Bitcoin (BTC) miner CleanSpark’s fiscal year-to-date revenue crossed $100 million in May as its BTC production exceeded expectations, according to a June 2 statement.
CEO Zach Bradford noted that these milestones were achieved even though most of its expansion plans were expected later this year.
BTC production is up 16%
CleanSpark reported that it mined 609 BTC in May, representing a 16% rise from what it recorded in April, while its total BTC holding surged 44% to 451 BTC.
Bradford tied the better-than-expected Bitcoin production to increases in operational efficiency and the brief spike in BTC’s transaction fee that saw its regular daily production rise from an average of around 18 BTC to 30 BTC.
Bradford pointed out that the rising fees were because of increased interest in Ordinals on the blockchain.
“May daily BTC mined averaged 19.6 and reached a high of 29.6, due to a brief period of unusually high transaction fees.”
Meanwhile, CleanSpark sold 471 BTC for $12.9 million. The miner added that it had mined 3,004 BTC during the current year.
Its operational hashrate remained at 6.7 EH/s from the 67,9196 miners it deployed.
Expansion plans
Meanwhile, the miner is currently working on its expansion in Washington and Sandrrsville.
According to the statement, energization of the Washington site is expected to start in June, while the Sandsville site is still undergoing land preparations for its expansion.
The firm noted that this expansion could double its mining capacity by adding more than 6 EH/s to its current hash rate.
On June 1, the miner said it purchased 12,500 Bitcoin mining rigs for $40.5 million. According to the press statement, 6,000 of these machines would be shipped by the manufacturer in June, while the remaining 6,500 machines are set for shipping in August.
Bradford said this purchase would help it “to meet and potentially exceed its year-end target of 16 EH/s.”
Despite the positive returns, CleanSpark’s CLSK stock is down 3.4% on Nasdaq and trades at $4.15, according to Google Finance data.
