Originally published on: August 02, 2024
CleanSpark, a prominent mining company, recently unveiled its monthly mining report for July 2024, showcasing intriguing data. Surprisingly, the company sold a mere 2.54 Bitcoin during the month, with each coin fetching an average price of around $62,000.
Despite the modest sales figure, CleanSpark managed to mine an impressive 494 BTC in July, adding up to a total of 4,108 BTC mined so far in the year. As of July 31, 2024, the company’s reserves stood at 7,082 BTC, underlining its strong position in the market.
Expanding its operations, CleanSpark made significant moves into Wyoming and Tennessee. By establishing its first mining site in Wyoming and securing power agreements for 75 megawatts of electricity, the company continues to strengthen its foothold in the industry.
Following a merger agreement with GRIID earlier this year, CleanSpark operates a new facility in Tennessee, boasting 50 MW of available power. The company reported an operating hashrate of 21.2 exahashes per second (EH/s) as of July-end, aiming to hit 32 EH/s by the year’s close.
The trend of low Bitcoin selling volume among mining companies is notable, with CleanSpark’s data reflecting this industry-wide pattern. Miner reserves have been decreasing steadily since 2021, indicating reduced selling pressure from the supply side.
With a dramatic 50% surge in miner revenues since July’s onset and a corresponding uptick in the Bitcoin hashrate, selling pressure remained subdued throughout the month. This trend aligns with reports of other mining firms, such as Mara, opting to retain their BTC holdings amid expectations of future price hikes.
In light of these developments, the cryptocurrency market continues to evolve, offering intriguing opportunities for investors and industry players. Keep an eye on CleanSpark as it navigates these dynamic landscapes and charts its course for further growth and success.