CleanSpark Mulling Strategic Options for Its Legacy Energy Business
The company wants to focus solely on bitcoin mining.
Feb 9, 2022 at 11:44 p.m. UTCUpdated May 11, 2023 at 4:07 p.m. UTC
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Bitcoin miner CleanSpark (CLSK) is considering strategic alternatives for its legacy energy business, aiming to focus solely on its bitcoin mining segment, the company said in a statement accompanying its quarterly earnings report for its fiscal first quarter ended Dec. 31.
- “Focusing our efforts on our bitcoin mining segment allows the company to capitalize on the tremendous opportunity bitcoin presents,” CEO Zach Bradford said in the statement.
- According to CleanSpark’s annual report for fiscal 2021, which ended on Sept. 30, its energy hardware, software and services segment contributed about $9 million, or 18%, of its fiscal 2021 revenue of $49.4 million.
- CleanSpark also reported that its fiscal first-quarter revenue rose 52% to $41.2 million from $27.1 million in its fiscal fourth quarter.
- The company has 20,900 mining machines in operation with a total hashrate exceeding 2.1 exahashes/second and producing about 10 bitcoins per day. Hashrate is a measure of computing power.
- The miner’s stock was up about 8% in after-hours trading following the earnings release.
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Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets