CleanSpark reports a strong fiscal Q1 2025, exceeding expectations with $162.3M in revenue, 40 EH/s, and a 57% gross margin. Learn more about their impressive growth.
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| CleanSpark's Q1 2025 results highlight $162.3M in revenue, a 57% gross margin, and a robust $2.8B in assets. See how the company is growing its Bitcoin treasury. |
Las Vegas, Nevada, USA — February 7, 2025:
U.S. Bitcoin miner CleanSpark reported impressive results for the quarter ending December 31, 2024. The company saw notable improvements in key industry metrics, including operating hashrate, fleet efficiency, marginal mining costs, bitcoin treasury, and portfolio uptime.
CEO Zach Bradford on Thursday highlighted the company’s achievements, stating, “We exceeded 2024 guidance and surpassed 40 EH/s in January, while driving fleet efficiency down to 16.15 J/Th.” CleanSpark’s revenue reached $162.3 million, with a marginal cost to mine of $34,000 per bitcoin during the quarter. The company remains on track to achieve 50 EH/s in the first half of 2025 through expansion in Wyoming, Tennessee, and Georgia.
CleanSpark’s CFO, Gary Vecchiarelli, detailed the company’s financial strength, noting the completion of a $650 million convertible bond with favorable terms and the expansion of its bitcoin treasury to over 10,500 BTC—100% self-mined in the U.S. Vecchiarelli added, “With a 57% gross margin and nearly $2.8 billion in assets, we continue to invest in ourselves.”
The company’s total assets reached $2.8 billion as of December 31, 2024, with $276.6 million in cash and $929.1 million in bitcoin holdings. CleanSpark's strong balance sheet and liquidity position further solidify its growth potential in the evolving Bitcoin mining industry.
An investor call will take place today at 4:30 p.m. ET for further insights.