Fun

Bitcoin Miner Cleanspark Raises Year-End Outlook by 10%, Firm’s Hashpower Surpasses 5 EH/s

News Feed - 2022-10-26 01:10:21

Bitcoin Miner Cleanspark Raises Year-End Outlook by 10%, Firm"s Hashpower Surpasses 5 EH/s


On October 25, the bitcoin mining operation Cleanspark announced that the firm’s hashrate now exceeds 5 exahash per second (EH/s), a milestone achieved more than two months ahead of the company’s original year-end goals. Cleanspark says it now aims to surpass 5.5 EH/s by the year’s end by increasing the miner’s hashrate goal by 10%. Cleanspark Aims to Achieve 5.5 EH/s by the End of 2022 After Raising Goal by 10%


Cleanspark (Nasdaq: CLSK) announced on Tuesday that the bitcoin miner has surpassed its year-end goal to maintain 5,000 petahash per second (PH/s), which equates to 5 EH/s. The company intended on meeting the 5 EH/s goal by the end of 2022, and now it plans to add an additional 10% of hashrate to the year-end guidance. The news follows the company completing the acquisition of Mawson Infrastructure Group’s Georgia-based bitcoin mining facility, a data center that came with 6,500 mining rigs.


Cleanspark is one miner that’s managed to weather the crypto winter and further used the downturn to the company’s advantage when it obtained miners at a “discounted price” in July. Other bitcoin mining firms in 2022 have not fared as well, as liquidations and bankruptcies have shaken the mining industry.



Furthermore, the crypto analytics and onchain market intelligence company Glassnode explained on October 25, via the firm’s Telegram channel, that bitcoin mining profits have tapped a lifetime low. Glassnode said: The Bitcoin Hash Price has reached an all-time-low of $66,500 per Exahash. This means that [bitcoin] miners are earning the smallest reward relative to hashpower applied in history, and likely puts the industry under extreme income stress.


Zach Bradford, CEO of Cleanspark detailed on Tuesday that his company managed to buck the crypto winter’s trend that has wreaked havoc on bitcoin mining industry participants. “Our hashrate growth over the last few months has been helped along with the acquisition of the Washington and Sandersville facilities, but that only tells part of the story,” Bradford said in a statement on Tuesday.


“This milestone reflects operational prowess and efficiency gains that I believe are unmatched in our industry. In a period where the sector is experiencing reversals in forward-looking expectations, we are bucking that trend,” the Cleanspark executive added.


Meanwhile, as bitcoin (BTC) bucked the trend on Tuesday afternoon surpassing the $20K region again, shares tied to publicly-listed mining companies like CLSK have risen against the U.S. dollar. 30-day statistics indicate that CLSK is up 10.54% since last month, however, six-month metrics show CLSK is down 50.85% against the greenback.


A variety of other mining company stocks such as MARA, RIOT, DMGGF, ARBKF, and CORZ have all seen 24 hour percentage increases against the U.S. dollar thanks to BTC’s rise on Tuesday. Bitcoin’s total hashrate on Tuesday, October 25, is around 240 EH/s following the network’s recent 3.44% difficulty rise two days ago. Tags in this story 240 EH/s, ARBKF, Bitcoin, Bitcoin (BTC), Bitcoin mining, BTC Mining, CEO of Cleanspark, CLSK, CORZ, crypto downturn, Crypto Winter, DMGGF, glassnode, MARA, mining bitcoin, Mining BTC, mining company, Mining Industry, onchain market intelligence company, publicly-listed mining companies, revenue per exahash, Riot, trend, Zach Bradford


What do you think about Cleanspark reaching 5 EH/s and increasing year-end goals by another 10% more? Let us know what you think about this subject in the comments section below. Jamie Redman


Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Mining Rig Manufacturer Canaan Launches 2 New ASIC Bitcoin Miners With up to 130 Terahash MINING | 2 days ago Russian Parliament Rejects Mining Bill Allowing Crypto Payments, Expects New Draft MINING | 2 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleRishi Sunak Becomes UK Prime Minister — He Wants to Make Britain a Global Crypto Investment Hub Next articlePaypal and Western Union File Trademarks for Wide Range of Crypto Services Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItDraft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament


A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Iran to Increase Penalties for Unauthorized Cryptocurrency Mining

News Feed

Bitcoin Under Siege: Bearish Pressure Keeps Price Below $99,575
Este artículo también está disponible en español. Bitcoinis under intense bearish pressure as it struggles to reclaim the $99,575 mark, a key resistance level that has pr
Is Ethereum Back In Business? Morningstar Candlestick Pattern Tells A Story
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin bulls refuse to flip bearish despite the $53,300 retest
Marcel Pechman3 hours agoBitcoin bulls refuse to flip bearish despite the $53,300 retestBTC derivatives continue to show moderate bullishness, creating a positive outlook for reclaiming $60,000 soon.1262 Total views2 Tot
3 reasons why Bitcoin analysts believe BTC price recovery is overdue
Nancy Lubale5 hours ago3 reasons why Bitcoin analysts believe BTC price recovery is overdueBitcoin price data strongly suggests that the current BTC price correction is a buy-the-dip opportunity.5040 Total views17 Total
Rise of the Underdog, Securypto Takes off as Investors Scramble To Get on Board
Rise of the Underdog, Securypto Takes off as Investors Scramble To Get on BoardThe time of ICO’s seems behind us and many blockchain projects have fallen off the grid but one
Alchemy Pay Adds Euros Pay-in Offerings via Paytend
Alchemy Pay Adds Euros Pay-in Offerings via Paytend press release PRESS RELEASE. Singapore, February 2022 – Leading fiat and crypto payment solutions provider, Alchemy Pay (A
Savannah Fortis10 hours agoFTX failure reveals flaws in multifunction crypto-asset intermediaries — FSBThe Financial Stability Board suggested the crypto industry might still require additional regulatory measures to p
Crypto Assets Can Help Russia Return to Global Financial Market, Lawmaker Says
Crypto Assets Can Help Russia Return to Global Financial Market, Lawmaker Says Digital financial assets like cryptocurrencies can help Russia to reach the global financial market d
Ethena announces integration with exchange wallets
Zhiyuan Sun5 hours agoEthena announces integration with exchange walletsThe move allows users to earn Ethena USDe yields directly from Binance, Bybit, OKX and Bitget wallets.775 Total views1 Total sharesListen to article
Ripple Formally Responds to SEC Allegations — Claims SEC Picking Winners and Losers, Distorting Facts About XRP
Ripple Formally Responds to SEC Allegations — Claims SEC Picking Winners and Losers, Distorting Facts About XRP Ripple Labs has officially responded to the com
Project Kick-Off: STRMNFT Marketplace Hits 5,000 Registered Users
Project Kick-Off: STRMNFT Marketplace Hits 5,000 Registered Users press release PRESS RELEASE.StreamCoin announced that more than 5,000 users have registered for its STRMNFT marketp
Stripe bringing back crypto payments, this time with a stablecoin
Derek Andersen3 hours agoStripe bringing back crypto payments, this time with a stablecoinStripe customers will be able to pay with USDC beginning this summer, president Jack Collison said, after the company canned BTC p