CleanSpark, an energy technology and sustainable bitcoin mining company, has announced its financial results for the first quarter of 2023. The company reported a record quarterly revenue of $31.9 million, which is a significant 52% increase compared to the same period last year. Gross profit for the quarter was substantial at $14.7 million, resulting in a gross margin of 46%. Despite these gains, CleanSpark incurred a net loss of $3.8 million, or $0.13 per share. The company also highlighted its operational achievements, including mining 1,405 bitcoins—a 50% increase from the previous year—and reaching an operational hash rate capacity of 4.7 EH/s. CleanSpark is on track to exceed 5 EH/s by the end of the second quarter of 2023. Additionally, the company successfully reduced its energy expenses by 12% from...Show More

CleanSpark, an energy technology and sustainable bitcoin mining company, has announced its financial results for the first quarter of 2023. The company reported a record quarterly revenue of $31.9 million, which is a significant 52% increase compared to the same period last year. Gross profit for the quarter was substantial at $14.7 million, resulting in a gross margin of 46%. Despite these gains, CleanSpark incurred a net loss of $3.8 million, or $0.13 per share. The company also highlighted its operational achievements, including mining 1,405 bitcoins—a 50% increase from the previous year—and reaching an operational hash rate capacity of 4.7 EH/s. CleanSpark is on track to exceed 5 EH/s by the end of the second quarter of 2023. Additionally, the company successfully reduced its energy expenses by 12% from the previous quarter and continued its commitment to sustainability, with 95% of its energy coming from carbon-free sources. The quarter also saw CleanSpark expand its operations with the acquisition of a new mining facility in Washington, Georgia. The CEO remains confident in the company's strategic initiatives and its ability to adapt to market conditions.