Financial Data and Key Metrics Changes - The company reported revenue of $111.8 million for the second quarter, representing a 163% increase year-over-year and a 52% increase compared to the previous quarter [5][63] - Adjusted EBITDA for the second quarter was approximately $182 million, an improvement of 1.6 times over the preceding first quarter [13][63] - The company achieved a record net income of $126.7 million, or $0.59 earnings per share, compared to a net loss of $18.5 million, or a loss of $0.23 per share in the same quarter last year [8][63] Business Line Data and Key Metrics Changes - The total number of machines in operation increased from approximately 68,000 at the end of Q2 last year to about 134,000 at the end of Q2 this year, representing a significant increase in hashrate from 6.7 exahash to 16.7 exahash [6][8] - The average revenue per Bitcoin more than doubled year-over-year, increasing from approximately $23,000 to $55,000 [6][8] Market Data and Key Metrics Changes - The company noted that its mining economics remained healthy, with gross profit improving 21 points year-over-year and 8 points over the first quarter [7] - Wholesale power costs were as low as 1.3 cents per kilowatt hour, contributing to favorable all-in costs of 4.3 cents per kilowatt hour for wholly-owned locations [7] Company Strategy and Development Direction - The company is focused on growth through equity utilization, aiming to build long-term value and capitalize on the increasing adoption of Bitcoin [4] - The strategic approach emphasizes owning and operating facilities to maintain control over operations and costs, particularly in light of the recent Bitcoin halving [10][19] - The company plans to reach 50 exahash per second by 2025, with a target of 32 exahash per second coming online by the end of this year [45] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of operational efficiency and strategic positioning in navigating the challenges posed by the Bitcoin halving and market fluctuations [30][42] - The company anticipates significant consolidation in the Bitcoin mining industry, which will create opportunities for well-positioned miners like CleanSpark [42] Other Important Information - The company has a strong balance sheet with total liquidity of $681 million, including $323 million in cash and 5,021 Bitcoin valued at $358 million [18] - The company adopted fair value accounting for Bitcoin, recognizing a gain of almost $120 million in the second quarter [50] Q&A Session Summary Question: What are the expected construction and energization timelines for the newly acquired sites in Wyoming? - Management indicated that one site is partially ready and expects to complete the 45 megawatt site within 120 days, while the 30 megawatt site will take longer due to being a greenfield project [25][26] Question: How has the M&A landscape evolved since the halving? - Management noted an increase in opportunities as less efficient miners struggle, and they are open to various sizes of acquisitions, leveraging their access to capital [28][29] Question: Can you provide details on the relationship with the utility in Wyoming? - The company highlighted strong political support for Bitcoin in Wyoming and access to low-cost power, which were key factors in choosing the site for expansion [88]

UNITED STATES FORM 10-Q TABLE OF CONTENTS Item 4: Controls and Procedures 19 Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.001 per share CLSK The Nasdaq Stock Market LLC Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file suc ...

CLEANSPARK, INC. CLEANSPARK, INC. RECONCILIATION OF ADJUSTED EBITDA (Unaudited, in thousands) Investor Relations Contact Brittany Moore 702-989-7693 ir@cleanspark.com FY2024 Second Quarter Revenue of $111.8 million, net income of $126.7 million and Adjusted EBITDA of $181.8 million Current hashrate surpasses 17 EH/s CleanSpark Reports Second Quarter FY2024 Financial Results Revenue grows 163% YoY "We've achieved remarkable milestones this past quarter, ultimately becoming what we believe to be the top opera ...

After dropping to a low of $59,117.50, Bitcoin (BTC-USD) is back above $63,000, creating big opportunity for some of the best crypto mining stocks to buy.Even better, the digital currency could race even with two nearing catalysts.For one, according to CoinDesk.com, “May 15 marks the deadline for institutional investment managers to file form 13-F with the Securities and Exchange Commission. If more firms are shown to have purchased the newly approved spot bitcoin exchange-traded funds during the first quar ...

Scott Garrison and Taylor Monnig promoted to new C-suite positions LAS VEGAS, May 8, 2024 /PRNewswire/ -- CleanSpark Inc. (Nasdaq: CLSK), America's Bitcoin Miner™, today announced the appointments of Scott Garrison as chief operating officer and Taylor Monnig as chief technology officer. Garrison, previously SVP of growth, and Monnig, previously SVP of mining technology, have been critical in CleanSpark's remarkable growth. Garrison has led business development and construction of the Company's data centers ...

These Bitcoin miners are seeing major upside today amid strength in the price of Bitcoin and spot ETF inflows.Cryptocurrency miners are seeing incredible interest in today's session. Shares of Marathon Digital (MARA 17.58%), CleanSpark (CLSK 8.72%), and TeraWulf (WULF 10.07%) are up 19.2%, 10.7%, and 10.4%, respectively, as of 1:15 p.m. ET.Of course, the moves in these top Bitcoin miners have a lot to do with Bitcoin's price action in recent days. Since dropping below the $57,000 mark to start this month, B ...

Company exceeds 17 EH/s; mines 721 bitcoin with a record daily high of over 48 bitcoin LAS VEGAS, May 2, 2024 /PRNewswire/ -- CleanSpark Inc. (Nasdaq: CLSK), America's Bitcoin Miner™, today released its unaudited bitcoin mining and operations update for the month ending April 30, 2024. "We continue to see monthly gains in our efficiency metrics as we deploy the advanced S21 machines across our expanding facilities," said Zach Bradford, CEO of CleanSpark. "These improvements are pivotal in amplifying our mi ...

In the latest trading session, CleanSpark (CLSK) closed at $19.23, marking a -1.59% move from the previous day. This change lagged the S&P 500's daily gain of 1.02%. Elsewhere, the Dow saw an upswing of 0.4%, while the tech-heavy Nasdaq appreciated by 2.03%.Shares of the company have depreciated by 7.87% over the course of the past month, underperforming the Finance sector's loss of 5.37% and the S&P 500's loss of 3.15%.Analysts and investors alike will be keeping a close eye on the performance of CleanSpar ...

The cryptocurrency market, which hit record highs in the first quarter, has slowed down over the past couple of weeks. Bitcoin (BTC), which hit an all-time high of $73,750 on Mar 14, has since then pulled back sharply and is now trading below $65,000.In the past month, Bitcoin has fallen more than 8.2%. However, year to date, it has gained 45.4%, which is evidence of the underlying strength of the world’s most popular cryptocurrency.That said, the cryptocurrency market holds tremendous potential. The rally, ...

With the scheduled April Bitcoin (BTC) halving behind us, it is widely anticipated that the supply crunch resulting from the reduced gamut of Bitcoins will lead to a price appreciation for the digital asset in the coming months.It is of paramount importance to understand what Bitcoin halving translates into. Since Bitcoin “miners” validate and record the transactions, they receive both a block reward from the Bitcoin network and transaction fees from the retail consumer making the transaction. Bitcoin halvi ...