US Bitcoin mining company CleanSpark has appointed a new chief executive officer after accepting the resignation of its former CEO and director.

CleanSpark named Matt Schultz, co-founder, executive chairman, and also the former CEO of CleanSpark, as its new CEO. Schultz was formerly serving as executive chairman.

Former CEO, co-founder, and director of CleanSpark, Zachary Bradford, has tendered his resignation, effective immediately.

Schultz originally led the company’s growth in the energy sector, and was apparently critical in raising the company’s profile in the Bitcoin mining sector, making it one of the most recognizable mining firms in North America.

The outgoing Bradford gave few hints as to the reason for his departure, but did mention that his resignation would give him more time to focus on family.

Bradford said: "I am profoundly proud of what we have built together and deeply grateful to the extraordinary people who made it possible. The time has come for me to transition the role to the next leader and focus on my family. I am confident in the bright future ahead and will forever cherish my time here and the remarkable journey we have shared,” said Bradford.

Schultz said his re-appointment was in order to ensure stability and forward momentum for the company.

He said: “My focus stepping in as CEO is to ensure stability, continuity, and forward momentum during this time, and to support the team and our board as we continue to execute as a market leader. As we have continued to grow, the board believes that now is the right time for a change in leadership as we look to fully capture opportunities available to CleanSpark."

CleanSpark reaffirmed its determination to reach previously agreed strategic goals, and will report fiscal year 2025 full-year results in November.

CleanSpark has been on an expansion program this year, acquiring two Bitcoin mining sites in Wyoming in May. The company then announced the purchase of five Bitcoin mining sites in Georgia, in June.

However, the company faced local backlash over a proposed 30MW mining site in Tennessee in May, the outcome of which has still to be reached.