Bitcoin miner CleanSpark posts record $257M profit in Q3!

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.