Bitcoin Miner CleanSpark 2021 Revenue Rises 400%

The sustainable bitcoin mining company nearly reached its goal of generating $50 million in revenue for the fiscal year, but also recorded a net loss of $21.8 million.

AccessTimeIconDec 15, 2021 at 4:12 a.m. UTC
Updated Apr 14, 2024 at 10:40 p.m. UTC

CleanSpark’s total revenue rose 400% in its 2021 fiscal year, but the sustainable bitcoin mining and energy technology company also recorded a net loss of $21.8 million, or $0.75 per share, it announced on Tuesday.

For the year ended Sept. 30, CleanSpark generated $49.4 million in revenue, up from about $10 million the previous year. More than $27 million came in its fourth quarter as bitcoin’s price rose. The net loss was slightly less than the $23.3 million, or $2.44 per share, loss for its 2020 fiscal year.

  • Has Crypto Become Political?
    Has Crypto Become Political?
  • FTX Victims File to Recover $8B in Forfeited Assets; Will Biden and Trump Shake Hands Before Debate?
    FTX Victims File to Recover $8B in Forfeited Assets; Will Biden and Trump Shake Hands Before Debate?
  • DJT Token Rallied 180% on Trump Rumors
    DJT Token Rallied 180% on Trump Rumors
  • How Fed's Interest Rate Decisions Could Affect Crypto
    How Fed's Interest Rate Decisions Could Affect Crypto
  • CleanSpark’s adjusted EBITDA for the year was $9 million, or a $0.31 gain per share, versus a $10.2 million, $1.07 loss per share, compared with the same period a year ago.

    The company has been expanding significantly over the last eight months. In April, it signed contracts to purchase 22,680 bitcoin mining machines.

    In August, CleanSpark acquired a second data center in Norcross, Ga., for $6.5 million, and over the last two months has purchased additional mining machines. More recently, it announced that it had bought 20-megawatt, immersion cooling infrastructure for the Norcross facility to boost its mining efficiency by over 20%.

    The company’s current has current hashrate, or computing power, of 1.3 exahash per second, which it intends to increase with its additional mining power.

    In an earnings call Tuesday, CleanSpark CEO Zach Bradford called CleanSpark “incredibly undervalued” and highlighted the company’s energy expertise. “We are deploying advanced technologies like renewable energy assets and immersion cooling to make our operations more efficient,” Bradford said. “These efficiency enhancements are expected to increase production and decrease operating costs at all our facilities.”


    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    James Rubin

    James Rubin was CoinDesk's U.S. news editor based on the West Coast.