On October 25, the bitcoin mining operation Cleanspark announced that the firm’s hashrate now exceeds 5 exahash per second (EH/s), a milestone achieved more than two months ahead of the company’s original year-end goals. Cleanspark says it now aims to surpass 5.5 EH/s by the year’s end by increasing the miner’s hashrate goal by 10%.
Cleanspark Aims to Achieve 5.5 EH/s by the End of 2022 After Raising Goal by 10%
Cleanspark (Nasdaq: CLSK) announced on Tuesday that the bitcoin miner has surpassed its year-end goal to maintain 5,000 petahash per second (PH/s), which equates to 5 EH/s. The company intended on meeting the 5 EH/s goal by the end of 2022, and now it plans to add an additional 10% of hashrate to the year-end guidance. The news follows the company completing the acquisition of Mawson Infrastructure Group’s Georgia-based bitcoin mining facility, a data center that came with 6,500 mining rigs.
Cleanspark is one miner that’s managed to weather the crypto winter and further used the downturn to the company’s advantage when it obtained miners at a “discounted price” in July. Other bitcoin mining firms in 2022 have not fared as well, as liquidations and bankruptcies have shaken the mining industry.
Furthermore, the crypto analytics and onchain market intelligence company Glassnode explained on October 25, via the firm’s Telegram channel, that bitcoin mining profits have tapped a lifetime low. Glassnode said:
The Bitcoin Hash Price has reached an all-time-low of $66,500 per Exahash. This means that [bitcoin] miners are earning the smallest reward relative to hashpower applied in history, and likely puts the industry under extreme income stress.
Zach Bradford, CEO of Cleanspark detailed on Tuesday that his company managed to buck the crypto winter’s trend that has wreaked havoc on bitcoin mining industry participants. “Our hashrate growth over the last few months has been helped along with the acquisition of the Washington and Sandersville facilities, but that only tells part of the story,” Bradford said in a statement on Tuesday.
“This milestone reflects operational prowess and efficiency gains that I believe are unmatched in our industry. In a period where the sector is experiencing reversals in forward-looking expectations, we are bucking that trend,” the Cleanspark executive added.
Meanwhile, as bitcoin (BTC) bucked the trend on Tuesday afternoon surpassing the $20K region again, shares tied to publicly-listed mining companies like CLSK have risen against the U.S. dollar. 30-day statistics indicate that CLSK is up 10.54% since last month, however, six-month metrics show CLSK is down 50.85% against the greenback.
A variety of other mining company stocks such as MARA, RIOT, DMGGF, ARBKF, and CORZ have all seen 24 hour percentage increases against the U.S. dollar thanks to BTC’s rise on Tuesday. Bitcoin’s total hashrate on Tuesday, October 25, is around 240 EH/s following the network’s recent 3.44% difficulty rise two days ago.
What do you think about Cleanspark reaching 5 EH/s and increasing year-end goals by another 10% more? Let us know what you think about this subject in the comments section below.
October 26, 2022
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