Bitcoin Miners Diverge: CleanSpark Amasses $1.6B in BTC as Rival Riot Sells – Why?

Core Insights - Two major publicly traded Bitcoin mining companies, CleanSpark and Riot Platforms, are adopting contrasting strategies regarding their digital asset holdings, with CleanSpark focusing on building a substantial Bitcoin treasury while Riot Platforms is selling a portion of its production for cash flow [1][5]. CleanSpark Overview - CleanSpark holds 13,011 Bitcoin valued at approximately $1.6 billion as of September 2025 [1]. - The company produced 629 Bitcoin in September, averaging 20.95 BTC daily, and sold 445 coins for $48.7 million at an average price of $109,568 [2]. - CleanSpark's self-mined reserves are among the largest in the industry, reflecting its years of expansion [2]. - The company operates a fleet of 241,934 machines, achieving a peak operational hashrate of 50 exahashes per second (EH/s) and an average hashrate of 45.6 EH/s with fleet efficiency at 16.07 joules per terahash (J/TH) [3]. - CleanSpark has secured 1.03 gigawatts of power under contract and utilized 808 megawatts in September [3]. - Key milestones in fiscal 2025 include the acquisition of GRIID Infrastructure, which added new mining sites in Tennessee and access to TVA-backed power development, as well as a $650 million convertible note offering and expansion of Bitcoin-backed credit facilities to $400 million [4][5]. - The leadership team has initiated a digital asset management strategy utilizing derivatives to enhance treasury performance and manage volatility [5]. Riot Platforms Overview - Riot Platforms produced 445 Bitcoin in September, a 7% decrease from August but an 8% increase year-over-year [5]. - The company sold 465 Bitcoin, generating $52.6 million in net proceeds at an average price of $113,043 [6]. - By the end of September, Riot held 19,287 Bitcoin, including 3,300 classified as restricted, marking an 85% increase from September 2024 [6]. - Riot's hashrate reached 36.5 EH/s at the end of September, with an average operating rate of 32.2 EH/s and fleet efficiency improved by 12% to 20.5 J/TH compared to the previous year [7].