Energy Company Turned Miner Produced A Record 532 BTC In October

CleanSpark saw a record bitcoin production in October following recent investments in growth amid a battered mining market.

CleanSpark Inc., an energy company turned bitcoin miner, produced a record amount of new BTC last month.

The Nasdaq-traded firm said in a statement sent to Bitcoin Magazine that it had mined 532 bitcoin in October, representing a nearly 20% increase from its September production. In addition, the company also shared some updates on its immersion-cooled farm.

“I’m excited to announce that Phase 2 of our immersion-cooled mining campus in Norcross is now officially complete and hashing,” said Zach Bradford, CleanSpark’s CEO, per the statement. “The progress there has translated into another record-breaking month for us, mining a total of 532 bitcoin. And we’ve now seen a 20% increase in our hashrate two months in a row.”

CleanSpark has mined a total of 3,622 BTC so far this year. However, the miner only holds 290 bitcoin on its balance sheet as it has been selling most of its production to cover operating costs. In October, the firm sold 836 BTC to fund “growth and operations” at an average price of approximately $19,340 per bitcoin to proceeds of $16.1 million.

While some bitcoin miners have faced extreme hardship since the digital currency’s price tumbled earlier this year, CleanSpark has grown its business, scooping up miners and facilities at attractive prices. Earlier this week, the firm announced it had purchased nearly 3,900 Bitmain Antminer S19j Pro miners to its mining fleet for $5.9 million, which translates to about $15.50 per terahash. The price tag paid by CleanSpark is low as, according to data from mining services company Luxor Technologies, machines of such efficiency are currently selling at about $23 per terahash.

Last week, CleanSpark hiked its 2022 hash rate forecast by 10% to 5.5 exahash per second (EH/s) from 5 EH/s. As of October 31, 2022, the company’s mining fleet operated with a hash rate of 5.1 EH/s, up 23% from September 2022. Daily bitcoin mined reached 19.2 in October.