What's going on with Bitcoin mining stock CleanSpark on Thursday? – Cleanse Park (NASDAQ:CLSK)

Clean Spark Co., Ltd. CLSK Stocks have rebounded in early trading. The company announced on Thursday that it had achieved an operational hash rate of 30 EH/s.

what happened: Bitcoin BTC/USD Mining company CleanSpark said its hashrate has reached 30 EH/s and is expected to exceed 37 EH/s by the end of the year.

CleanSpark attributes its approximately 200% year-over-year growth in hashrate to the execution of turnkey acquisitions and fleet upgrades, along with significant organic growth. The Bitcoin miner says it has increased efficiency by nearly 20% in the last year, and the total number of machines in operation has increased by 112% over the same period.

“At 30 EH/s, we will be one of the largest Bitcoin miners in the world. We added more operational hashrate than any other miner in 2024. Our results demonstrate our commitment and ability to scale quickly while increasing capital efficiency.” zach bradfordCEO of CleanSpark.

“Since October 2021, our computing power has increased significantly year over year, quadrupling in 2022, nearly doubling in 2023, and tripling our hashrate in 2024. ”

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The company said it is targeting a hashrate of over 50 EH/s in 2025, with additional hashrates to come as it completes its acquisition of GRIID infrastructure this month.

This operational update comes after CleanSpark announced last week that it had shut off power to some of its locations in southeast Georgia due to Hurricane Helen.

CleanSpark announced that its hashrate reached 17.5 EH/s within 24 hours of the storm. The company recently stated that there has been no significant damage to the site's infrastructure and that it is not aware of any significant losses related to its mining servers.

CleanSpark last week reported monthly mining metrics showing that it mined 493 Bitcoins in September, up from 478 Bitcoins in August. The company has mined a total of 5,079 Bitcoins since the beginning of the year.

“Our commitment to timing the market and securing the best prices in the industry for rigs and sites has enabled us to take advantage of market opportunities. ’s Bitcoin assets also increased to more than 8,049 Bitcoins,” Bradford said.

CLSK price action: CleanSpark stock rose more than 1% following the hashrate update, but fell back to negative territory as the broader market reacted to CPI and unemployment claims data. At the time of publication on Thursday, the stock was down $0.436 to $8.82, according to Benzinga Pro.

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