Дилемма горнодобывающих компаний: почему CleanSpark продает 577 BTC при увеличении майнинговых мощностей

CleanSpark’s latest operational disclosure reveals an interesting contrast: on one hand, mining output increased sequentially, while on the other hand, the company sold BTC on a large scale in December. This reflects the balance sheet choices of listed mining enterprises between capacity expansion financing and strategic holdings. According to the latest information, the Nasdaq-listed Bitcoin mining company produced 622 BTC in December, up from 587 BTC in November, but simultaneously sold 577 BTC, generating proceeds of approximately $51.46 million, with current total holdings reaching 13,099 BTC.

Mining Output Growing Steadily, Holding Strategy Adjusted

CleanSpark’s December operational data demonstrates the company’s capacity improvement. According to latest disclosure, the company’s total annual BTC mining output for 2025 reached 7,746 BTC, meaning December’s production growth remained relatively stable. Its hashrate currently stands at 50.0 EH/s, operating 245,000 mining rigs.

Notably, despite increasing mining output, CleanSpark chose to sell a large amount of BTC in December. The 577 BTC sold, calculated at market prices at the time, generated proceeds of approximately $51.46 million. This move seemingly contradicts the typical approach of “holding miners,” but has rational strategic considerations behind it.

Expansion Financing is the Primary Driver of Sales

To understand CleanSpark’s BTC sales rationale, one must examine its recent financing and expansion activities. According to latest information, CleanSpark recently raised $115 million in convertible bonds to support operational expansion. More directly, the company announced on January 5th the acquisition of 5 Bitcoin mining facilities in Georgia for $242 million, adding 60 megawatts of power capacity, which will increase its total operational capacity by over 20%.

These large capital expenditures require adequate cash reserves. Against this backdrop, selling a portion of BTC holdings to obtain dollar liquidity both supports expansion plans while maintaining confidence in Bitcoin’s long-term value without completely liquidating positions.

What 13,099 BTC Holdings Indicate

Despite selling 577 BTC in December, CleanSpark’s total holdings still reached 13,099 BTC. This scale ranks among the leading positions among listed mining companies, indicating the company maintains strategic holding policies. In other words, the sale is not liquidation but selective asset allocation adjustment.

From a returns perspective, calculated at the current BTC price of $92,093, the 13,099 BTC holdings have a book value exceeding $1.2 billion. This holding scale sufficiently demonstrates CleanSpark’s bullish outlook on Bitcoin’s long-term value, while satisfying short-term financing needs through partial holdings sales.

Summary

CleanSpark’s December operations exemplify the pragmatic choices of listed mining companies: while mining capacity grows steadily, the company supports expansion financing through strategic BTC sales. This is not a bearish signal on Bitcoin’s prospects, but rather a balance between pursuing long-term growth and short-term cash flow needs. As new 60MW power capacity comes online and hashrate increases further, CleanSpark’s mining capacity is expected to continue growing, which supports confidence in maintaining its 13,099 BTC significant holdings.