CleanSpark’s Bitcoin mining production rose more than 9% in May, bringing its treasury to 12,502 BTC, double the amount it held at the same time last year.
According to its monthly report, the company mined 9.4% more Bitcoin (BTC) in May, producing 694 coins compared to 633 in April. CleanSpark also achieved a 45.6 exahash rate, up from 42.4 in April, and expanded its contracted power capacity to 987 MW.
“May was a strong execution month for CleanSpark,” Zach Bradford, CEO and president, said. “We increased our month-end hashrate to 45.6 EH/s, up 7.5% sequentially, while improving average fleet efficiency.”
The company’s Bitcoin treasury reached 12,502 BTC in May, up 103% from the past year. According to the company, the BTC reserve expansion is linked to its mining operations and has not included any equity issuance since November 2024. The company is the sixth-largest public Bitcoin holder. ”It’s a powerful validation of our infrastructure-first strategy,” Bradford said.
On June 3, the day the company announced its May operational performance, CleanSpark’s shares were up 6.5% intraday.
Over the past month, CleanSpark’s shares have risen 12.4%, according to Google Finance, surpassing the Nasdaq’s performance over the same period.
CleanSpark’s May hashrate has been on the rise in 2025. In May, the company sold 293.5 BTC at an average price of $102,254 per coin, generating roughly $30 million in gross sales revenue.
The company’s earnings for the second quarter of 2024 show $182 million in revenue, up 62.5% from the prior year. Despite the growing revenue, CleanSpark posted a net loss of $139 million.
Related: CleanSpark to start selling Bitcoin in ‘self-funding’ pivot
CleanSpark’s competitors ramp up production
CleanSpark’s output faces competition from other miners. Crypto miner MARA mined 950 Bitcoin in May compared to 705 in April, a rise of 34.8% for the month. On average, the company mined an additional 7.2 Bitcoin per day.
Riot Platforms saw a smaller but still significant increase in production, mining 514 Bitcoin in May compared to 463 in April, representing an 11% jump in the period.
Like CleanSpark, MARA and Riot Platforms have seen a boost in their share prices over the past few days. MARA’s shares are up 8% on the day, and Riot Platform’s are up 6.5% at this writing.
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