CleanSpark Provides Updates On Bitcoin Mining Operations, Outlines Expansion Plans

CleanBlok, the company’s bitcoin mining division, currently has 7,500 rigs at 740 PH/s hashrate capacity powered by 95% carbon-free energy.

CleanSpark, a software and services company that ventured into bitcoin mining in December 2020, announced some updates on its Bitcoin strategies. The firm also shared insights on its energy mix, claiming that 95% of that is currently carbon-free, with plans to achieve 100% by 2022.

CleanBlok, the firm’s BTC mining division, currently has over 7,500 rigs deployed with a hashrate capacity of 740 petahashes per second (PH/s). At present mining difficulty rates, the company said it presently produces 6 BTC per day on average. The firm expects that number to increase soon, as 1,670 rigs might be installed this month, and more machines are set to arrive in late August.

“We have experienced tremendous growth over a relatively short period of time, and we are very enthusiastic about the results,” said Zach Bradford, CleanSpark’s CEO. “In just the month of July, we have already produced nearly 70% of the bitcoins that we mined over the entire prior quarter, and we expect to continue to grow at a strong pace. We’re on track to receive over 20,000 additional miners over the coming 12 months.”

In July, CleanSpark produced 147.8 BTC, the announcement said. The increase in production was due to the company’s mining fleet expansion and the recent decline in the Bitcoin network hash rate.

CleanSpark is a software and control technology solutions provider focused on the energy sector with the implementation of microgrids across a wide variety of settings, including residential, commercial, and industrial. Additionally, the company offers energy controls and microgrid modeling software.

The firm ventured into bitcoin mining through CleanBlok, its business unit dedicated to Bitcoin, in December 2020. Since then, the company has sought to expand operations by increasing the mining fleet, and it said it expects to exceed a hashrate capacity of 2,000 PH/s, or two exahashes per second (EH/s), by end-of-year.