- CleanSpark swiftly restored power and operations, achieving a hashrate of 28.7 EH/s after Hurricane Helene’s impact.
- Despite the storm’s challenges, CleanSpark’s diversified facilities helped maintain stability and recover quickly.
- With daily Bitcoin mining revenue at $30.59 million, CleanSpark is positioned to capitalize on market opportunities ahead.
CleanSpark, a Bitcoin mining firm, has resumed normal operations after shutting down 365 MW of power at its Southeast Georgia mine following Hurricane Helene. On the day of the storm, CleanSpark’s hashrate dropped to 28.7 EH/s, but has since recovered.
‘.@CleanSpark_Inc restores operations after Hurricane Helene 🌪️💪. With power back online, their hashrate is now at 28.7 EH/s. A big thank you to the dedicated teams and utility workers for their hard work and collaboration! 🙌 $CLSK #Bitcoin #Mining’ pic.twitter.com/TB735Ya3tZ
— Bitcoin Mining Stock (@miningstockinfo) October 7, 2024
Restoration of Power and Hashrate Recovery
The storm created substantial damage in the area, first reducing CleanSpark’s hashrate to 10.5 EH/s. However, the company worked together with local utilities to restore 200 MW of electricity within 24 hours. This increased the hashrate to 22 EH/s.
Bradford, the CEO, has commended the resilience and teamwork of the company’s staff during the recovery. He also confirmed that the company’s infrastructure is still intact, with no damage detected.
Bitcoin Miner Revenue and CleanSpark’s Position
This recovery comes at a critical time for Bitcoin miners. According to YCharts, daily Bitcoin mining revenue has fluctuated recently, affecting miners’ profitability. As of October 6, Bitcoin miners generated daily revenues of $30.59 million, reflecting a 1.70% increase from the previous day but a slight 1.36% decrease from the same period last year.
CleanSpark’s rapid recovery will enable it to continue capitalizing on Bitcoin mining revenue, which currently stands at approximately $27 million per day. With operations back to normal, the company is poised to benefit from this steady income stream.
Geographical Diversity Aids Stability
Despite the challenges posed by Hurricane Helene, CleanSpark’s geographically diverse mining sites, located in Mississippi, Tennessee, and Northwest Georgia, continued to operate. This helped stabilize the company’s output and allowed them to respond swiftly to local disruptions.
The company’s preparedness and diversified operations showcase its ability to navigate future disruptions and continue leading as a top Bitcoin miner in the U.S.