Shares of Nasdaq-listed miner CleanSpark rose more than 5% Friday after the company reported higher September production.
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Bitcoin miner CleanSpark ended September with 13,011 BTC in its treasury after reporting year-over-year gains in efficiency and output.
The company monthly production rose 27% from September 2024, with 629 Bitcoin () mined, and sold 445 BTC for roughly $48.7 million at an average price of $109,568. In its Friday update, CleanSpark said that fleet efficiency improved 26% year over year, while its average operating hashrate for the month was 45.6 EH/s.
CleanSpark has been selling part of its monthly Bitcoin production since April as part of a push to become financially self-sufficient. It also opened an institutional Bitcoin trading desk to facilitate sales. In August, the company from the sale of 533.5 BTC.
CleanSpark’s shares on Nasdaq rose 5.28% following the report, gaining more than 23% over the week, to Yahoo Finance.
The market capitalization of 15 major publicly traded Bitcoin miners reached a record $58.1 billion in September, up from $41.6 billion in August and more than double the $19.9 billion recorded in March, according to an Oct. 1 from The Miner Mag.
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Despite investor appetite for publicly traded mining companies, the industry faces growing headwinds from higher energy costs and the threat of tariffs on imported mining rigs.
In August, The Miner Mag that US Customs and Border Protection had alleged some of CleanSpark’s 2024 mining rigs were manufactured in China, leaving the company with potential tariff liabilities of up to $185 million.
Iris Energy (IREN), the largest Bitcoin by market cap, was also contesting a separate with the agency.
As Cointelegraph reported in August, the effective duty on stood at 57.6%, while rigs from Indonesia, Malaysia, and Thailand face tariffs of 21.6%.
Bitcoin mining difficulty also reached record in September and October, meaning miners must expend more computing power and energy to produce the same amount of Bitcoin.
