CleanSpark, a sustainable bitcoin mining company, released its mining production update for the month of May.
While bitcoin production marginally increased, operational capacity showed a large improvement from a month-over-month perspective.
Currently the company holds 1,523 BTC ($46.1 million) in custody.
CleanSpark Inc. (Nasdaq: CLSK), a sustainable bitcoin mining company, has released its mining and production update for last month via a press release sent to Bitcoin Magazine.
In the month of May, CleanSpark produced 312 BTC currently valued at $9.4 million and year-to-date (YTD) has produced a total of 1,523 BTC worth $46.1 million. This is slightly up from the previous month’s 311 BTC produced.
As of May 31, the company holds 550 BTC worth over $16.6 million in custody and converted 210 BTC at an average price of $32,639 per BTC for overhead. The converted BTC is worth $6.3 million at the time of writing, but generated the company $6.8 million at the time of sale.
Currently, the Nevad-based operation houses over 25,000 of the latest generation of bitcoin miners totalling a hash rate of 2.5 exahashes per second (EH/s). This operational capacity allowed the mining company to achieve a high of 10.69 BTC production per day, or $324,000.
In April, the company converted 285 BTC for operating expenses valued near $86 million with only 24,000 active miners. This shows that while the mining company was able to expand its mining fleet to over 25,000 miners, CleanSpark managed to lower its converted BTC for overhead by 26%.
Similarly, if during the month of April the company needed to convert 285 BTC, while it had produced 311 BTC, that left the company with 26 BTC that was able to be custodied. As previously mentioned, this month the company produced 312 BTC but only converted 210 BTC. This left the company with 102 BTC in custody produced in May representing a 292% increase in custodied bitcoin from a month-over-month perspective.