The dilemma faced by mining companies: Why did CleanSpark sell 577 BTC while increasing mining speed

CleanSpark’s latest operational data reveals an interesting contrast: on one hand, mining output increased month-over-month, while on the other hand, they sold a large amount of BTC in December. This reflects the strategic balancing act of a publicly listed mining company between expanding production through financing and maintaining strategic holdings. According to recent news, this NASDAQ-listed Bitcoin miner produced 622 BTC in December, up from 587 BTC in November, but also sold 577 BTC, realizing approximately $51.46 million in revenue. Currently, they hold a total of 13,099 BTC.

Steady Growth in Mining Output, Portfolio Strategy Adjustments

CleanSpark’s December operational data demonstrates capacity improvements. According to the latest disclosures, the company’s total mining output for 2025 is projected to reach 7,746 BTC, indicating a relatively stable growth rate in December. Their hash rate now stands at 50.0 EH/s, operating 245,000 mining machines.

However, it is noteworthy that despite increasing mining output, CleanSpark chose to sell a large portion of BTC in December. The sale of 577 BTC, based on the market price at the time, generated about $51.46 million. This move may seem contrary to the typical approach of “holding mining companies,” but there are strategic considerations behind it.

Financing and Expansion as the Main Drivers for Selling

Understanding why CleanSpark sold BTC requires looking at its recent financing and expansion activities. According to the latest news, CleanSpark recently issued $115 million in convertible bonds to support operational expansion. More directly, the company announced on January 5th the acquisition of five Bitcoin mining facilities in Georgia for $242 million, adding 60 MW of power capacity, which will increase its total operational capacity by over 20%.

Such large capital expenditures require ample cash reserves. In this context, selling part of its BTC holdings to obtain USD cash supports expansion plans while maintaining confidence in Bitcoin’s long-term value without fully liquidating the holdings.

What Does the 13,099 BTC Holding Indicate?

Although 577 BTC were sold in December, CleanSpark’s total holdings still amount to 13,099 BTC. This scale ranks among the leading publicly listed mining companies, indicating that the company continues to pursue a strategic holding approach. In other words, the sale is not a complete liquidation but a selective asset allocation adjustment.

From a valuation perspective, at the current BTC price of $92,093, these 13,099 BTC have a book value exceeding $1.2 billion. This sizable holding demonstrates CleanSpark’s confidence in Bitcoin’s long-term value, while also using partial sales to meet short-term financing needs.

Summary

CleanSpark’s December operations reflect a pragmatic approach typical of publicly listed miners: while steadily increasing mining capacity, they strategically sell part of their BTC holdings to support expansion financing. This is not a pessimistic signal about Bitcoin’s prospects but a balance between pursuing long-term growth and ensuring short-term cash flow. With the addition of 60 MW of power capacity coming online and further hash rate increases, CleanSpark’s mining capacity is expected to continue growing, reinforcing their confidence in maintaining their large holding of 13,099 BTC.