CleanSpark Inc., a prominent crypto mining company based in the U.S. and holding the fifth largest Bitcoin reserves among publicly traded companies, reportedly surpassed 10,000 Bitcoins in its holdings. This significant achievement was announced on Thursday. As the year 2024 concluded on an optimistic note, CleanSpark disclosed that it had mined a substantial amount of Bitcoins from its domestic operations, reaching a crucial milestone in its Bitcoin accumulation.
Reaching over 10,000 bitcoins demonstrates CleanSpark’s dedication to top-tier operations, planned expansion, and prudent financial administration,” as pointed out by Zach Bradford, the CEO and President of CleanSpark.
According to Coinspeaker’s report, the company managed to reach an average hash rate of approximately 35.52 Exahash per second (EH/s) in December 2024. This high performance yielded a total Bitcoin reward of around 21.56 Bitcoins. Interestingly, the company decided to sell off 12.65 Bitcoins during that same month, with an average price that slightly exceeded $101,000 per Bitcoin.
CleanSpark’s increasing Bitcoin holdings are significantly boosted by the broadening scope of its U.S. operations, including Wyoming. With their newfound position as ‘whale’ investors, CleanSpark executives are optimistic that the company is steadily advancing towards its financial plan of mitigating inflation risk.
In the rapidly changing world of digital assets, our company is dedicated to utilizing our Bitcoin wisely, ensuring it aligns with prudent risk management practices and sensible financial planning. This means we steer clear of potentially harmful business relationships and use Bitcoin to minimize our overall costs. By doing so, CleanSpark aspires to be a pioneer in financially responsible innovation, according to Gary Vecchiarelli, the Chief Financial Officer.
Market Impact on CleanSpark and Bitcoin Network
As a Bitcoin miner operating on a significant scale, valued at approximately $2.95 billion, I’ve noticed a stronger link between my company’s stock market performance and the fluctuations in Bitcoin price over the past few months. Specifically, in the last three months, our stock has surged by roughly 14 percent, trading around $10.09 at the time of this writing on Thursday.
As an analyst, I am steadfastly committed to the long-term success of Bitcoin, particularly as we approach the Donald Trump administration. In my view, the price of Bitcoin is poised to soar past $200k in the near future, driven primarily by increasing interest from both nation-states and institutional investors.
CleanSpark has played a significant role in backing the Bitcoin network, aiming to maintain a steady blockchain during the increasing mainstream acceptance. This support allows the Bitcoin network to expand smoothly, much like other foundational blockchains moving towards web3 initiatives.
In my current exploration, I’ve observed that as of now, the combined value locked (TVL) within the Bitcoin network, across approximately a dozen decentralized financial platforms such as Babylon, Lombard, and AILayer Farm, totals approximately $6.5 billion. Over the past 24 hours, these Bitcoin DeFi protocols have amassed a total of around $715,000 in fees, with over 739,000 unique addresses participating in these transactions.
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2025-01-09 21:54