CleanSpark Sold 70% Of The Bitcoin It Mined In March For Over $71,000 Apiece

• Matt Schultz, Chief Executive Officer and Chairman of CleanSpark, said that the company’s core Bitcoin mining operations provide cash flow to fund the company’s strategic investments.
• This includes securing the company’s first hyperscale customer in AI and high-performance computing, while actively building out its talent pipeline.
• The company continues to have 13,561 Bitcoin on its balance sheet.

Shares of Bitcoin miner Cleanspark (CLSK) fell at market open on Wednesday after the company announced it had sold 70% of the Bitcoin (BTC) it mined in the month of March.

CLSK’s stock dropped more than 3% in morning trade amid broader weakness in the crypto and equities markets. On Stocktwits, retail sentiment around the shares improved to ‘neutral’ from ‘bearish’ over the past day, while chatter dipped to ‘normal’ from ‘high’ levels. 

CleanSpark Sells 460 Bitcoin

CleanSpark said it had holdings of 13,363 Bitcoin at the end of February and mined another 658 Bitcoin in March. However, at the end of the month the tally of Bitcoin on its balance sheet was at 13,561 BTC, instead of 14,021. 

The company sold 460 Bitcoin out of the 658 BTC it had mined over the course of the month at an average price of $71,396 for a total of $32.8 million. Most of the Bitcoin was sold at spot prices, while the rest was adjusted to address call and put exercises as well as other trading activities. 

Bitcoin’s price fell over 2% in the last 24 hours to around $67,900. Retail sentiment around the apex cryptocurrency on Stocktwits 

It added that it saw an operational hashrate of 50 Exahashes per second (EH/s) and an average operating hashrate of 47.3 EH/s over the past month. The company reported 1.8 gigawatts (GW) under contract with 808 megawatts (MW) currently utilized to support the fleet’s operational hashrate.

CleanSpark Sells Bitcoin To Fund AI-HPC Pivot

CleanSpark is among the horde of Bitcoin miners, including Riot Platforms (RIOT), MARA Holdings (MARA), selling the apex cryptocurrency for some flexibility on their balance sheets to support their pivot towards artificial intelligence (AI) and high-performance computing (HPC) workloads.

"We continue to make significant headway toward securing our first hyperscale customer in AI and high-performance computing, while actively building out our talent pipeline to support these high-margin growth initiatives,” said Matt Schultz, Chief Executive Officer and Chairman of CleanSpark, adding that company’s core Bitcoin mining and digital asset management operations provide cash flow to fund the company’s strategic investments.

In comparison, peers like Core Scientific (CORZ), Cipher Mining (CIFR) and MARA Holdings (MARA) have already announced multi-year deals to host AI workloads. 

Read also: ‘Hedge Against Bitcoin’ Outperforms BTC Amid Crypto Market Dip On Record Shielded Supply

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