CleanSpark, a Bitcoin mining company headquartered in Nevada, has achieved an impressive feat by amassing over 10,000 Bitcoins in its reserves, all of which have been mined through operations based within the United States.
The latest figure reflects a 236% year-over-year (YoY) increase in its Bitcoin holdings.
CleanSpark Hits Milestone
As a proud crypto investor, I’m thrilled to be part of this journey as our company reaches yet another significant milestone. This achievement is primarily due to our unwavering commitment to strategic, efficient, and responsible scaling, under the visionary leadership of Zach Bradford, our CEO and President. We’re particularly proud of our focus on utilizing American energy and harnessing the potential of our local workforce to power our mining operations. It’s not just about profit; it’s about making a positive impact while moving forward in the dynamic world of cryptocurrency.
In a statement, Gary Vecchiarelli, Chief Financial Officer of CleanSpark, said,
This milestone isn’t just about the figure itself; it demonstrates the effectiveness of our financial approach and showcases the progress our pioneering operations have made since we mined our initial bitcoin in December 2021. By avoiding risky partnerships and utilizing our bitcoin to reduce our overall financing costs, CleanSpark is emerging as a trailblazer in prudent financial innovation.
Based on BitcoinTreasuries’ statistics, CleanSpark lags behind mining companies like MARA Holdings (with 44,893 BTC) and Riot Platforms (with 17,722 BTC) in terms of Bitcoin holdings. However, CleanSpark is just slightly behind Florida-based miner Hut 8 Mining, which holds 10,096 BTC.
Miners Prioritize Holding Bitcoin
Bitcoin miners typically use a part of the Bitcoins they mine to meet their operational costs. On the other hand, companies like MARA Holdings prefer to keep their Bitcoin reserves intact. In fact, its CEO, Fred Thiel, advised retail investors to purchase Bitcoin and hold onto it as the crypto asset potentially increases in value. Interestingly, MARA Holdings recently loaned out 7,377 Bitcoins, worth approximately $730 million at the time of the transaction, to other parties for relatively small returns.
It seems that CleanSpark adopted a similar approach. In the year 2024, they mined a total of 7,024 Bitcoins, yet they only sold off a small portion, specifically 12.65 BTC, in December, keeping most of their mined Bitcoins intact.
The slowdown in Bitcoin miner sales, as seen in a recent report, is evident from April 2024 onwards. Though there was a temporary increase in exchange flows caused by a post-election Bitcoin price spike in November 2024, miners have since then been less inclined to sell their Bitcoin for profit. Instead, with the current profitability, these miners are choosing to hold onto their Bitcoin rather than selling it off.
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2025-01-11 07:50