CleanSpark sells $48.7M in Bitcoin, treasury tops 13K BTC in September

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Shares of Nasdaq-listed miner CleanSpark roseate much than 5% Friday aft the institution reported higher September production.

CleanSpark sells $48.7M successful Bitcoin, treasury tops 13K BTC successful September

Bitcoin miner CleanSpark ended September with 13,011 BTC successful its treasury aft reporting year-over-year gains successful ratio and output.

The institution said monthly accumulation roseate 27% from September 2024, with 629 Bitcoin (BTC) mined, and sold 445 BTC for astir $48.7 cardinal astatine an mean terms of $109,568. In its Friday update, CleanSpark said that fleet ratio improved 26% twelvemonth implicit year, portion its mean operating hashrate for the period was 45.6 EH/s.

CleanSpark has been selling portion of its monthly Bitcoin accumulation since April arsenic portion of a propulsion to go financially self-sufficient. It besides opened an organization Bitcoin trading table to facilitate sales. In August, the institution generated $60.7 million from the merchantability of 533.5 BTC.

CleanSpark’s shares connected Nasdaq roseate 5.28% pursuing the report, gaining much than 23% implicit the week, according to Yahoo Finance.

The marketplace capitalization of 15 large publically traded Bitcoin miners reached a grounds $58.1 cardinal successful September, up from $41.6 cardinal successful August and much than treble the $19.9 cardinal recorded successful March, according to an Oct. 1 report from The Miner Mag.

Bitcoin mining faces caller pressures

Despite capitalist appetite for publically traded mining companies, the manufacture faces increasing headwinds from higher vigor costs and the menace of tariffs connected imported mining rigs.

In August, The Miner Mag reported that US Customs and Border Protection had alleged immoderate of CleanSpark’s 2024 mining rigs were manufactured successful China, leaving the institution with imaginable tariff liabilities of up to $185 million.

Iris Energy (IREN), the largest Bitcoin miner by marketplace cap, was besides contesting a abstracted $100 cardinal tariff dispute with the agency.

As Cointelegraph reported successful August, the effectual work connected China-made machines stood astatine 57.6%, portion rigs from Indonesia, Malaysia, and Thailand look tariffs of 21.6%.

Bitcoin mining trouble besides reached grounds highs successful September and October, meaning miners indispensable expend much computing powerfulness and vigor to nutrient the aforesaid magnitude of Bitcoin.