Bitcoin miner CleanSpark concluded September with a substantial treasury of 13,011 BTC, marking significant year-over-year gains in both efficiency and output. The company reported a 27% increase in monthly production compared to September 2024, successfully mining 629 BTC during the month. Notably, CleanSpark sold 445 BTC for approximately $48.7 million, averaging a price of $109,568 for Bitcoin.
In a recent update, CleanSpark highlighted a 26% improvement in fleet efficiency year over year, with its average operating hashrate reaching 45.6 EH/s for the month. To bolster its financial stability, the company has been periodically selling portions of its monthly Bitcoin production since April. This initiative aligns with its broader goal of achieving financial self-sufficiency. Furthermore, CleanSpark launched an institutional Bitcoin trading desk to facilitate these sales. In August, the company generated $60.7 million from the sale of 533.5 BTC.
Following the release of this report, CleanSpark’s shares on Nasdaq rose by 5.28%, and the stock climbed over 23% throughout the week, as reported by Yahoo Finance. The market capitalization for 15 major publicly traded Bitcoin miners reached an all-time high of $58.1 billion in September, a stark increase from $41.6 billion in August and more than double the $19.9 billion recorded in March, according to a report from The Miner Mag.
However, despite growing investor interest in publicly traded mining companies, the industry is encountering significant challenges. Increased energy costs and the looming threat of tariffs on imported mining rigs are pressing concerns. In August, it was reported that the US Customs and Border Protection alleged some of CleanSpark’s mining rigs from 2024 were manufactured in China, potentially exposing the company to tariff liabilities of up to $185 million. Similarly, Iris Energy, the largest Bitcoin miner by market cap, is contesting a separate $100 million tariff dispute with the agency.
The effective duty imposed on mining equipment manufactured in China has reached 57.6%, while rigs from Indonesia, Malaysia, and Thailand face a 21.6% tariff. Additionally, Bitcoin mining difficulty has surged to record levels in September and October, requiring miners to invest more computing power and energy to produce the same volume of Bitcoin. The challenges facing the industry have sparked discussions on the sustainability and future of Bitcoin mining amid these escalating operational costs and regulatory hurdles.
