On October 25, the bitcoin mining operation Cleanspark announced that the firm’s hashrate now exceeds 5 exahash per second (EH/s), a milestone achieved more than two months ahead of the company’s original year-end goals. Cleanspark says it now aims to surpass 5.5 EH/s by the year’s end by increasing the miner’s hashrate goal by 10%.
Cleanspark aims to achieve 5.5 EH/s before the end of 2022 after raising goal by 10%
Cleanspark (Nasdaq : CLSK), on Tuesday announced that its bitcoin miner had exceeded its goal to keep 5,000 petahash per sec (PH/s) by the end of 2018. This equates to five EH/s. It had hoped to achieve the goal of 5 EH/s by 2022 and it now plans to include an additional 10% in its guidance. The news follows the company completing the acquisition of Mawson Infrastructure Group’s Georgia-based bitcoin mining facility, a data center that came with 6,500 mining rigs.
Cleanspark is one miner that’s managed to weather the crypto winter and further used the downturn to the company’s advantage when it obtained miners at a “discounted price” in July. The mining sector has been shaken by liquidations and bankruptcy in the past 2022.
Furthermore, the crypto analytics and onchain market intelligence company Glassnode explained on October 25, via the firm’s Telegram channel, that bitcoin mining profits have tapped a lifetime low. Glassnode explained:
Bitcoin Hash Price is at an all time low of $66,500/Exahash It means that [bitcoin]Miners earn the lowest reward in relation to historical hashpower, which puts them under severe income stress.
Zach Bradford, CEO of Cleanspark detailed on Tuesday that his company managed to buck the crypto winter’s trend that has wreaked havoc on bitcoin mining industry participants. “Our hashrate growth over the last few months has been helped along with the acquisition of the Washington and Sandersville facilities, but that only tells part of the story,” Bradford said in a statement on Tuesday.
“This milestone reflects operational prowess and efficiency gains that I believe are unmatched in our industry. In a period where the sector is experiencing reversals in forward-looking expectations, we are bucking that trend,” the Cleanspark executive added.
While bitcoin (BTC), which surpassed the $20K area on Tuesday afternoon, bucked the trend, shares in publicly-listed mining companies such as CLSK rose against the U.S. Dollar. CLSK has increased 10.54% in the last 30 days, but six-month statistics show that CLSK is at 50.85% of its previous value.
A variety of other mining company stocks such as MARA, RIOT, DMGGF, ARBKF, and CORZ have all seen 24 hour percentage increases against the U.S. dollar thanks to BTC’s rise on Tuesday. Bitcoin’s total hashrate on Tuesday, October 25, is around 240 EH/s following the network’s recent 3.44% difficulty rise two days ago.
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