Hey everyone! Hey, buddies! Ready for the latest news in the crypto world? Well, brace yourselves because things are heating up with CleanSpark, one of those companies that are deeply involved in Bitcoin mining. It turns out these guys have been up to no good, and even though they sold a good chunk of their production, their Bitcoin holdings keep skyrocketing! 🚀
Imagine if CleanSpark mined 685 Bitcoin in June. That's a lot of money! We're talking $74.2 million at today's price. Crazy! And the coolest thing is that this is a lot more than they mined last year. To give you an idea, in June 2024 they mined 445 BTC, so the jump was more than 50%. These guys are really making money! 💰
CleanSpark CEO Zach Bradford is puffing out his chest, saying his teams were working hard to get over 10 EH/s of mining capacity into four different states. That's like saying they turbocharged their machines! They actually managed to reach 50 EH/s operating hash rate, which is a measure of their mining power. That's a 145.1% increase in one year! That's serious business! 💪
Now, here's the interesting part: even though the company sold 578 Bitcoin in June (almost all of its production for the month!), its total Bitcoin holdings reached 12,608 coins. What a digital gem! This is a tiny bit more than they had in May, which was 12,502. With that, CleanSpark ranks seventh among public companies that hold Bitcoin. It's almost nothing!
But beware, they're not the only big fish in this Bitcoin sea. There are a couple of mining companies ahead of them: MARA Holdings with 50,000 BTC (double what CleanSpark has!) and Riot Platforms with 19,225 BTC. There's competition there!
Zach Bradford himself said that large companies are increasingly embracing Bitcoin and are putting it on their balance sheets. He said that corporate Bitcoin purchases have exceeded those entering ETFs (those investment funds) for the third quarter in a row. This is a movie! 🎬
But it's not all rosy, my people. CleanSpark's shares on the Nasdaq exchange are somewhat down, down about 8%! It seems the market is a bit twitchy due to some trade deal talks in the United States. So, even though they're mining like crazy, the stock market is a roller coaster. 🎢
And to add insult to injury, Bitcoin mining difficulty is at an all-time high. It's as if the game keeps getting harder! With fewer rewards and a more complicated network, miners have to be on top of operating costs and energy.
But CleanSpark isn't sitting still. Since last year, they've been expanding their operations across several US states: Georgia, Mississippi, Wyoming, and Tennessee. And in August of last year, they entered into a $168 million deal to purchase 26,000 pieces of mining equipment. These guys don't sleep!
So, my people, the Bitcoin world is a roller coaster, but CleanSpark is giving it its all to keep adding those digital bills. Stay tuned because this isn't over! 😉$BTC
