit.

In terms of infrastructure, CleanSpark claims to have 152,505 miners with a fleet efficiency of 22.31 joules per terahash (J/Th) and a current hash rate of 20.4 EH/s. The average hash rate for the month was 17.85 EH/s, resulting in an average of 14.83 Bitcoins mined daily, with a single-day high of 22.41 BTC.

Bradford emphasized that doubling its hashrate took courage and teamwork, attributing its growth to the dedication of its teams. The CEO noted that while other companies explore different revenue avenues, CleanSpark remains focused on delivering results and increasing its Bitcoin mining hashrate.

Bradford also highlighted efforts to maximize efficiency at existing locations rather than expanding operations. But he also said the company may expand operations to Wyoming and Tennessee.

Growth and prospects

CleanSpark’s strategic growth plans include a deal to acquire mining infrastructure from GRIID. The acquisition of five turnkey sites in Georgia added 3.7 EH/s to its total hashrate, with 1.7 EH/s already deployed as of late June. The remaining hashrate is expected to come online in July.

The miner also said the newly acquired sites in Georgia contribute 60 megawatts (MW) of infrastructure and feature designated load power purchase agreements (PPAs) with load balancing capabilities, a unique advantage for utility providers and the grid.

Additionally, they mentioned that the expansion in Dalton is progressing well. The concrete pouring of both slabs of the building has been completed and the transformers have been installed, which should speed up the start of operations.

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