US-based Bitcoin mining firm CleanSpark has announced that it now holds 10,097 Bitcoin in its treasury, making it the fourth publicly listed mining company to surpass the 10,000 BTC mark.
The company’s Bitcoin holdings have grown by 236% year-over-year, a testament to CleanSpark’s efficient scaling, noted CEO Zach Bradford in a statement on 9 January 2025.
Bradford highlighted that all the company’s Bitcoin has been mined in the US, supporting domestic energy production and job creation while contributing to Bitcoin’s global ecosystem.
Other public Bitcoin miners in the 10,000 BTC league include MARA Holdings, Riot Platforms, and Hut 8 Mining Corp, according to BitcoinTreasuries.NET.
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CleanSpark Sold 12 BTC In December 2024
CleanSpark’s Chief Financial Officer, Gary Vecchiarelli, emphasized the firm’s focus on sound financial practices.
“By avoiding unfavorable counterparty exposure and leveraging our Bitcoin to lower our cost of capital, we are positioning CleanSpark as a leader in responsible financial innovation,” Vecchiarelli stated.
Bitcoin miners typically sell portions of their mined Bitcoin to cover operational costs, including equipment upgrades and employee salaries. However, companies like MARA Holdings have adopted strategies to retain as much mined Bitcoin as possible.
CleanSpark sold only 12.65 BTC in December, a small fraction of the 668 BTC it mined that month.
In 2024, CleanSpark mined 7,024 BTC, significantly increasing its treasury from around 2,300 BTC at the start of the year. The company’s operating hashrate also rose to 39.1 exahashes per second, reflecting a 33% improvement in energy efficiency compared to 2023.
Despite these achievements, CleanSpark’s stock (CLSK) fell 5.8% to $10.09 on January 9, amid a broader market downturn, according to Google Finance.
The decline is part of a larger trend, with the company’s shares falling 16% in 2024 after a stellar 2023 performance, where the stock surged over 440%.
— CleanSpark Inc. (@CleanSpark_Inc) January 9, 2025
In December, CleanSpark’s 668 BTC mining output marked a 7.4% monthly increase, ranking it just behind MARA Holdings, which mined 890 BTC.
Riot Platforms and IREN also exceeded 500 BTC, while Bitdeer and Bit Digital reported lower production due to operational changes and equipment retirements.
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Public Bitcoin Miners Adopt Treasury Strategy
In 2024, Bitcoin miners adapted to rising competition and market volatility by embracing new strategies, including a notable focus on building their Bitcoin treasuries.
According to a 7 January 2025 report by NiceHash and Digital Mining Solutions, several public mining companies mirrored MicroStrategy’s approach by increasing their BTC holdings rather than selling their mined coins.
Companies like MARA Holdings, Riot Platforms, and Hut 8 even purchased additional Bitcoin using borrowed funds, signaling a strong commitment to this treasury strategy.
Beyond treasury strategies, diversification into high-performance computing (HPC) and artificial intelligence (AI) sectors emerged as a key trend among miners in 2024.
The report noted that US-based miners, in particular, turned to these sectors to offset the unpredictability of mining revenues. For instance, Hive Digital repurposed its Nvidia GPUs for AI tasks, generating over $2 per hour compared to just $0.12 per hour from crypto mining.
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