Key Takeaways
- CleanSpark reported $162.3M in Q4 revenue, up 120% year-over-year.
- The company mines Bitcoin at $34,000, far below market prices.
- CleanSpark aims to reach 50 EH/s in 2025, expanding in multiple states.
Bitcoin miner CleanSpark reported $162.3 million in revenue for Q4 2024, marking a 120% year-over-year increase.
The company’s net income soared to $246.8 million, or $0.85 per share, compared to $25.9 million in the same quarter of 2023.
Adjusted EBITDA jumped to $321.6 million, up from $69.1 million a year prior.
Balance sheet
CleanSpark’s total assets stood at $2.8 billion, including $929.1 million in Bitcoin, while liabilities amounted to $757.7 million.
The company also reported $1.2 billion in working capital, with a $50 million Bitcoin-backed credit line.
Mining efficiency
CFO Gary Vecchiarelli underscored CleanSpark’s mining efficiency, saying:
Why buy Bitcoin at current spot prices when we can mine it for $34,000?
The miner has over 10,500 BTC in reserves, all self-mined in the U.S.
Hashrate growth
Despite Bitcoin’s halving event in 2024, which reduced block rewards to 3.125 BTC, CleanSpark exceeded expectations and surpassed a 40 EH/s hashrate in January.
CEO Zach Bradford confirmed the company is on track to reach 50 EH/s in 2025, expanding in Wyoming, Tennessee, and Georgia.
Strategic developments
In October, CleanSpark acquired GRIID for $155 million, and in December, it closed a $650 million zero-coupon convertible notes offering to fund debt repayment, acquisitions, and expansion.
Market response
Shares of CleanSpark are up 7.1% in pre-market trading following the earnings report.
