CleanSpark, a Bitcoin mining company based in the United States, has recently mined more than 10,000 BTC in its treasury. As of January 9, 2025, when this report was written, the company is holding 10,097 BTC, all of which were mined. This comes after CleanSpark said it had mined 668 bitcoins in December 2024, which put the total number of Bitcoins available in its treasury at 9,952.

CleanSpark Reaches 10,000 BTC Milestone

CleanSpark announced in a press release that the company has accumulated over 10,000 BTC in its treasury through its self-mining in the USA. This amounts to a 236% yearly increase in the amount of Bitcoin the company has been holding. At the end of the year 2024, the company had mined 668 BTC in a month, taking the overall total of BTC to 10,097 from 9,952.

According to CleanSpark, this achievement was attributed to operational efficiency and positioning. So, the company has been focusing on adequate capital management to develop the mining operations and not to affect company growth.

Chief Financial Officer of CleanSpark, Gary Vecchiarelli, added,

“As the digital asset landscape evolves, we are committed to using our bitcoin holdings in a manner that aligns with sound risk management principles and disciplined capital strategy. By avoiding unfavorable counterparty exposure and leveraging our bitcoin to lower our cost of capital, we are positioning CleanSpark as a leader in responsible financial innovation.”

These milestones come amid recent reports that the Bitcoin miner would be buying BTC after raising $550 million in convertible senior notes. However, Cleanspark clarified it would not use the funds to purchase Bitcoin, instead allocating $145 million to repurchase shares and settle debts.

Commitment To US-based Operations Drives Bitcoin Mining

Notably, all Bitcoin in CleanSpark’s treasury has been mined in the United States, supported by local energy resources and jobs. This approach aligns with the company’s dedication to boosting innovation and sustainability in the Bitcoin mining industry.

Additionally, CleanSpark’s CEO, Zach Bradford, emphasized the importance of operational excellence in achieving this milestone. The company’s operations reflect a broader commitment to supporting the growth of Bitcoin mining practices and responsible use of resources.

Zach Bradford emphasized, 

“Surpassing the 10,000-bitcoin mark reflects CleanSpark’s commitment to operational excellence, strategic growth, and disciplined capital management.”

Notable moves include the purchase of GRIID Infrastructure and the addition of seven new facilities in Knoxville, Tennessee. These developments have enabled the Bitcoin miner to diversify its mining portfolio and increase its operational capacity.

The company’s acquisition strategy optimizes its mining facilities, which are powered by low-cost and reliable energy sources. This approach has helped CleanSpark maintain a competitive edge in the dynamic Bitcoin mining industry.

Bitcoin Miner Financial Strategy

Also, the financial strategy of CleanSpark is a perfect balance between risk-taking and the efficient use of its Bitcoin assets. The company does not take risks with counterparties and uses its Bitcoin treasury to reduce capital expenses. This is especially the case given its goal of achieving sustainable financial value for stakeholders alongside financial resilience.

Moreover, another Bitcoin miner, Riot Platforms, revealed it produced 4% more BTC in December 2024, mining 516 BTC in total. The company launched the 400MW phase of its Corsicana Facility and this saw the company’s hash rate increase by 155%. Riot generated 4,828 BTC in 2024 while still managing to keep an average net power cost of $0.034 per kWh.

The post Bitcoin Miner CleanSpark’s BTC Stash Crosses 10,000 Milestone: Details appeared first on CoinGape.

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Filed under: News - @ January 9, 2025 7:24 pm