Mining company CleanSpark sold only 2.54 Bitcoin in July

Vince Quill6 hours agoMining company CleanSpark sold only 2.54 Bitcoin in JulyCleanSpark announced it had increased its treasury holdings by 567% when compared to the same period last year.3129 Total views13 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onMining company CleanSpark has released its monthly mining report for July 2024, revealing that it only sold 2.54 Bitcoin (BTC) during the month, at an average price of roughly $62,000.

The report noted that CleanSpark mined 494 BTC in July, bringing the cumulative total for the year to 4,108 BTC mined. In total, the publicly traded miner reported it held 7,082 BTC in its reserves as of July 31, 2024.

CleanSpark also announced expansion into Wyoming and Tenessee. According to the Bitcoin miner, it secured its first mining site in Wyoming and has executed power agreements to bring 75 megawatts of electricity to the facility.

As part of a merger agreement with mining company GRIID completed earlier this year, CleanSpark is operating a new facility in Tennessee, with 50 MW of power already available. CleanSpark reported a month-end operating hashrate of 21.2 exahashes per second (EH/s) and a goal of reaching 32 EH/s by the end of the year.

Related: CleanSpark’s mining expansion continues with Wyoming facilitiesMiners exhibiting relatively low selling pressure

CleanSpark’s low BTC selling volume reflects a broader trend across the mining sector. Miner reserve, the amount of BTC that miners are holding, has been in steady decline since 2021 and is currently at multi-year lows, suggesting that supply-side selling pressure has been minimized for now.Miner Reserve for all miners. Source: CryptoQuant

According to CryptoQuant, the Miner to Exchange Flow, a metric tracking the number of BTC sent to exchanges from miners, spiked to 13,729 BTC on July 24 but has remained relatively low when compared to the miner exchange flows recorded between January and April 2024.Miner to Exchange Flow. Source: CryptoQuant

A dramatic 50% increase in miner revenues since the start of July and an accompanying rise in the Bitcoin hashrate during the period likewise contributed to the low selling pressure for the month.

In June, mining company Mara, formerly known as Marathon Digital Holdings, reportedly did not sell any Bitcoin holdings, an indication that the Bitcoin mining company is holding onto the precious decentralized asset in anticipation of future price increases.

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