CleanSpark, Inc. has responded to the U.S. Securities and Exchange Commission (SEC) Division of Corporation Finance Office of Crypto Assets regarding comments on its financial filings. The correspondence, dated April 26, 2024, addresses concerns raised by the SEC in a letter dated March 29, 2024, about CleanSpark's Form 10-K for the fiscal year ended September 30, 2023, and Form 10-Q for the quarter ended December 31, 2023. The SEC's comments focused on CleanSpark's breakeven analysis, mining revenue recognition, and accounting policies, particularly in relation to bitcoin mining operations and revenue from contracts with customers. CleanSpark has acknowledged the comments and provided detailed responses, agreeing to revise its future filings to include more precise disclosures about mining equipment costs, the nature of its contracts with...Show More

CleanSpark, Inc. has responded to the U.S. Securities and Exchange Commission (SEC) Division of Corporation Finance Office of Crypto Assets regarding comments on its financial filings. The correspondence, dated April 26, 2024, addresses concerns raised by the SEC in a letter dated March 29, 2024, about CleanSpark's Form 10-K for the fiscal year ended September 30, 2023, and Form 10-Q for the quarter ended December 31, 2023. The SEC's comments focused on CleanSpark's breakeven analysis, mining revenue recognition, and accounting policies, particularly in relation to bitcoin mining operations and revenue from contracts with customers. CleanSpark has acknowledged the comments and provided detailed responses, agreeing to revise its future filings to include more precise disclosures about mining equipment costs, the nature of its contracts with mining pool operators, and the measurement of noncash consideration. The company also confirmed that it will update its accounting policy statements and disclosures to align with the SEC's guidance and the adoption of ASU 2023-08. CleanSpark's Chief Financial Officer, Gary A. Vecchiarelli, signed the letter, indicating the company's commitment to compliance and transparency in its financial reporting.