Lựa chọn khó khăn của các công ty khai thác: Tại sao CleanSpark lại bán 577 BTC khi tăng tốc khai thác

CleanSpark’s latest disclosed operational data shows an interesting contrast: on one hand, mining output grew sequentially, but on the other hand, it conducted large-scale BTC sales in December. This reflects listed mining companies’ strategic balance between expansion financing and holding positions. According to the latest information, this Nasdaq-listed Bitcoin mining company produced 622 BTC in December, an increase 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 enhancement. According to the latest disclosure, the company achieved total mining output of 7,746 BTC for the full year 2025, meaning December’s production growth remained relatively stable. Its hash rate currently stands at 50.0 EH/s, operating 245,000 mining machines.

What’s noteworthy is that despite increasing mining output, CleanSpark chose to sell a substantial amount of BTC in December. The 577 BTC sold at market prices at the time generated proceeds of approximately $51.46 million. This move appears to contradict the typical approach of “holder miners,” but has sound strategic reasoning behind it.

Financing and Expansion as Primary Drivers for Sales

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

These major capital expenditures require substantial cash reserves. Against this backdrop, selling portions of BTC holdings to obtain US dollar cash both supports expansion plans and maintains confidence in Bitcoin’s long-term value without complete liquidation.

What the 13,099 BTC Holdings Indicate

Although 577 BTC were sold in December, CleanSpark’s total holdings still reached 13,099 BTC. This scale is among the leaders among listed mining companies, indicating the company continues executing a strategic holding strategy. In other words, the sale is not a liquidation but a selective asset allocation adjustment.

From a revenue perspective, calculated at the current BTC price of $92,093, the account value of these 13,099 BTC exceeds $1.2 billion. This holding scale sufficiently demonstrates CleanSpark’s optimism regarding Bitcoin’s long-term value, while also meeting short-term financing needs through strategic partial sales.

Summary

CleanSpark’s December operations exemplify the pragmatic choices of listed mining companies: while mining capacity grows steadily, strategically selling portions of BTC holdings supports expansion financing. This is not a pessimistic signal about Bitcoin’s prospects, but rather a balance between pursuing long-term growth and managing short-term cash flow. With the commissioning of the new 60MW power capacity and further hash rate improvements, CleanSpark’s mining capacity is expected to continue growing, which also supports confidence in maintaining its substantial 13,099 BTC holding.