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Bitcoin miner Cleanspark says it experienced accelerated growth amid the crypto winter this year and its operation’s hash rate has surpassed 3 exahashes per second (EH/s), tripling in less than twelve months. The news follows a series of expansions that bitcoin mining has embarked on during 2022’s tumultuous crypto market.
On Tuesday, bitcoin miner Cleanspark (Nasdaq: CLSK) announced that the company’s hash rate has officially passed 3 EH/s. Cleanspark notes that the firm’s hashpower has jumped threefold in less than a year, and currently the company has 31,000 ASIC (application specific integrated circuit) mining rigs. According to the company, Cleanspark has recorded a “daily production of 13.25 bitcoins.”
Cleanspark’s update on Tuesday follows the firm revealing that it bought thousands of next-generation ASIC miners at a discounted price. At the time, the company said the crypto winter presented “unprecedented opportunities,” and during the first week of August it announced the acquisition of a plug-in-ready mining facility with up to 86 megawatts (MW) of capacity. A large number of other bitcoin mining operations have also expanded and expanded their operations in 2022.
Applied Digital recently revealed that it acquired land in North Dakota for a mining facility after it secured a $15 million loan to continue its expansion. Validus Power, a blockchain power solutions company, announced that the company is building out several data centers in Canada.
On Monday, bitcoin miner Terawulf Inc. (Nasdaq: WULF) amended its existing joint venture agreement for bitcoin mining hub Nautilus Cryptomine. This month, Cipher Mining completed the firm’s 40 MW Texas wind-powered mining facility, and two weeks ago BIT Mining disclosed a registered direct offer of $9.3 million.
After passing 3 EH/s, Cleanspark’s Executive Chairman Matt Schultz explained that the company had prepared for the downturn of crypto winter. “We prepared for a tough market, which allowed us to take advantage of unique opportunities and drive the company forward,” Schultz said in a statement Tuesday. “Because of that, we are increasing our market share as a publicly traded bitcoin miner,” the executive added.
Meanwhile, a large amount of stocks originating from publicly traded bitcoin miners are down a lot in value this year. Year to date, CLSK has lost 68.33% against the US dollar and at one point was trading at more than $22 per share. On Tuesday, stock market data shows that CLSK changed hands for $4.29 per share.
What do you think of Cleanspark surpassing 3 EH/s in the middle of crypto winter? Let us know what you think about this topic in the comments section below.
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