Bitcoin miner CleanSpark concluded September with a treasury of 13,011 BTC after announcing significant year-over-year improvements in both efficiency and production.
The company reported a 27% increase in monthly production compared to September 2024, with 629 Bitcoin (BTC) mined, and sold 445 BTC for approximately $48.7 million at an average price of $109,568. In its update on Friday, CleanSpark noted that fleet efficiency had improved by 26% year over year, with an average operating hashrate of 45.6 EH/s for the month.
Since April, CleanSpark has been selling a portion of its monthly Bitcoin production as part of its strategy to achieve financial self-sufficiency. The company also established an institutional Bitcoin trading desk to streamline sales. In August, it generated $60.7 million from selling 533.5 BTC.
Following the report, CleanSpark’s shares on Nasdaq increased by 5.28%, accumulating over 23% gains for the week, according to Yahoo Finance.
The market capitalization for 15 major publicly traded Bitcoin miners reached a record $58.1 billion in September, rising from $41.6 billion in August and more than doubling the $19.9 billion recorded in March, as detailed in an October 1 report from The Miner Mag.
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Challenges in Bitcoin mining
Despite the investor interest in publicly listed mining firms, the sector is encountering increasing challenges from rising energy costs and potential tariffs on imported mining equipment.
In August, The Miner Mag reported that US Customs and Border Protection had claimed some of CleanSpark’s mining rigs from 2024 were produced in China, potentially resulting in tariff liabilities of up to $185 million.
Iris Energy (IREN), the largest Bitcoin miner by market capitalization, is also disputing a separate $100 million tariff case with the agency.
As reported by Cointelegraph in August, the effective duty on machines manufactured in China stands at 57.6%, whereas rigs from Indonesia, Malaysia, and Thailand face tariffs of 21.6%.
Bitcoin mining difficulty also reached new record levels in September and October, requiring miners to utilize more computing power and energy to generate the same quantity of Bitcoin.
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