CleanSpark Hit 50 EH/s, Then Leased the Megawatts

CleanSpark produced 593 bitcoin in August 2026 while keeping operational hashrate at a 50 EH/s peak. Average running power sat at 38.3 EH/s, and the treasury closed the month at 13,703 coins after sales outran new production.

That is the company that, in January 2025, still called itself a pure-play miner, posted a 40.1 EH/s operating hashrate, and told investors the next stop was 50 EH/s. It got the number. Then it leased the campus.

The January Update That Set a 50 EH/s Target

The February 4, 2025 release covering January showed 626 bitcoin mined, 10,556 coins in treasury, and month-end fleet efficiency of 16.15 J/Th, more than 8% better than December. Average hashrate that month was 34.76 EH/s and average efficiency 17.37 J/Th, good for 20.19 coins a day and a 22.89-coin single-day high. Only 22.47 coins were sold, at about $100,412 each. The deployed fleet was 217,272 machines on 873 MW under contract.

Zach Bradford, then chief executive and president, used the month to mark a Nasdaq-uplisting anniversary and a weather test. Interruptible contracts were cut during the coldest five days in the Southeast, and other regions kept running. Twin City, Georgia, a 12 MW hall of S21 Pro units, was nearly live at about 0.7 EH/s, with 0.1 EH/s still to come. Cheyenne, Wyoming, was supposed to finish that same quarter on S21 XP Immersion machines and add 5 EH/s.

Now, the entire team is focused on executing our path to 50 EH/s and building on our top three position across operating hashrate, marginal cost per coin, fleet efficiency, bitcoin held, and total uptime.

Zach Bradford, then CEO and President, January 2025 operations update

Matt Schultz, now chairman and CEO, had already drawn a harder line a month earlier. On December 29, 2024 he wrote that while many operators “chose to pivot to HPC,” CleanSpark was funded to clear 50 EH/s early in 2025 as “America’s Bitcoin Miner,” 100% self-owned, stacking coins instead of buying them near $105,000. The 50 EH/s peak did arrive in fiscal 2025. The identity did not survive the trip.

Average Hashrate Slipped After the 50 EH/s Peak

August’s operating sheet is the hangover from that target. Operational hashrate, defined as the highest concurrent reading from installed, energized, working machines, is 50 EH/s. Average operating hashrate, the figure that actually prints coins, was 38.3 EH/s, below January 2025’s 40.1 month-end print. Daily output averaged 19.12 coins against January’s 20.19, with a 20.40-coin peak day and 4,903 coins mined in calendar 2026 through August.

JANUARY 2025 VS AUGUST 2026

The machines in the rack tell the same story as the averages. The deployed fleet shrank by 16,003 units even as contracted power more than doubled. Maximum concurrent draw in August was 808 MW of that 1.8 GW, so most of the new megawatts are not hashing. Peak deployed efficiency of 16.07 J/Th is a different statistic than January’s 16.15 month-end fleet figure; neither is the June operating average.

The June 30, 2026 Form 10-Q put 15.8 J/TH average operating efficiency on a fleet that still spanned 13.5 to 29.5 J/TH. CleanSpark owned about 326,530 miners and had 225,137 in service. Average hashrate that month was 42.6 EH/s, and the company’s slice of global hashrate was 4.36%, down from 5.14% a year earlier as the network rose from 881 EH/s to 976 EH/s. Share of the pie shrank while the pie grew.

How Many Bitcoin Does CleanSpark Hold?

The stack did what Bradford advertised, then the treasury desk started treating it as working capital. Holdings rose from 10,556 on January 31, 2025 to 13,931 on July 31, 2026. August reversed the climb. The company produced 593 coins and disposed of 821, leaving 13,703 bitcoin as of August 31, of which 3,951 sat as collateral or receivables on derivative trades, so 9,752 were unencumbered.

AUGUST TREASURY FLOWS

• Starting stack: 13,931 bitcoin on July 31.
• Mined: 593 coins added from the fleet.
• Spot sales: 77 coins sold into the market.
• Call exercises: 500 coins delivered against written calls.
• Basis trade: 244 coins sold in a delta-neutral trade.
• Blended sale price: $65,420 per coin, including premiums, versus about $100,412 in January 2025.

