CleanSpark announced a 91% year-on-year revenue surge to $198.6 million for its third quarter, accompanied by a $257.4 million net income that reverses a $236.2 million loss from the previous year. The mining firm’s robust performance underscores its expanding footprint in the cryptocurrency sector.
The company now holds 12,703 Bitcoin valued at approximately $1.48 billion, ranking among the top public holders globally. Concurrently, CleanSpark achieved 50 exahashes per second in mining output, becoming the first publicly traded entity to reach this milestone using exclusively U.S.-based infrastructure.
Despite these achievements, the market reaction remained cautious as CleanSpark’s shares dropped over 2.5% to $10.72. This contrasts with the strong earnings report and reflects continued investor wariness toward cryptocurrency mining equities amid regulatory uncertainty.