CleanSpark Surpasses Year-End Hashrate Target, Eyes 2025 Growth Milestones

With an operating hashrate of 37.5 EH/s, CleanSpark Inc. has surpassed its aggressive 2024 year-end target of 37 EH/s. As it gets ready for more growth, this milestone shows the company’s dedication to strategic growth and operational effectiveness.

Last week, new data centers in Wyoming and Tennessee were turned on as part of CleanSpark’s staged infrastructure expansion. These locations helped exceed the year-end target, as did fleet improvements and increased operations. Fleet efficiency is currently 17.7 J/Th and is anticipated to increase as CleanSpark moves closer to its next goal of 50 EH/s by the middle of 2025.

The company plans to achieve this growth through greenfield infrastructure projects, expansions at existing facilities, and strategic mergers and acquisitions. Recent funding, including proceeds from a $650 million zero-coupon convertible bond offering, has fully financed this expansion. CleanSpark’s portfolio includes data centers across Georgia, Wyoming, Tennessee, Mississippi, and New York, providing a robust foundation for continued scalability.

Focused on Efficiency and Growth

CEO and President Zach Bradford expressed pride in the company’s progress: “Our teams have been hard at work throughout the entirety of this past year. We have delivered on our ambitious targets and expanded our hashrate nearly 300% since the beginning of 2024,” said Bradford. “Achieving 37.5 EH/s with a fleet efficiency of 17.7 J/Th is a significant milestone, and we intend to continue adding highly efficient hashrate through the end of the year and into 2025.”

Bradford also highlighted the company’s strengthened financial position: “With the closing of our $650 million zero-coupon convertible bond offering, exceeding guidance, and delivering on our fleet efficiency goals, December has been one of CleanSpark’s strongest strategic months to date.”

CleanSpark’s bitcoin treasury now nears 10,000 BTC, all mined by the company. With this strong footing, CleanSpark remains focused on efficient bitcoin mining as it scales operations to meet its 2025 goals.