Given the production issues facing the broad market, I think this is a rather impressive milestone for CleanSpark. In the Q3 earnings report, CleanSpark guided for 5 EH/s by the end of the year and has already achieved that having reached 5.5 EH/s at the end of November.
CLEANSPARK WALMART FULL
Of the nine publicly listed miners I've found that have disclosed full month production figures through official press release, only Riot Blockchain ( RIOT) and CleanSpark produced more Bitcoin in the month of November than they did in October.įor CleanSpark, this production comes from an operation that has delivered on leadership's year end EH/s guidance. A modest increase but an increase in a shorter month at a time when peers have struggled: For the month of November, CleanSpark generated 535 Bitcoin, up from 532 in October. November Production by Miner (Company PR/BCR)ĬleanSpark is it is one of the top Bitcoin miners by monthly production. The good news for CLSK is the company's production capacity has scaled very nicely through 2022. CleanSpark won't necessarily be able to take advantage of selling higher to the degree that other companies might. Depending on how you view the long term viability of these companies, the hybrid approach may not be working very well either.Īt month end, CleanSpark has one of the lowest Bitcoin positions with just 281 coins remaining. CleanSpark has taken more of a hybrid approach selling some monthly production while trying to build treasury holdings simultaneously. So far, each of these approaches have had major flaws Hut 8 is running out of money and Iris Energy is running out of machines. On the other hand, Hut 8 Mining ( HUT) has steadfastly held all of the Bitcoin that it has produced. For instance, Iris Energy has made no bones about selling its monthly production to fund operations.
The mining companies have taken differing approaches to how they've managed their treasuries. That's an aggressive sell down of the stack and it reiterates the point that public miners are feeling the crunch in a big way. At the end of October, CleanSpark had just 290 Bitcoin in treasury a month after having 594 - the company's highest figure of the year. The month over month change is expressed as a black line on a second axis. In the chart above, I'm showing the BTC 'HODL' stack in green bars. CLSK's BTC treasury has generally stayed in the 450-600 coin range since the beginning of 2022, that changed in October: The company has been selling down its Bitcoin treasury in a relatively orderly fashion for the last 12 months or so. CleanSpark's Treasury ManagementĬleanSpark ( NASDAQ: CLSK) is one public miner that quietly sold down a large portion of its mining stack in the month of October. Others are aggressively selling down their Bitcoin holdings. Given the margin squeeze miners have collectively endured, it's no surprise to see many of the companies now capitulating. Miner profitability is still at all-time lows and many seem to be waiting on the central bank's next move. This creates a huge margin squeeze for the miners as their cost to produce the Bitcoin is increasing while the revenue from production declines. While some miners have very different business structures, the one thing these companies all have in common is they're at the mercy of the price of Bitcoin an asset that is very out of favor in the broader investment world at this point in time.Īs such, all miner share prices have been bludgeoned year to date and it has been considerably worse over the last few months as crypto companies have collapsed even while Bitcoin hashrate is still very elevated. Marathon Digital ( MARA ) and Bit Digital ( BTBT ) have experienced the issues that come from reliance on third-party mining hosts. We've seen the survival of companies like Core Scientific ( CORZ), Argo Blockchain ( ARBK) ( ARBKL), and Iris Energy ( IREN ) become far less certain over the last couple of months. It has been an absolutely vicious 2022 for Bitcoin ( BTC-USD) miners to say the least.
0 kommentar(er)
