Nevada-based Bitcoin mining firm – CleanSpark – has reached a significant milestone by surpassing 10,000 BTC in its treasury. All the Bitcoins were mined exclusively from its US-based operations.
The latest figure reflects a 236% year-over-year (YoY) increase in its Bitcoin holdings.
CleanSpark Hits Milestone
Zach Bradford, CEO and President of the firm attributed the milestone to the company’s strategic focus on efficient and responsible scaling, emphasizing the use of American energy and workforce to support its mining operations.
In a statement , Gary Vecchiarelli, Chief Financial Officer of CleanSpark, said,
This achievement is not just about a number, it is a direct reflection of the success of our financial strategy and how far our industry-leading operations have come, which have evolved since we mined our first bitcoin in December 2021. By avoiding unfavorable counterparty exposure and leveraging our bitcoin to lower our cost of capital, we are positioning CleanSpark as a leader in responsible financial innovation.”
According to data compiled by BitcoinTreasuries, CleanSpark trails behind other mining firms such as MARA Holdings, which holds 44,893 BTC, and Riot Platforms, with 17,722 BTC. On the other hand, CleanSpark is followed by Florida-based miner Hut 8 Mining, which currently has 10,096 BTC.
Miners Prioritize Holding Bitcoin
To cover operational expenses, Bitcoin miners often sell portions of their mined Bitcoin. However, firms such as MARA Holdings prioritize retaining their BTC reserves. Its CEO, Fred Thiel, recently said that retail investors should consider buying Bitcoin and just let the crypto asset appreciate in value. It recently lent 7,377 BTC to third parties, which was worth around $730 million at the time of the deal, for small yields.
CleanSpark, too, appears to have followed a similar strategy. In 2024, the firm mined 7,024 BTC but sold only 12.65 BTC in December, preserving most of its holdings.
This sentiment is also depicted in a recent report which indicated that Bitcoin miners have significantly slowed their sales since April 2024. While a brief uptick in exchange flows occurred in November 2024 due to a post-election BTC price surge, miners have since reduced profit-taking. With current profitability, these miners have resorted to holding their Bitcoin over selling the stash.
