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CleanSpark released third quarter earnings on Wednesday, reporting an operating hash rate of 9 exahashes per second.
CleanSpark is having a good quarter in terms of cash flow, which was previewed by a strong showing in July while other miners remained stagnant.
Over the entire quarter ending on June 30, CleanSpark reported its current holdings, including bitcoin and cash, at $125 million.
CleanSpark’s revenue jumped 47% to $45.5 million compared with the same period last year. The company is also now in the black, with more assets than liabilities on its balance sheet.
CEO Zach Bradford announced that the company’s goal of reaching 16 exahashes per second (EH/s) is fully funded, which includes miners, facilities and other infrastructure.
CleanSpark’s stock is up roughly 150% year to date, though it’s down nearly 23% in the past month.
The stock, which trades under ticker symbol CLSK, closed at $5.05 Wednesday. It has a 52-week low of $1.74 and a high of $7.60.
The Nevada-headquartered company has been consistently growing since the beginning of 2023. In January, it started out with 63,700 deployed miners — in June, it had 68,678. During that period, it increased its hash rate 8% from 6.2 EH/s to 6.7 EH/s.
But in July, CleanSpark’s operation expanded far more than it had in the prior six months, reaching a total of 87,936 miners with an operating hashing power of 7.6 EH/s. The company also doubled its bitcoin holdings in the course of a single month, according to an August update.
Much of that rapid expansion can be attributed to CleanSpark getting its Georgia location up and running in July, which added 50 megawatts of power and over 15,000 mining machines to its overall operation.
Compared with its competitors, CleanSpark mined the third most bitcoin in July, only behind Core Scientific and Marathon Digital, which took the number one spot.
Marathon, one of the biggest publicly traded mining companies, mined a record 2,926 BTC from April to June, up 33% from the 2,195 BTC it produced in the first quarter.