The news follows a number of expansions undertaken by bitcoin mining operations during 2022's turbulent crypto market.
Cleanspark's Hashrate Exceeds 3 EH/S, and the Bitcoin Miner's Executive Chairman Declares the Company Was Prepared 'for a Rough Market'
Cleanspark (Nasdaq: CLSK)
announced on Tuesday that its hashrate has officially exceeded 3 EH/s. Cleanspark reports that the company's hashpower has increased threefold in less than a year, and it currently operates 31,000 ASIC (application-specific integrated circuit) mining rigs. Cleanspark has reportedly reached a "daily production high of 13,25 bitcoins," as stated by the company.
Cleanspark's Tuesday update follows the company's disclosure that it acquired thousands of next-generation ASIC miners at a discount. The company stated at the time that the crypto winter presented "unprecedented opportunities," and in the first week of August, it announced the acquisition of a plug-in-ready mining facility with a maximum capacity of 86 megawatts (MW). A significant number of additional bitcoin mining operations have expanded and grown in 2022.
Applied Digital disclosed recently that it has acquired land in North Dakota for a mining facility after securing a $15 million expansion loan. Validus Power, a blockchain power solutions provider, announced that it is expanding its Canadian data center footprint.
Terawulf Inc. (Nasdaq: WULF) modified its existing joint venture agreement for the Nautilus Cryptomine bitcoin mining facility on Monday. This month, Cipher Mining completed its 40 MW wind-powered mining facility in Texas, while BIT Mining disclosed a $9.3 million registered direct offering two weeks ago.
After surpassing 3 EH/s, Matt Schultz, the executive chairman of Cleanspark, explained that the company had prepared for the crypto winter's decline. "We anticipated a turbulent market, which allowed us to capitalize on unique opportunities and propel the Company forward," Schultz explained in a statement released on Tuesday. "As a result, our market share as a publicly traded bitcoin miner is growing," the executive explained.
Moreover, the value of a large number of shares issued by publicly-traded bitcoin miners has declined significantly this year. CLSK has lost 68.33% against the U.S. dollar so far this year and once traded for more than $22 per share. Tuesday's stock market data indicates that CLSK is trading at $4.29 per share.