Efficiency Improvements and Hasrate Growth Drive Success
In a recent report, CleanSpark, a top United States-based cryptocurrency miner, revealed that it increased its Bitcoin (BTC) holdings by 287.9% year over year in the final month of 2024. The company attributed this significant growth to efficiency improvements and a sharp acceleration of hashrate growth.
Mined BTC and Hashrate Growth
According to the report published on January 6, CleanSpark mined 668 BTC in December alone, bringing its total yearly BTC production to 7,024. Notably, the company’s hashrate, or the amount of computational power deployed to secure the Bitcoin network, jumped significantly by 287.9% year over year.
Hashrate Efficiency Improves by 33.3%
CleanSpark’s operating hashrate also saw a notable improvement in efficiency, increasing by 33.3% from the previous year. This led to a substantial boost in the company’s overall performance, with its operating hashrate reaching an impressive 39.1 exahashes per second by the end of 2024.
BTC Sales and Revenue
In December, CleanSpark sold 12.65 BTC, representing only 58% of the company’s average daily production during the month. The average selling price was approximately $101,246, generating a revenue of $1.28 million in proceeds for the company.
Acquisition of Facilities Boosts Mining Capacity
CleanSpark significantly increased its mining capacity in 2024 by acquiring seven facilities in Knoxville, Tennessee. At the time of acquisition, the company stated that the new facilities would boost its hashrate by 22%. These strategic moves have undoubtedly contributed to CleanSpark’s remarkable growth and success.
Rallying Stock Price
CleanSpark’s stock, trading under the ticker symbol CLSK, experienced a significant rally on January 6. However, it still trades at less than half of its 52-week high.
CleanSpark Ranks Fifth Among Corporate Bitcoin Holders
By the end of 2024, CleanSpark had accumulated an impressive 9,952 BTC for a total value of $1.01 billion. This achievement places the company among the top-5 corporate holders of Bitcoin, surpassing Tesla and leapfrogging into fifth place.
MicroStrategy Continues to Expand Its Bitcoin Holdings
As reported by Cointelegraph earlier, MicroStrategy added another 1,070 BTC to its holdings in the first week of January. This move solidifies MicroStrategy’s position as a leading corporate holder of Bitcoin.
Increasing Institutional Adoption
According to industry data, publicly listed companies now hold approximately 593,152 BTC, accounting for roughly 20% of institutional Bitcoin treasuries. However, this figure includes government holdings of confiscated Bitcoin. The trend indicates that more corporations are exploring the option to add Bitcoin to their balance sheets.
Growing Demand for Institutional Investment
Last month, space technology company KULR announced that it had converted $21 million in cash into Bitcoin as part of its corporate treasury strategy. This move follows similar decisions made by Canadian companies Matador Technologies and Quantum BioPharma.
2025: The Year of ‘Bitcoin Standard’ Corporations?
Bitwise CRO Hunter Horsley believes that 2025 will be the year when corporations start adopting Bitcoin as a standard component of their treasuries. As more companies follow suit, it is likely that we will see increased adoption and growth in the institutional Bitcoin market.
Conclusion
CleanSpark’s remarkable success in 2024 serves as a testament to the company’s commitment to efficiency improvements and hashrate growth. With its significant increase in Bitcoin holdings and impressive revenue generation, CleanSpark solidifies its position among top corporate holders of Bitcoin. As more companies begin to explore institutional investment in Bitcoin, it is likely that we will see increased adoption and growth in the coming year.
