U.S. Bitcoin Miner Increased Its Annual BTC Production By 200% In 2022
Source: Bitcoin Magazine – Bitcoin News, Articles and Expert Insights – Read More
Cleanspark’s December 2022 mining update examines the company’s year at large as well as the operations of the previous month.
Cleanspark, a publicly traded bitcoin miner based in Las Vegas, Nevada, has announced their December 2022 bitcoin mining update, in addition to comments from the CEO reflecting on 2022.
“Among our many accomplishments this year, I’m most proud of increasing our annual bitcoin production by over 200% as we expanded our fleet and the number of mining campuses we own and operate throughout Georgia,” said Zach Bradford, CEO, in the release. “Even in this down market, we are committed to the promise of bitcoin and are proud to be part of the global network that keeps it secure for millions of users across the world.”
The company mined a total of 464 bitcoin in the month of December, to conclude 2022 with a total of 4,621 bitcoin mined. As of December 31, the company held 228 bitcoin while it sold 517 bitcoin in December for operations and growth.
Like other public miners this year, Cleanspark has faced a dramatic downturn in its stock price, just as the price of bitcoin fell similarly. Despite this, when priced in bitcoin, Cleanspark has maintained a relatively steady valuation, and has continued to expand its operations.
In September, mining expert Zack Voell detailed how the energy company turned miner is continuing to grow despite the various headwinds currently present in the bitcoin market. This continued with ASIC acquisitions in the following months, as well as record production of bitcoin in October.
The December report also detailed the company’s operational reactions to the winter storm which ravaged the United States that month, describing how 98% of its machines present in Georgia were powered down due to the conditions. The machines were turned back on as soon as the temperature and humidity levels permitted.