CleanSpark Grows Bitcoin Mining Output, Hashrate, and Reserves Despite Net Loss as Competition Intensifies in Public Mining Sector

Published: 2025-06-04 04:01:50 |

CleanSpark, a public Bitcoin mining company, increased its Bitcoin production by 9.4% month-over-month in May 2024, reaching 694 BTC, up from 633 BTC in April. The company’s hashrate also rose from 42.4 EH/s to 45.6 EH/s—a 7.5% increase—while its contracted power capacity expanded to 987 MW. Notably, CleanSpark’s Bitcoin reserves doubled year-on-year to 12,502 BTC, and it has avoided issuing new shares since November 2023, underscoring an infrastructure-first approach and organic growth strategy. Despite a strong 62.5% year-over-year revenue jump to $182 million for Q2 2024, CleanSpark recorded a net loss of $139 million due to ongoing expansion costs. The stock reflected investor optimism, climbing 6.5% intraday on June 3 and rising 12.4% over the month, outperforming the Nasdaq. However, competitive pressure is evident, as Marathon Digital Holdings (MARA) and Riot Platforms outperformed or matched CleanSpark’s growth—MARA mined 950 BTC (up 34.8% MoM), and Riot produced 514 BTC (up 11%). Both competitors also saw share price gains. In May, CleanSpark sold 293.5 BTC at an average price above $102,000, generating $30 million in revenue. Overall, CleanSpark’s focus on scaling mining efficiency, expanding hashrate, and increasing reserves demonstrates sector resilience and a competitive marketplace following the Bitcoin halving, suggesting ongoing strategic shifts among top miners.

Neutral

CleanSpark’s increased Bitcoin mining production, growing hashrate, and larger reserves show operational strength and sector resilience following the Bitcoin halving. The company outperformed the Nasdaq and showed revenue growth, but a significant net loss and intense competition from other mining firms like Marathon and Riot offset market enthusiasm. While operational improvements support long-term growth, ongoing sector rivalry and expansion costs create uncertainty around profit margins. As a result, the net effect on Bitcoin’s price is likely neutral for now: positive signals from mining resilience are countered by margin compression and competitive pressure among miners—a scenario that does not strongly influence BTC’s short-term market trend.