CleanSpark Becomes Fourth Bitcoin Miner to Hold 10,000 BTC

CleanSpark, a leading U.S.-based Bitcoin mining firm, has officially crossed a major milestone, now holding 10,097 Bitcoin in its treasury. This places CleanSpark alongside three other major publicly listed Bitcoin mining companies—MARA Holdings, Riot Platforms, and Hut 8 Mining Corp—all of which have 10,000 or more Bitcoin on their balance sheets.

This achievement marks a significant 236% year-over-year increase in CleanSpark’s Bitcoin-denominated treasury. CleanSpark’s CEO, Zach Bradford, credited the company’s efficient and responsible scaling strategies for this growth. He emphasized that all of the company’s 10,097 Bitcoin have been mined within the United States, helping to support domestic energy sectors and create jobs while contributing to the broader growth of the global Bitcoin ecosystem.

Joining the Ranks of Major Bitcoin Holders

With this milestone, CleanSpark joins a select group of Bitcoin miners who have accumulated significant holdings. According to data from BitcoinTreasuries.NET, MARA Holdings, Riot Platforms, and Hut 8 Mining Corp are the other publicly listed mining firms that have surpassed the 10,000 Bitcoin threshold. These companies, along with CleanSpark, are becoming influential players in the Bitcoin mining industry, helping to shape the future of the digital asset’s ecosystem.

A Commitment to Responsible Capital Strategy

CleanSpark’s Chief Financial Officer, Gary Vecchiarelli, reiterated the company’s commitment to sound risk management principles. He stated that the firm’s strategy focuses on using its Bitcoin holdings to align with a disciplined capital strategy, avoiding unfavorable counterparty exposure, and leveraging Bitcoin to reduce the company’s cost of capital.

Vecchiarelli emphasized that CleanSpark’s approach positions the firm as a leader in “responsible financial innovation.” Bitcoin miners typically sell a portion of their mined Bitcoin to fund new mining equipment, cover operational costs, and pay employees. However, CleanSpark has adopted a strategy similar to MARA Holdings, retaining as much of its mined Bitcoin as possible.

In December 2024, CleanSpark sold just 12.65 Bitcoin out of the 668 Bitcoin it mined that month. This reflects the company’s ongoing strategy of accumulating Bitcoin rather than selling it to cover expenses. CleanSpark’s treasury grew substantially throughout 2024, starting the year with approximately 2,300 Bitcoin and mining a total of 7,024 BTC during the year.

Growth in Mining Capacity and Efficiency

In addition to growing its Bitcoin reserves, CleanSpark has made significant strides in its mining operations. The company’s operating hashrate—the computational power used for mining Bitcoin—reached 39.1 exahashes per second (EH/s) by the end of 2024. Furthermore, CleanSpark reported a 33% increase in hashrate efficiency from 2023, which means the company is producing more hashes per unit of energy consumed, improving its cost-efficiency and environmental sustainability.

Stock Performance and Market Trends

Despite these operational achievements, CleanSpark’s stock experienced a 5.8% decline on January 9, 2025, closing at $10.09, amid a broader downturn in the market. This drop comes after a strong performance in 2023, when the company’s stock surged by more than 440%. CleanSpark’s relatively underwhelming performance in the market contrasts with other miners, such as MARA Holdings, which reported a stronger monthly production in December 2024, mining 890 Bitcoin.

CleanSpark’s 668 Bitcoin mined in December represented a 7.4% month-over-month increase. It trailed only MARA Holdings in terms of monthly Bitcoin production, while Riot Platforms and IREN also reported solid mining results, each producing over 500 Bitcoin that month. Other miners like Bitdeer and Bit Digital saw declines in production, with Bit Digital’s monthly output falling 27.8% to 32.4 Bitcoin, attributed to changes in its hosting portfolio and the retirement of older generation mining machines.

Looking Ahead

CleanSpark’s continued growth in both Bitcoin reserves and mining efficiency positions the company as a strong player in the Bitcoin mining sector. As it further scales its operations and refines its capital strategy, CleanSpark is solidifying its position as a leader in responsible Bitcoin mining. With its commitment to retaining mined Bitcoin and leveraging its assets for cost reduction, the company is poised for long-term success, regardless of market volatility.

As CleanSpark and other public miners continue to innovate and expand, the industry is likely to see increasing institutional interest in Bitcoin as an asset class, potentially influencing future market dynamics and the broader adoption of cryptocurrency.