Digital-asset management, launched as an in-house desk in April 2025, is the plumbing under those calls and basis trades. Fiscal third-quarter results for the period ended June 30, 2026 showed why the desk was busy. Revenue was $138 million, down 30.5% from $198.6 million a year earlier. The company posted a $239.8 million net loss, or $0.89 a share, against net income of $257.4 million a year before, and adjusted EBITDA of -$113.0 million against $377.7 million. Cash was $202.6 million, bitcoin on the books $814.9 million, total liquidity $917 million, total assets $2.7 billion. Gary Vecchiarelli, president and chief financial officer, called bitcoin mining economics “currently challenging” on the August 6 release and pointed at grid-connected power as the asset that still travels.

Sandersville Turns a Mining Campus Into Rent

On July 14, 2026 CleanSpark signed a 20-year triple-net lease at the Sandersville, Georgia, campus it has run since 2022, with two five-year extension options. The tenant was described then only as a high-investment-grade global technology company. September financing papers name Anviran, LLC, a wholly owned Meta Platforms subsidiary, as tenant, with Meta guaranteeing rent and operating expenses. Deliveries of 175 MW of critical IT load are due to begin in the fourth quarter of 2027.

SANDERSVILLE LEASE TERMS

• Contracted revenue: about $6.6 billion over the first 20 years, or $11.6 billion if both extensions are used.
• Load: 175 MW of critical IT, not hashing load.
• Landlord build: $10 million to $12 million per MW, or about $1.75 billion to $2.1 billion.
• NOI: expected average annual net operating income of about $330 million, with a contribution margin the company put near 100%.
• Texas option: a letter of intent and exclusivity over 718 acres and up to 885 MW, including Sealy (271 acres, nearly 300 MW) and Brazoria (447 acres, 300 MW now and 600 MW potential).

Schultz called the signing a second-mover win: grow the land-and-power book, then lease it once the market is mature. Jimmy Andrews, mayor of Sandersville, backed the jobs and tax base. Mining stays on the site until cutover. The first hall is still more than a year out.

This lease is a transformational moment for CleanSpark as we complete our evolution into a diversified digital infrastructure platform and begin monetizing our power portfolio at institutional scale.

Matt Schultz, CEO and Chairman, July 14, 2026 lease announcement

First data hall slated for delivery Q4 2027. Really excited about this one. $clsk #sandersville #sixpointsixbillion pic.twitter.com/2yDRVyBXVB

— S Matthew Schultz (@smatthewschultz) September 23, 2026

On September 23 Schultz posted that the first data hall is slated for delivery in the fourth quarter of 2027. Until those racks go live, the 201,269-machine fleet is still the cash register. August’s 19.12 coins a day have to cover a builder’s burn, not a landlord’s coupon.

$2.276 Billion of Notes Price the Pivot

On September 18, 2026, subsidiary CSDC Finance I, LLC priced $2.276 billion of 7.875% notes due 2031 at 98.500% of principal. Closing was set for September 25, 2026. Proceeds are meant to finish the Sandersville build, reimburse earlier equity, and fund debt-service reserves. CleanSpark is giving a completion guarantee if the notes fall short. The coupon on the full principal is about $179 million a year, against the $330 million average NOI the lease is supposed to throw off once the halls are full.

CLSK last closed at $14.26 on September 24, 2026, with a $3.66 billion market cap and a 52-week range of $8.00 to $23.61. About 256.8 million shares were outstanding as of August 4, 2026. Fiscal 2025, the last full year of the mining-first story, had brought $766.3 million of revenue, a 55% gross margin, and about 7,873 coins mined. That year still paid for the land the notes are now levering.

