CleanSpark's Bitcoin Bonanza: Revenue Surges 120% as BTC Price Soars

Cryptocurrency mining company CleanSpark has reported a significant surge in revenue and profitability during the December quarter, driven by lower production costs and surging Bitcoin (BTC) prices. In its first fiscal quarter of 2025, which ended on December 31, CleanSpark reported a revenue of $162.3 million, marking a 120% year-over-year increase. The company's profits also improved substantially, reaching $241.7 million, or $0.85 per share, compared to just $25.9 million in the previous year.

CleanSpark CEO Zach Bradford attributed the company's success to continuous improvement across several key industry metrics, including operating hashrate, fleet efficiency, marginal cost to mine, Bitcoin treasury, and portfolio uptime. The marginal cost to mine a single Bitcoin fell by 6% to $34,000 per coin during the quarter. Meanwhile, Bitcoin's average price exceeded $83,000 and eventually broke the $100,000 milestone for the first time.

CleanSpark added more than 1,000 BTC to its corporate treasury, ending the quarter with a total of 10,556 BTC on its balance sheet. This trend of miners holding more Bitcoin is not unique to CleanSpark; according to investment bank H.C. Wainwright & Co, miner revenues jumped 41% to $3.7 billion between October and December 2024.

The Bitcoin mining business has grown to become one of the largest segments of the crypto industry, with public miners reaching a combined market capitalization of $50 billion in 2024. As of February 7, the 24 largest mining firms have a cumulative market capitalization of $48.1 billion. This growth has prompted asset manager Grayscale to launch a new exchange-traded fund (ETF) offering exposure to mining firms. On January 30, Grayscale debuted its Grayscale Bitcoin Miners ETF (MNRS), which tracks the performance of companies whose revenues are mainly derived from BTC mining or related hardware.