Bitcoin Mining Stock CleanSpark Is Tumbling Tuesday: What's Going On?

Author: Adam Eckert | September 03, 2024 11:24am

CleanSpark Inc (NASDAQ:CLSK) shares are trading lower. The company on Tuesday released a Bitcoin (CRYPTO: BTC) mining update for August.

What Happened: CleanSpark said it mined 478 Bitcoin in August, down from 494 in July. The company has now mined a total of 4,586 Bitcoin year-to-date, bringing its total Bitcoin holdings up to 7,558 as of Aug. 31.

CleanSpark sold 2.5 Bitcoin last month at an average price of $56,729 per coin. The company had an average hashrate of 21.3 EH/s throughout August, resulting in an average of 15.43 Bitcoin mined daily. CleanSpark ended the month with a hashrate of 22.6 EH/s up 1.4 EH/s during the month.

CleanSpark said 15 MW of additional data center capacity is expected to be energized and fully hashing by next week at its Dalton facility. 50 MW of additional data center capacity is also expected to be energized and fully hashing by the middle of the month at the Sandersville facility.

See Also: What’s Going On With Bitfarms Stock Tuesday?

CleanSpark’s initial 30 MW immersion-cooled Wyoming facility is progressing as planned and the company said it’s currently utilizing approximately 50 MW of infrastructure under a hosting agreement in Tennessee that will be owned upon completion of its GRIID Infrastructure acquisition.

“As we approach the end of our fiscal year, the team continues to work diligently to optimize fleet efficiency and increase hashrate. Our fleet upgrade is well underway as we simultaneously prepare for 65 MW of capacity to be energized during the month of September,” said Zach Bradford, CEO of CleanSpark.

“These efforts are expected to result in a meaningful increase in operating hashrate and bitcoin production as we close out our fiscal year.”

CLSK Price Action: CleanSpark shares were down 12.00% at $9.41 at the time of publication, according to Benzinga Pro.

Photo: Eivind Pedersen from Pixabay.

Posted In: $BTC CLSK