CleanSpark Achieves Historic Growth in Q2 FY2024 Amid Expanding Operations

CleanSpark, Inc., a prominent name in the Bitcoin mining industry, reported remarkable financial outcomes for its second fiscal quarter of 2024, highlighting a year-over-year revenue increase of 163% to $111.8 million. This significant growth is attributed to the strategic expansion of its operations and an increase in its mining capacity, according to Cleanspark.

Under the leadership of CEO Zach Bradford, CleanSpark has notably increased its operational capacity by over 60%, integrating new facilities in Mississippi and Georgia, and boosting its total capacity to more than 17 exahash per second (EH/s). This expansion not only underscores the company’s commitment to growth and innovation but also its adaptability in a dynamic market.

The financial success is mirrored by a net income of $126.7 million for the quarter, a stark contrast to the $18.5 million loss recorded in the same period the previous year. 

Gary A. Vecchiarelli, CFO of CleanSpark, pointed out the operational efficiencies gained through low wholesale power costs and favorable all-in power rates at their wholly owned sites. Ending the quarter with nearly $700 million in cash and bitcoin assets and virtually no debt positions CleanSpark advantageously for future opportunities, especially in the face of recent market halving events.