Mining 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 reserve 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 megawatts of power already available. CleanSpark reported a month-end operating hashrate of 21.2 exahashes per second and a goal of reaching 32 exahashes per second by the end of the year.
Related: CleanSpark's mining expansion continues with Wyoming facilities
Miners 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.
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.
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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