CleanSpark Mines Record Number of Bitcoin in October

An energy company turned Bitcoin miner, CleanSpark Inc., generated a record number of new BTC in October 2022.

The company said in a statement that it mined 532 Bitcoin during last month which is an increase of roughly 20% from September. CleanSpark also shared improvements made on their immersion cooling farm.

CleanSpark’s CEO Zach Bradford stated “I’m excited to announce that Phase two of our immersion-cooled mining campus in Norcross is now officially complete and hashing.” He added that “the progress there has translated into another record-breaking month for us, mining a total of 532 Bitcoin. And we’ve now seen a 20% increase in our hashrate two months in a row.”

This year so far, 3,622 BTC have been mined by CleanSpark. However, the company only has 290 Bitcoin on its balance sheet after selling the majority of its production in order to cover operating costs. A total of 836 BTC were sold by the company in October for $16.1 million to fund “growth and operations” at an average price of $19,340 per Bitcoin.

Due to Bitcoin’s price fall, the mining sector has undergone many hurdles to keep operations running over the last year. In contrast, CleanSpark has grown its business by purchasing miners and facilities at discounted rates. 

CleanSpark announced earlier this week that the company had paid $5.9 million, or about $15.50 per terahash, for nearly 3,900 Bitmain Antminer S19j Pro miners. According to data from mining services provider Luxor Technologies, ASICs with such efficiency are now available for around $23 per terahash.

Recently, CleanSpark increased its 2022 hash rate forecast by 10%, from 5 exahashes per second (EH/s) to 5.5 EH/s. The company’s mining fleet had a hash rate of 5.1 EH/s on October 31st, 2022 (up 23% from September) while the average daily Bitcoin mined was 19.2.