Bitcoin miner CleanSpark posts record $257M profit in Q3!
Main Idea
CleanSpark reported record-breaking Q3 earnings with $198.6 million in revenue and $257.4 million in net income, driven by strong Bitcoin mining performance, while maintaining a 'hold-first' strategy on Bitcoin reserves.
Key Points
1. CleanSpark's Q3 revenue rose 91% year-on-year to $198.6 million, with net income hitting $257.4 million, reversing a $236.2 million loss from the same period last year.
2. The company mined 2,012 Bitcoin during the quarter, averaging $98,753 per Bitcoin, and increased its Bitcoin holdings to 12,703 BTC, valued at around $1.48 billion.
3. CleanSpark achieved a hash rate of 50 exahashes per second, representing 5.8% of the global hash rate, using exclusively U.S.-based infrastructure.
4. Despite record earnings, CleanSpark's stock showed a modest uptick of less than 1%, though it is up 16.4% year-to-date, outperforming some competitors.
5. Bitcoin miner reserves remain steady at around 1.808 million BTC, indicating a 'hold-first' strategy among miners despite Bitcoin's price reaching about $116,600.
Description
CleanSpark posts record earnings, with profits soaring 200%+ and no new equity issued, they are dominating.
Latest News
- PENDLE eyes 116% breakout after HyperEVM launch – UNLESS…2025-08-09 08:11:52
- Cardano – Why ADA’s rally to $1.20 may be just beginning2025-08-09 07:12:56
- Vitalik Buterin says Ethereum treasury is ‘good’ but THIS risk remains2025-08-09 06:25:18
- Bitcoin miner CleanSpark posts record $257M profit in Q3!2025-08-09 05:07:32
- XLM’s 15% price surge explained – Is $0.60 its next target?2025-08-09 04:06:17