CleanSpark Surpasses 2024 Bitcoin Mining Hashrate Target, Aims for 50 EH/s in H1, 2025

Bitcoin mining company CleanSpark has surpassed its 2024 operating hashrate target of 37 exahashes per second, hitting the key milestone amid expansion efforts in the US.

Bitcoin mining company CleanSpark (NASDAQ:CLSK) has hit a new operating hashrate milestone of 37.5 exahashes per second (EH/s), surpassing its 2024 target.

The Nasdaq-listed BTC miner achieved the 37.5 EH/s hashrate on Dec. 23. Notably, the company surpassed its 2024 guidance of reaching 37 EH/s.

The Bitcoin miner hit its guidance for the year amid a jump in fleet efficiency, which reached 17.7 Joules per Terahash (J/Th). The firm now targets 50 EH/s in the first half of 2025.

300% hashrate surge in 2024

The newly energized sites contributed additional hashrate. Moreover, CleanSpark’s acqusition deals and fleet upgrades also helped the miner hit the above levels.

Crucial to the company’s efforts are its new data centers in Tennessee and Wyoming, which came online recently.

“Our teams have been hard at work throughout the entirety of this past year. We have delivered on our ambitious targets and expanded our hashrate nearly 300% since the beginning of 2024. Achieving 37.5 EH/s with a fleet efficiency of 17.7 J/Th is a significant milestone, and we intend to continue adding highly efficient hashrate through the end of the year and into 2025,” said Zach Bradford, CleanSpark’s chief executive officer and president.

CleanSpark recently closed a $650 million convertible bond offering and plans to use the capital to fund its growth to 50 EH/s. With the funding in place, the company expects to hit this new milestone in H1, 2025.

On Dec. 3, the miner announced that its November production stood at 622 BTC mined. The operating hashrate at the end of the month was 33.7 EH/s. The number of deployed miners hovered at 195,059 while fleet efficiency hit 19.05 J/Th.

In total, the BTC miner held 9,297 BTC at the end of November.