Bitcoin Miner CleanSpark Posts Record Quarterly Revenue and Profit, Beats Estimates

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.