In December 2024, the U.S. based cryptocurrency miner CleanSpark boosted its Bitcoin (BTC) reserves. The company attributed this growth to enhancements in efficiency and a swift rise in hashrate, which they claimed contributed significantly to their achievements.
Based on a report from January 6th, CleanSpark mined approximately 668 Bitcoin in December and a total of 7,024 Bitcoin throughout the entire year. Notably, the company’s hashrate (the computational power used to secure the Bitcoin network) increased by an impressive 287.9% compared to the previous year.
The company’s hash rate efficiency experienced a significant boost of 33.3%, resulting in an operational hash rate of 39.1 exahashes per second by the close of 2024, marking a substantial improvement from the previous year’s figures.
In December, CleanSpark disposed of approximately 12.65 Bitcoin, accounting for just about 58% of its typical daily output as a company throughout that period.
The average selling price was roughly $101,246, netting the company $1.28 million in proceeds.
In the year 2024, CleanSpark expanded its mining capabilities substantially by obtaining seven operational sites located in Knoxville, Tennessee. This move was expected to elevate the company’s hash rate by approximately 22%.
On January 6th, shares of CleanSpark (CLSK) experienced a significant surge. Yet, it’s worth noting that the current trading price is still significantly lower than its highest point over the past year.
A top-5 corporate Bitcoin holder
By December 2024, CleanSpark amassed 9,952 Bitcoins, equating to a worth of approximately $1.01 billion. Now, it stands as the fifth-largest corporate owner of Bitcoin, surpassing Tesla in this category.
Only MicroStrategy and three other mining companies hold more Bitcoin than CleanSpark.
According to a report from CryptoMoon, MicroStrategy boosted its Bitcoin holdings further by purchasing an additional 1,070 Bitcoins during the initial week of January.
Approximately 20% of institutional Bitcoin holdings, as reported by industry data, are currently held by publicly traded companies. It’s important to note, though, that these statistics might also include Bitcoins seized by governments.
It appears that there’s growing evidence that a larger number of companies are considering incorporating Bitcoin into their financial holdings. Just last month, the space technology firm KULR made headlines by revealing they transformed approximately $21 million in cash into Bitcoin.
Subsequently, Canadian firms Matador Technologies and Quantum BioPharma chose to invest in Bitcoin, implementing it within their financial reserves strategy.
According to Bitwise CRO Hunter Horsley, it is likely that the year 2025 will witness an increase in “Bitcoin Standard” corporations, meaning more businesses may start incorporating Bitcoin into their financial records.
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2025-01-06 22:33