CleanSpark, Inc. reported its financial results for the quarter ending December 31, 2025, revealing a significant shift in its performance compared to the same period in the previous year. The company generated $181.2 million in bitcoin mining revenue, marking a 12% increase from $162.3 million in the prior year. This growth was primarily driven by an increase in the average bitcoin price, which rose to $99,510, despite a decrease in the total bitcoin mined, which fell to 1,817 from 1,945. The company attributed this performance to an expanded operational capacity, with the number of miners in operation increasing by 22% to 245,199.
However, CleanSpark also faced substantial challenges, reporting a net loss of $378.7 million for the quarter, a stark contrast to the net income of $246.8 million recorded in the same quarter of 2024. This loss was largely influenced by a significant loss on the fair value of bitcoin, which amounted to $246.8 million, compared to a gain of $218.2 million in the previous year. The company's total costs and expenses surged to $497.7 million, driven by increased energy costs and depreciation expenses associated with its mining operations.
In terms of strategic developments, CleanSpark completed the acquisition of property in Sealy, Texas, in October 2025, which is expected to support the development of a next-generation data center campus. The company also expanded its operational footprint by acquiring additional properties in South Dakota. These acquisitions are part of CleanSpark's broader strategy to diversify its offerings beyond bitcoin mining, as it explores opportunities in artificial intelligence (AI) and high-performance computing (HPC) services.
Operationally, CleanSpark reported a total of 318,776 miners, with 245,199 actively in service as of December 31, 2025. The company’s average hashrate was approximately 47.1 EH/s, contributing to its market share of about 4.46% of the global hashrate. The company continues to focus on optimizing its energy efficiency, which is critical given that energy costs represent a significant portion of its operational expenses. The average cost of mining each bitcoin increased to $104,727, reflecting rising energy prices and operational costs.
Looking ahead, CleanSpark remains optimistic about its growth trajectory, emphasizing its commitment to expanding its infrastructure and operational capacity. The company plans to continue leveraging its bitcoin holdings while exploring new revenue streams through AI and HPC services. CleanSpark's management believes that its existing cash reserves, along with bitcoin generated from operations, will be sufficient to meet its anticipated cash requirements for the foreseeable future, although it acknowledges the potential need for additional capital to support its growth initiatives.
About CLEANSPARK, INC.
CleanSpark, Inc. is a U.S.-based bitcoin mining company operating a portfolio of proprietary data centers across multiple states, including Georgia, Tennessee, Mississippi, and Wyoming. It deploys high-efficiency ASIC mining equipment to contribute computing power to a mining pool operator, generating bitcoin rewards. The company focuses on operational efficiency, energy management, and infrastructure ownership to support scalable bitcoin mining, serving the global digital asset ecosystem through a proof-of-work consensus model.
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