Bitcoin Miner CleanSpark Posts Record Quarterly Revenue and Profit, Beats Estimates
Main Idea
CleanSpark reported record quarterly revenue and profit, significantly exceeding Wall Street expectations, driven by increased Bitcoin production and a surge in Bitcoin's price.
Key Points
1. CleanSpark posted Q3 revenue of $198.6 million, up 91% year-on-year, with diluted earnings per share (EPS) of $0.78, far exceeding estimates of $0.20.
2. The company achieved a hashrate of 50 EH/s using exclusively US infrastructure and increased its Bitcoin treasury to 12,703 BTC, worth approximately $1.48 billion.
3. Despite strong financial results, CleanSpark's stock (CLSK) fell 2.5% on the announcement day but remained up 16.4% year-to-date.
4. The broader Bitcoin mining industry saw an upswing, with Bitcoin's price rising 32% between April and June, benefiting other miners like MARA Holdings and Riot Platforms.
5. Chinese capital, hardware, and expertise still dominate global Bitcoin mining, with 55% to 65% of mining linked to China, despite the country's 2021 mining ban.
Description
CleanSpark has delivered the strongest quarter in its history, posting record revenue and profit that outpaced Wall Street expectations. Key Takeaways: CleanSpark posted record Q3 revenue of $198.6M, up 91% year-on-year. EPS hit $0.78, far exceeding analyst estimates of $0.20. The company reached 50 EH/s hashrate using only US infrastructure and grew its Bitcoin treasury to 12,703 BTC. The U.S.-based Bitcoin miner reported $198.6 million in revenue for its fiscal third quarter, up 91% from $104 ...
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