Mining Output and Treasury Expansion

CleanSpark achieved a 【9.4%】 month-over-month increase in Bitcoin production during May 2025, mining 694 BTC compared to April's 633. The company's treasury now holds 12,502 BTC — double its holdings from the same period last year. Notably, this growth stems solely from mining operations without additional equity issuance since November 2024.

Infrastructure and Efficiency Gains

The Nevada-based miner boosted its hash rate to 45.6 exahashes (EH/s), a 7.5% sequential improvement, while enhancing fleet efficiency. ——"Our infrastructure-first strategy delivers measurable results,"—— stated CEO Zach Bradford. Power capacity expanded to 987 MW, supporting the company's position as the sixth-largest public Bitcoin holder.

Financial Performance and Market Reaction

Investors responded positively to the operational update, driving CleanSpark's shares up 【6.5%】 on June 3. The stock has gained 12.4% over the past month, outperforming the Nasdaq index. Despite reporting $182 million in Q2 2025 revenue (a 62.5% annual increase), the company posted a $139 million net loss.

Competitive Landscape Intensifies

Rival miners showed stronger production growth in May: • Marathon Digital (MARA): 【34.8%】 increase (950 BTC) • Riot Platforms: 【11%】 rise (514 BTC) Both companies saw share prices climb 8% and 6.5% respectively following their announcements.

Strategic Bitcoin Sales

CleanSpark sold 293.5 BTC last month at an average price of 【$102,254】, generating approximately $30 million. This partial liquidation aligns with the company's self-funding pivot while maintaining substantial reserves.

Industry-Wide Hash Rate Surge

The broader mining sector continues expanding capacity, with multiple operators reporting double-digit percentage growth in output. Analysts note this trend coincides with Bitcoin's price stabilization above $100,000, creating favorable conditions for equipment upgrades.