CleanSpark Inc. reported strong financial results for Q3 2024, with revenue surging 129% year-over-year to $104.1 million, driven by higher bitcoin prices despite the halving event impact. The company mined 1,580 bitcoins during the quarter at an average price of $65,904, compared to 1,623 bitcoins at $27,982 in Q3 2023. However, the company recorded a net loss of $236.2 million, primarily due to a $189.2 million impairment charge on older mining equipment.The company significantly expanded its operations, increasing its mining fleet to approximately 152,500 miners from 68,000 year-over-year, achieving a hashrate of 20.4 EH/s. Energy costs remained well-controlled at $0.048 per KWH, representing 40.7% of bitcoin mining revenue. The company maintained a strong liquidity position with $126.1 million in cash and 6,590 bitcoins valued at $413 million as of June 30, 2024.Looking ahead, CleanSpark...Show More

CleanSpark Inc. reported strong financial results for Q3 2024, with revenue surging 129% year-over-year to $104.1 million, driven by higher bitcoin prices despite the halving event impact. The company mined 1,580 bitcoins during the quarter at an average price of $65,904, compared to 1,623 bitcoins at $27,982 in Q3 2023. However, the company recorded a net loss of $236.2 million, primarily due to a $189.2 million impairment charge on older mining equipment.The company significantly expanded its operations, increasing its mining fleet to approximately 152,500 miners from 68,000 year-over-year, achieving a hashrate of 20.4 EH/s. Energy costs remained well-controlled at $0.048 per KWH, representing 40.7% of bitcoin mining revenue. The company maintained a strong liquidity position with $126.1 million in cash and 6,590 bitcoins valued at $413 million as of June 30, 2024.Looking ahead, CleanSpark continues to execute its growth strategy through strategic acquisitions and infrastructure expansion. The company entered into agreements to acquire GRIID Infrastructure Inc. and announced plans to purchase 26,000 new S21 XP Immersion servers with an option for additional units. Management also secured a new credit facility with Coinbase and raised approximately $214.2 million through ATM offerings post-quarter end.