Bitcoin mining company, CleanSpark, mined 417 BTC in May, a few weeks after the significant bitcoin halving day. According to the company’s report on bitcoin mining and operations for May 2024, the additional bitcoin mined brought their total BTC holdings to 6,154.
To highlight that CleanSpark is outperforming its peers in the Bitcoin mining industry, demonstrating a strong comparative performance, the CEO of the company Zach Bradford, said, “We have outperformed industry expectations as well as our peers in our first full month of production after the block reward halving.”
He continued, “Remarkably, our post-halving production has also outpaced what some of our peers achieved prior to the halving. We have continued with our progress and are making meaningful gains and upgrades.”
Bradford went ahead to add that CleanSpark generates almost 18 exahashes in a second and that the company’s efficiency has increased to 23.05 joules per terahash. With regards to their Bitcoin mining operation for the month of May, CleanSpark CEO stated that the Bitcoin mining company intends to restore its mining rate to its pre-halving state with its growing hashrate.
El Salvador is Bullish on Bitcoin mining Too
BTC mining companies are not the only ones heavy on BTC mining, a recent report showed that El Salvador has mined nearly 474 Bitcoins since 2021.
The Central American country utilized its Tecapa volcano-fueled geothermal power plant, with 300 processors installed, to mine bitcoins from the volcano. As a result of its mining activities, the country’s total BTC holdings increased to 5,750.
El Salvador’s mining output is unsurprising, given the country’s established reputation as a bitcoin-friendly nation. On Sept. 7 2021, With President Nayib Bukele at the helm, El Salvador became the first country to start accepting Bitcoin as a legal tender despite opposition from some of its citizens. The International Monetary Fund (IMF) voiced its disapproval at El Salvador’s decision, by even warning the country against accepting Bitcoin as one of its official currencies.
The outlook for bitcoin in the country remains robust, with expectations of continued expansion and adoption as Bukele was reelected as the President of El Salvador after an inauguration ceremony that took place at the National Palace in San Salvador.
