CleanSpark sold nearly all 339 bitcoin it mined in June

Quick Take

  • Bitcoin miner CleanSpark increased its production in June to 339 bitcoin while selling a majority of it.
  • The company also said that it has fully exited the switchgear business.

Bitcoin miner CleanSpark increased its production in June by almost 9% compared with the previous month, mining a total of 339 BTC.

The company also sold nearly all bitcoin mined in June, according to a production update published on Wednesday.

CleanSpark brought in roughly $8.4 million from the sale of 328 bitcoin (at an average of $25,644 per BTC). Bitcoin lost about a third of its value over the month of June, going from around the $30,000 mark at the beginning of June to close to $20,000 now.

CleanSpark has been less rigorous about holding on to its mined bitcoin than others in the industry, instead choosing to sell some each month. It held a total of 561 BTC as of June 30. "We won't blindly accumulate bitcoin at the cost of diluting our shareholders and taking on unnecessary debt," CEO Zach Bradford said during the first-quarter 2022 earnings call in early May.

Still, even the miners who have historically maintained a policy of holding onto their coins have been selling recently. Last month, Core Scientific sold 7,202 BTC — about 89% of the bitcoin holdings it had at the end of May. Bitfarms also gave up 3,000 BTC to pay down part of a $100 million loan.

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