Bitcoin (BTC) miner CleanSpark’s fiscal year-to-date revenue crossed $100 million in May as its BTC production exceeded expectations, according to a June 2 statement.
CEO Zach Bradford noted that these milestones were achieved even though most of its expansion plans were expected later this year.
BTC production is up 16%
CleanSpark reported that it mined 609 BTC in May, representing a 16% rise from what it recorded in April, while its total BTC holding surged 44% to 451 BTC.
Bradford tied the better-than-expected Bitcoin production to increases in operational efficiency and the brief spike in BTC’s transaction fee that saw its regular daily production rise from an average of around 18 BTC to 30 BTC.
Bradford pointed out that the rising fees were because of increased interest in Ordinals on the blockchain.
“May daily BTC mined averaged 19.6 and reached a high of 29.6, due to a brief period of unusually high transaction fees.”
Meanwhile, CleanSpark sold 471 BTC for $12.9 million.
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