Bitcoin miner CleanSpark concluded September with 13,011 BTC in its treasury, showcasing year-over-year improvements in efficiency and production.
The company announced a 27% increase in monthly production from September 2024, with 629 Bitcoin (BTC) mined and 445 BTC sold for approximately $48.7 million at an average price of $109,568. In its Friday update, CleanSpark reported a 26% year-over-year improvement in fleet efficiency, with an average operating hashrate of 45.6 EH/s for the month.
Since April, CleanSpark has been selling portions of its monthly Bitcoin production to work towards financial self-sufficiency. The company also launched an institutional Bitcoin trading desk to facilitate these sales. In August, it generated $60.7 million from the sale of 533.5 BTC.
Following the report, CleanSpark’s shares on Nasdaq increased by 5.28%, marking over a 23% gain for the week, according to Yahoo Finance.
As of September, the market capitalization of 15 major publicly traded Bitcoin miners reached a historic $58.1 billion, climbing from $41.6 billion in August and more than doubling the $19.9 billion recorded in March, as per an Oct. 1 report from The Miner Mag.
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Bitcoin mining faces new pressures
Although there is strong investor interest in publicly traded mining firms, the industry is encountering increasing challenges from rising energy costs and the risk of tariffs on imported mining rigs.
In August, The Miner Mag reported that US Customs and Border Protection claimed some of CleanSpark’s 2024 mining equipment was sourced from China, potentially resulting in tariff liabilities of up to $185 million.
Iris Energy (IREN), the largest Bitcoin mining company by market cap, is also battling a separate $100 million tariff issue with the agency.
According to Cointelegraph’s August report, the effective duty on machines made in China is set at 57.6%, while equipment from Indonesia, Malaysia, and Thailand faces tariffs of 21.6%.
Additionally, Bitcoin mining difficulty hit record highs in both September and October, necessitating more computing power and energy to mine the same quantity of Bitcoin.
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