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CleanSpark, Inc., has delivered impressive results for the quarter ending December 31, 2024. The company’s continued focus on improving efficiency and expanding operations has positioned it for strong growth in the competitive Bitcoin mining industry.
CleanSpark’s CEO, Zach Bradford, emphasized the company’s key achievements in the first quarter of 2025. “This quarter we saw the impact of continuous improvements across what we believe to be the most important industry metrics: operating hashrate, fleet efficiency, marginal cost to mine, bitcoin treasury, and portfolio uptime,” Bradford stated. He further revealed that CleanSpark exceeded its 2024 guidance by surpassing 40 EH/s in January, with fleet efficiency reaching an impressive 16.15 J/Th.
Revenue for the quarter hit $162.3 million, a substantial increase of 120% from the same period last year. The marginal cost to mine Bitcoin stood at approximately $34,000 per coin, reflecting CleanSpark’s commitment to efficient mining practices.
Bradford added, “We are well on our way towards achieving 50 EH/s in the first half of 2025,” with plans for growth in Wyoming, Tennessee, and Georgia. This strategic expansion follows the model developed and refined in Georgia, which CleanSpark aims to replicate nationally.
CFO Gary Vecchiarelli highlighted CleanSpark’s solid financial position. “We overcame virtually all of the halving impact on the bitcoin block subsidy while growing our current bitcoin treasury to over 10,500 – 100% of which was entirely self-mined by CleanSpark and exclusively in the USA.”
Vecchiarelli also discussed the company’s capital strategy, noting the successful closure of a $650 million convertible bond offering. “We have one of the cleanest balance sheets in the industry and look forward to utilizing it through our institutional-grade bitcoin treasury team and strategy,” he said.
CleanSpark’s financial strength is further demonstrated by a 57% gross margin, assets nearing $2.8 billion, and $1.2 billion in liquidity. Vecchiarelli concluded, “We continue to invest in ourselves because why buy bitcoin at current spot prices when we can mine it for $34,000?”
For the first quarter of fiscal year 2025, CleanSpark reported:
CleanSpark’s continued growth in both operational capacity and financial performance sets the stage for a strong 2025.