Bitcoin miner CleanSpark records ‘record-breaking’ quarter amid crypto rally

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Miner CleanSpark reports ‘record-breaking’ quarter

Listed Bitcoin mining company CleanSpark’s revenue for its “record-breaking” quarter ending March 31 — a period that saw a rally in the price of Bitcoin — rose to $111.8 million, a 163% increase from $42.5 million in the year-earlier period.

CleanSpark said its net income was $126.7 million, or $0.59 basic income per share, compared with a loss of $18.5 million, or a $0.23 loss per share, the previous year.

Adjusted EBITDA increased to $181.8 million from $12.7 million in the period, which was the second quarter of CleanSpark’s fiscal year.

“The second quarter was record-breaking and historic for CleanSpark,” said Gary A. Vecchiarelli, the company’s CFO. “Our margins have also increased over the preceding first quarter, which were helped by the rise in Bitcoin prices.”

CEO Zach Bradford said increasing the company’s operational capacity by more than 60% with new facilities in Mississippi and Georgia and a “favourable all-in power cost of 4.3 cents per kilowatt hour” also helped drive the revenue expansion.

Although CleanSpark’s fiscal second quarter ended before the April halving, when Bitcoin awarded to successful miners was cut to 3.125, the company emerged from the period seeking further growth.

CleanSpark finished the quarter with almost $700 million in cash and Bitcoin and “virtually no debt, which put us in a strong position for the halving and will allow us to take advantage of opportunities the halving presents,” according to Vecchiarelli.

Bradford added: “As we press ahead, our focus remains on innovation, measured growth, and strengthening our unique position in the market to deliver sustained value to our shareholders.”