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- Firm’s Hashpower Surpasses 5 EH/s
- 30-day statistics indicate that CLSK is up 10.54%
- Bitcoin’s total hashrate on Tuesday – 240 EH/s
Cleanspark, a bitcoin mining operation, made the announcement on October 25 that the company’s hashrate now exceeds 5 exahashes per second (EH/s), more than two months ahead of the company’s initial goals for the year’s end.
Cleanspark claims that by the end of the year, it intends to increase the miner’s hashrate goal by 10% in order to surpass 5.5 EH/s. Cleanspark has increased its goal by 10% to reach 5.5 EH/s by the end of 2022. CLSK reported on Tuesday that the bitcoin excavator has outperformed its year-ultimate objective to keep 5,000 petahash each second (PH/s), which compares to 5 EH/s.
Bitcoin mining profits have tapped a lifetime low
The company intended to reach the 5 EH/s targets by the end of 2022, and it now intends to increase the year-end guidance by 10%. The company recently completed the acquisition of Mawson Infrastructure Group’s bitcoin mining facility in Georgia, which included a data center and 6,500 mining rigs.
One miner that has weathered the crypto winter is Cleanspark, which took advantage of the downturn by purchasing miners at a “discounted price” in July.In 2022, the mining industry has been shaken by liquidations and bankruptcies, so other bitcoin mining companies have not fared as well.
Additionally, Bitcoin mining profits have tapped a lifetime low, as the crypto analytics and on-chain market intelligence company Glassnode explained on October 25 via the company’s Telegram channel.
Cleanspark CEO Zach Bradford said on Tuesday that his company was able to defy the crypto winter trend that has ruined the bitcoin mining industry.
The acquisition of the Washington and Sandersville facilities has contributed to our growth in hashrate over the past few months, but that is only part of the story, Bradford stated in a statement on Tuesday.
This milestone demonstrates operational prowess and gains in efficiency that, in his opinion, are unmatched in our sector. They are defying that trend even though the industry is experiencing a reversal in forward-looking expectations, the Cleanspark executive continued.
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BTC Price at the time of writing – $20,348.93
Meanwhile, as bitcoin (BTC) defied the trend and crossed the $20K mark once more on Tuesday afternoon, shares in publicly-traded mining companies like CLSK have appreciated against the US dollar.
While six-month metrics show that CLSK is down 50.85% against the dollar, 30-day statistics indicate that CLSK is up 10.54% since last month.
Due to BTC’s rise on Tuesday, a number of other mining company stocks, including MARA, RIOT, DMGGF, ARBKF, and CORZ, have all seen 24-hour percentage increases against the US dollar. Following the network’s recent difficulty increase of 3.44 percent two days ago, Bitcoin’s total hashrate on Tuesday, October 25 is approximately 240 EH/s.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
