CleanSpark grew its Bitcoin treasury by roughly 6% from mining operations in February, the crypto miner stated on March 5.
Through the month of February, CleanSpark mined a complete of 624 Bitcoin (BTC), value upward of $55 million at Bitcoin’s spot worth of round $89,000 as of March 5, based on CleanSpark’s month-to-month report.
The corporate offered 2.73 BTC in February at a mean worth of greater than $95,000 per BTC. It added the remainder to its company treasury, which holds a complete of 11,177 BTC as of Feb. 28, the miner stated.
With holdings value greater than $1 billion, CleanSpark has amassed the world’s fifth-largest company BTC treasury, based on information from BitcoinTreasuries.NET.
Miners are more and more taking a web page out of the Technique — previously MicroStrategy — playbook by holding extra mined Bitcoin on their stability sheet.
CleanSpark CEO Zach Bradford stated the February outcomes “demonstrated the worth of our pure play Bitcoin mining technique.”
Not like rival Bitcoin miners, that are more and more diversifying into adjoining income streams, similar to promoting high-performance compute for synthetic intelligence fashions, CleanSpark is concentrated completely on Bitcoin mining.
CleanSpark is a high company BTC holder. Supply: BitcoinTreasuries.NET
Associated: Month-to-month Bitcoin manufacturing drops as miners battle rising hashrate
Surge in income and earnings
On Feb. 7, CleanSpark reported a surge in income and profitability throughout the closing three months of 2024 due to decrease manufacturing prices and buoyant BTC costs within the wake of US President Donald Trump’s November election win.
In its first fiscal quarter of 2025, which ended Dec. 31, the mining agency reported $162.3 million in income, a achieve of 120% year-over-year.
The corporate’s earnings improved to $241.7 million, or $0.85 per share, from simply $25.9 million one 12 months earlier. It additionally added greater than 1,000 BTC to its treasury.
Enterprise fashions beneath strain
Regardless of the robust earnings efficiency, CleanSpark shares are down greater than 10% within the year-to-date as declining cryptocurrency costs add additional strain to Bitcoin miners’ enterprise fashions, that are already strained by the Bitcoin community’s April halving.
Macroeconomic uncertainty, together with fears surrounding a commerce battle, has rattled markets since Trump took workplace in January and introduced 25% tariffs on Canada and Mexico.
Miners are optimistic that adjoining enterprise traces, together with leasing out high-performance {hardware} to AI fashions and promoting specialised ASIC microchips, will greater than offset any income losses.
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