CleanSpark Reduces 2023 Hashrate Due to Building Delays

The sustainable Bitcoin mining and energy technology company CleanSpark is cutting down its 2023 hashrate guidance due to building delays from a technology company Lancium, who happens to be its partner.

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According to a release by the bitcoin (BTC) miner, the hashrate was reduced by 30% from 22.4 EH/s to 16 EH/s following the inability of Lancium to meet up with its requirements for the mining firm. The mining company signed a deal with the technology company earlier in the year for an initial 200 megawatts (MW) of power capacity in Texas and an extra 300 megawatts in the nearest future.

Meanwhile, Lancium who was expected to provide 50MW and 150MW this month and in the spring respectively, could not meet up. Lancium told CleanSpark that the project will be completed by ending of 2023 or at a later date. However, the company was able to meet its end-of-year hashrate of 5.0 EH/s in October and is looking forward to reaching 6.0 EH/s by December 31.

Likewise, the Nevada-based energy company experienced about a 235% increase in its revenue compared to the previous year. Although the company also discovered a net loss of about $57.3M this year, a more significant part of the loss occurred in the fourth quarter.

Crypto Miners Affected by Crypto Winter

Following the recent sharp drop in the value of BTC earlier this year, bitcoin miners’ ordeal has not been a pleasant one. Moreso, there is a massive rise in the cost of electricity, hence staying in profit is almost impossible for those in the mining business. Additionally, recent reports also reveal that Bitcoin mining difficulty is at an all-time high.

In September, Compute North a BTC mining data center firm filed for Chapter 11 bankruptcy in the US bankruptcy court following its inability to pay back its loan from its major lender Generate Capital.

Equally, Poolin also felt the heat of the crypto market as its paused withdrawal on its wallet, Poolin Wallet. This was because the mining pool firm was experiencing unusual liquidity problems as a result of the high demand for withdrawals.

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