CleanSpark Reaches 10,000 BTC Milestone
Date: 2025-01-10 Author: Henry Casey Categories: BUSINESS
US-based mining firm CleanSpark has announced that it has reached 10,097 Bitcoin in its treasury, becoming the fourth publicly traded mining firm to reach that milestone. The milestone represents a 236% increase from last year, which CEO Zach Bradford said was made possible by scaling the business efficiently and responsibly.
All 10,097 BTC in CleanSpark’s treasury were mined in the US, helping to grow the local energy industry, create jobs, and strengthen the global Bitcoin ecosystem, Bradford added in a statement on January 9.
According to BitcoinTreasuries.NET, companies like MARA Holdings, Riot Platforms, and Hut 8 Mining Corp also have vaults containing more than 10,000 Bitcoin.
CleanSpark CFO Gary Vecchiarelli emphasized that the company strives to use its BTC in a responsible risk management and balanced capitalization manner. “We minimize risk by avoiding unfavorable counterparty trades and use our assets to reduce the cost of capital, which strengthens our position in the field of financial innovation,” he said.
Many mining companies sell a portion of the BTC they mine to finance new machines, cover maintenance costs, and pay salaries. However, firms like MARA Holdings have a strategy of preserving as much of the mined coins as possible.
CleanSpark sold only 12.65 BTC in December, a small fraction of the 668 BTC mined that month. The company mined 7,024 BTC in all of 2024, retaining most of it and starting the year with a reserve of about 2,300 Bitcoin.
The company's operational computing power reached 39.1 EH/s by the end of 2024, and its energy efficiency increased by 33% compared to 2023. This growth confirms CleanSpark's leading position in the responsible and sustainable industry.
