CleanSpark, a United States-based cryptocurrency miner, has reported an increase in its Bitcoin holdings for the month of December 2024. According to a recent report, the company mined 668 BTC during this period and a total of 7,024 BTC throughout the entire year. This notable achievement is attributed to several factors, including improved efficiency and accelerated hashrate growth.
CleanSpark’s Efficiency Improvements and Hashtag Growth
The company’s hashrate, which measures the amount of computational power deployed to secure the Bitcoin network, jumped by an impressive 287.9% year-over-year. Additionally, CleanSpark reported a 33.3% improvement in hashrate efficiency from the previous year, resulting in an operating hashrate of 39.1 exahashes per second by the end of 2024.
Selling Price and Proceeds
In December, CleanSpark sold 12.65 BTC, representing only 58% of its average daily production during the month. The company’s average selling price was roughly $101,246, yielding net proceeds of $1.28 million.
Mining Capacity Increase and Facilities Acquisition
CleanSpark significantly increased its mining capacity in 2024 by acquiring seven facilities in Knoxville, Tennessee. Initially, the company stated that this acquisition would boost its hashrate by 22%. With the recent efficiency improvements and hashrate growth, CleanSpark’s overall performance has exceeded expectations.
Stock Performance and Market Value
CleanSpark stock, which trades under the ticker symbol CLSK, experienced a sharp rally on January 6. However, it still trades at less than half of its 52-week high.
Position in Corporate Bitcoin Holders
By the end of 2024, CleanSpark accumulated 9,952 BTC, with an overall value of $1.01 billion. This places the company as one of the top-5 corporate holders of Bitcoin, surpassing Tesla’s holdings. Only MicroStrategy and three other mining companies hold more Bitcoin than CleanSpark.
Industry Trends: Publicly Listed Companies Holding Bitcoin
According to industry data, publicly listed companies now hold a total of 593,152 BTC, accounting for roughly 20% of institutional Bitcoin treasuries. This figure includes government holdings of confiscated Bitcoin. The trend suggests that more corporations are exploring the inclusion of Bitcoin in their balance sheets.
Corporations Embracing Bitcoin
There is evidence of growing interest from companies to add Bitcoin to their corporate treasury strategies. Last month, space technology company KULR announced its conversion of $21 million in cash into Bitcoin. This development follows Canadian companies Matador Technologies and Quantum BioPharma purchasing Bitcoin as part of their corporate treasury strategy.
Bitcoin Standard Corporations: Hunter Horsley’s Prediction
Hunter Horsley, Bitwise CRO, believes that 2025 will be the year when "Bitcoin Standard" corporations emerge. This prediction is based on his observation of growing interest from companies in adding Bitcoin to their balance sheets.
Conclusion
CleanSpark’s impressive performance in increasing its Bitcoin holdings and achieving significant efficiency improvements has solidified its position as one of the top corporate holders of Bitcoin. The trend suggests that more publicly listed companies will follow suit, embracing Bitcoin as a valuable asset for their treasuries.