FROM 40 EH/S TO A NOTE SALE

1. February 4, 2025: January update posts 40.1 EH/s and a midyear 50 EH/s goal.
2. Fiscal 2025: Operational hashrate peaks at 50 EH/s; revenue reaches $766.3 million.
3. April 2025: In-house trading desk starts selling production and writing options against the stack.
4. July 14, 2026: Sandersville 20-year lease signed for 175 MW and $6.6 billion of contracted revenue.
5. August 6, 2026: Fiscal third-quarter loss of $239.8 million; liquidity $917 million.
6. September 8, 2026: August mining update, 593 coins, 13,703 holdings, ERCOT batch-zero notices on 585 MW and 300 MW in Texas.
7. September 18, 2026: $2.276 billion of 7.875% notes priced for the Georgia campus.

Texas is the larger option if Sandersville performs. Conditional ERCOT classification put 585 MW of contracted capacity on batch-zero baseload treatment and 300 MW on studied-load treatment. Schultz said the company would meet Governor Abbott’s audit path with ERCOT and the PUCT. Those megawatts are still on paper. The notes are not; they are a first lien on the Georgia project company.

Interruptible Power Paid Off in a Different Market

The January 2025 cold snap was sold at the time as proof that a multi-state fleet could shed load and keep hashing elsewhere. That same interruptible habit is what a hyperscaler wants on a long lease: a site already wired, already used to talking to a utility, already willing to drop load when the grid is tight. The weather story was a mining-uptime story. It reads now as a customer-reference story.

Contracted power went from 873 MW to 1.8 GW while utilized mining load sat at 808 MW. The gap is the inventory. An August investor deck listed 110 MW in Wyoming, 885 MW in Texas, 399 MW in Tennessee, 63 MW in Mississippi, and 638 MW in Georgia. Sandersville takes 175 MW of critical IT out of that Georgia pile. The rest is listed as dual-use, movable, or still hashing until a tenant shows up.

Vecchiarelli’s line in May was that bitcoin mining “is really our functional currency going forward” and “what is going to pay the bills until we get a stabilized lease.” That is the 2026 operating model in one sentence. Coins fund opex and the equity check. Rent, if the halls land on time, replaces hashprice. Miss a Sandersville milestone and the lease itself warns of rent cuts or termination, which is why the completion guarantee sits on the parent.

Cheyenne’s Immersion Fleet Waited on AI Power

Cheyenne was the efficiency exhibit in the January 2025 note, a full immersion hall of latest-generation S21 XP machines due that quarter for 5 EH/s. The hall exists. The original clock does not. By late 2025 Schultz said 19,000 S21 XP Immersion units at 13.5 J/TH were being deployed on a longer calendar, “a bit longer than we had initially contemplated,” after a portfolio review “to ensure that we would not consume any AI applicable megawatts.” Q2 remarks put Cheyenne at 110 MW, on the fence line with another hyperscaler, and convertible from interruptible to firm load if a data-center client appears.

Bitmain’s air-cooled S21 XP carries a typical 13.5 joules per terahash rating at 270 TH/s and 3,645 W. The immersion units CleanSpark bought are quoted at the same 13.5 J/TH. They would have pulled the 16 J/Th-class fleet down. They also would have sat on megawatts that now have a 20-year bid attached. The delay is the tell. Hashrate was no longer the scarce input. Interconnect was.

August copy on the company site no longer says “pure play Bitcoin miner.” It says data-center developer, 1.8 GW of power, land, and halls, “producing a global emerging critical resource,” compute. The fleet still made 593 coins in August and still carries a 50 EH/s operational peak. The $2.276 billion is not for more ASICs. The first Sandersville hall is due in the fourth quarter of 2027, and until rent starts, the miners keep paying the notes’ waiting period.

Disclaimer: This article is news reporting and analysis for information only. It is not investment advice, a solicitation to buy or sell CleanSpark shares, bitcoin, or the 2031 notes, and it is not a recommendation of any mining or data-center strategy. Readers should consult a licensed financial adviser or securities attorney before acting on any figure or corporate action mentioned here. Production totals, hashrate, holdings, lease values, and note terms come from company releases and SEC filings as dated in the piece and can change with later reports, closing conditions, and bitcoin prices.