The bitcoin mining firm is reaping the rewards of expansion as it had a record month with solid reliability.
CleanSpark has reported that the firm mined a record 697 bitcoin in a single month, an increase of 50% from December 2022’s amount.
“We had a banner month, and not just because we mined a record number of bitcoin,” Zach Bradford, CEO of CleanSpark, said. “We also had our most reliable month ever, achieving 98% uptime across all of our sites.”
The company also reported that its bitcoin holdings were now at 301 BTC, an increase of 32% since December 2022. According to the report, “The Company funded growth and operations through the sale of 624 bitcoins in January 2023 at an average of approximately $19K per BTC. Sales of BTC equated to proceeds of approximately $11.9 million.”
CleanSpark currently has a fleet of approximately 66,000 latest-generation bitcoin miners with a hash rate of 6.6 EH/s, an increase of 7% from December 2022 and up 214% from January 2022 respectively. Just last month, CleanSpark reported breaking ground on its newest bitcoin mining facility, a planned 50 MW expansion in Washington, Georgia.
However, the company has not gone without its challenges, as it faces an investor lawsuit, and most recently, a law firm investigation into the officers and directors of the company. The latest motion to dismiss that lawsuit was denied in court.
Despite these developments, the company is continuing to move forward with its expansion plans, and is seemingly optimistic about its future prospects in the bitcoin mining industry. Isaac Holyoak, CleanSpark’s chief communications officer, commented to Bitcoin Magazine that “This is a frivolous lawsuit and we will continue to vigorously defend ourselves.”
Article updated February 2 to include comments from CleanSpark.