CleanSpark, a bitcoin mining company, reported significant growth in its financial performance for the quarter ended June 30, 2024. The company's total current assets surged to $598,835 from $102,172 in the previous year, with a notable increase in Bitcoin holdings valued at $413,033, up from $56,241. Property and equipment also saw an increase to $568,393 from $564,395. CleanSpark's net loss for the quarter was substantial at $236,242 compared to a net loss of $14,219 in the same period last year, primarily due to an impairment expense of $189,235 on certain miners. The company's diluted loss per share was $1.03, a significant increase from the $0.12 loss per share in the previous year. Despite the net loss, CleanSpark's cash and cash equivalents, including restricted cash, stood at $129,164, and the company...Show More

CleanSpark, a bitcoin mining company, reported significant growth in its financial performance for the quarter ended June 30, 2024. The company's total current assets surged to $598,835 from $102,172 in the previous year, with a notable increase in Bitcoin holdings valued at $413,033, up from $56,241. Property and equipment also saw an increase to $568,393 from $564,395. CleanSpark's net loss for the quarter was substantial at $236,242 compared to a net loss of $14,219 in the same period last year, primarily due to an impairment expense of $189,235 on certain miners. The company's diluted loss per share was $1.03, a significant increase from the $0.12 loss per share in the previous year. Despite the net loss, CleanSpark's cash and cash equivalents, including restricted cash, stood at $129,164, and the company believes it has sufficient cash and Bitcoin to support operations for the next twelve months. In terms of business development, CleanSpark has expanded its data center capacity with an additional 50 MW in Sandersville, GA, and a 15 MW expansion in Dalton, GA. The company also entered into a hosting agreement with GRIID Infrastructure, Inc. to host up to 12 MW of its Bitcoin miners. Looking ahead, CleanSpark is focused on generating cash from its equity financing through its at-the-market offering facility and continues to design its infrastructure to support the Bitcoin network responsibly.