As the year 2024 came to a close, United States-based cryptocurrency miner CleanSpark saw a substantial increase in its Bitcoin holdings. The company’s efficiency improvements and sharp acceleration of hashrate growth were cited as key factors contributing to its success.
CleanSpark’s Year-End Report: A Look at the Numbers
According to a January 6 report, CleanSpark mined a total of 668 BTC in December alone. This marks a significant increase from previous months, with the company’s overall Bitcoin holdings standing at 7,024 BTC for the entire year.
Hashrate Growth and Efficiency Improvements
CleanSpark’s hashrate – or the amount of computational power deployed to secure the Bitcoin network – saw a remarkable 287.9% year-over-year increase. The company’s hashrate efficiency also improved by 33.3% from the previous year, bringing its operating hashrate to an impressive 39.1 exahashes per second.
Sales and Revenue
In December, CleanSpark sold 12.65 BTC, representing only 58% of the company’s average daily production during the month. The average selling price was around $101,246, resulting in approximately $1.28 million in proceeds for the company.
Expansion of Mining Capacity
CleanSpark significantly increased its mining capacity in 2024 by acquiring seven facilities in Knoxville, Tennessee. At the time, the company stated that the new facilities would boost its hashrate by a substantial 22%.
Market Reaction and Stock Performance
Following the release of CleanSpark’s year-end report, the company’s stock (trading under the ticker symbol CLSK) saw a sharp rally on January 6. However, it still trades at less than half of its 52-week high.
CleanSpark: A Top-5 Corporate Bitcoin Holder
By the end of 2024, CleanSpark had amassed an impressive 9,952 BTC, valued at approximately $1.01 billion. The company now holds the fifth-largest position in corporate Bitcoin holdings, surpassing Tesla and trailing only behind MicroStrategy and three other mining companies.
Bitcoin Treasuries: A Growing Trend Among Corporations
Publicly listed companies now hold a total of 593,152 BTC, accounting for around 20% of institutional Bitcoin treasuries. This data also includes government holdings of confiscated Bitcoin. However, there are signs that more corporations are looking to add Bitcoin to their balance sheets.
A Growing Number of Corporations Embracing Bitcoin
In recent months, several companies have made headlines by incorporating Bitcoin into their corporate treasury strategy. Last month, space technology company KULR announced it had converted $21 million in cash into Bitcoin. This move follows the footsteps of Canadian companies Matador Technologies and Quantum BioPharma, which purchased Bitcoin as part of their corporate treasury strategy.
Hunter Horsley’s Predictions for 2025
Bitwise CRO Hunter Horsley believes that 2025 will be the year of "Bitcoin Standard" corporations. He predicts that more companies will follow in CleanSpark’s footsteps and add BTC to their balance sheets.
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