CleanSpark Mulling Strategic Options for Its Legacy Energy Business

The company wants to focus solely on bitcoin mining.

AccessTimeIconFeb 9, 2022 at 11:44 p.m. UTC
Updated May 11, 2023 at 4:07 p.m. UTC

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.
  • Can Miners Survive Lower Bitcoin Fees and Reduced Rewards?
    01:04
    Can Miners Survive Lower Bitcoin Fees and Reduced Rewards?
  • Big Tech Comes to Small Town: A Bitcoin Mining Story in Spur
    15:03
    Big Tech Comes to Small Town: A Bitcoin Mining Story in Spur
  • What's the Biggest Misconception People Have About Bitcoin Mining?
    00:39
    What's the Biggest Misconception People Have About Bitcoin Mining?
  • Bitcoin’s Price Is Way Up. And $48 Trillion in Wealth Just Got Access
    45:11
    Bitcoin’s Price Is Way Up. And $48 Trillion in Wealth Just Got Access

  • Disclosure

    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 Block.one; 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.

    Aoyon Ashraf

    Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets