Clean Spark Inc. – a bitcoin mining services and software company – has announced several new updates regarding its processes and operations, as well as general changes to the mining sector.
Clean Spark Is Heading for the Top
The company’s mining division – known as Clean Blok – boasts more than 7,500 machines at the time of writing. The hash rate capacity with the company stands at more than 740 PH/s, while approximately six bitcoin units are extracted each day. Clean Spark will soon be adding more than 1,000 machines to its operations, which will add another 1.4 bitcoin to its daily extraction tally. These machines will likely be installed towards the end of the month.
At some point, Clean Spark expects its hash rate to exceed 1.0 EH/s, which would mean that the company could potentially extract as many as 9.3 units of new BTC each day, which would result in annual profit of more than $136 million if bitcoin were to hang onto its current price.
Chief executive officer of Clean Spark Zach Bradford stated in a recent interview:
We have experienced tremendous growth over a relatively short period of time, and we are very enthusiastic about the results. In just the month of July, we have already produced nearly 70 percent of the bitcoins that we mined over the entire prior quarter, and we expect to continue to grow at a strong pace. We’re on track to receive over 20,000 additional miners over the coming 12 months.
One of the company’s biggest claims to fame is the fact that just over 95 percent of the bitcoin units it mines are extracted using completely carbon-free energy. The firm is working to make the mining sector greener and more environmentally friendly. The current goal is to get as close to 100 percent carbon-free energy as possible in the coming years.
Chief revenue officer and energy division president Amer Tadayon explained:
Our strong balance sheet enabled us to resolve supply chain constraints, resulting in the delivery of more than 1,100 batteries to our facilities. Most of our new integrations were for our neighbors in fire-prone communities throughout California. Our team has been able to install several residential systems providing critical energy resiliency for families with medical needs that require consistent and reliable power. We expect the momentum to continue through the current quarter and through the end of the year, with our contracted energy backlog now exceeding $20 million.
More Machines, More Mining, More Money
CEO Bradford added:
Our growth has not been without its challenges. The company successfully navigated the volatility of bitcoin, managed supply chain constraints, and resolved a legal dispute. Additionally, we were able to aggressively expand our sales and marketing efforts and increase our labor force for energy products. Also, Clean Spark – like all companies holding large amounts of digital currency – is required to measure impairment risks to the value of bitcoin and other intangible assets pursuant to US accounting rules.
