CleanSpark, Inc
CleanSpark, Inc. is a U.S.-based data center developer and operator that has historically focused on bitcoin mining and is now expanding into AI and high-performance computing (HPC) infrastructure. The company owns and operates a portfolio of power-backed facilities across Georgia, Tennessee, Mississippi, and Wyoming, with a total contracted power capacity of about 1,027 MW as of September 30, 2025. Its core business is converting electricity and computing infrastructure into bitcoin mining output, while management is also evaluating how to reuse the same assets for AI/HPC hosting and leasing. CleanSpark also runs a treasury program around its bitcoin holdings, including selective derivative activity intended to support liquidity and manage price volatility.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueElectricity-powered mining activity that contributes hash power to a mining pool and earns bitcoin rewards.
Company-owned and operated facilities, substations, cooling systems, and power assets used to support mining and future HPC workloads.
Mining activity previously supported through third-party hosting arrangements, including facility access and operating support.
Emerging hosting and leasing opportunities for hyperscale, AI, and high-performance computing customers.
Customers
CleanSpark’s bitcoin mining revenue is generated through a single mining pool operator, which the company treats as its sole customer for mining purposes because it pays the company for processing power. In practical terms, the end market is the bitcoin network and the economics of block rewards and transaction fees, rather than a traditional enterprise customer base. As the company expands into AI and HPC, it is developing a new customer base that could include hyperscale cloud providers, AI companies, and other technology users needing power-dense data center capacity. The company also interacts with counterparties in treasury and financing activities, including bitcoin-linked derivative counterparties and lenders, to support liquidity and growth.
The company contributes computing power to a third-party mining pool and receives bitcoin-based consideration for that service.
Indirect end users of the bitcoin network that benefit from the security and transaction validation supported by CleanSpark’s mining activity.
Prospective customers that would lease or host workloads in CleanSpark’s data centers for compute-intensive applications.
Banks, lenders, and derivative counterparties used to manage liquidity, collateral, and bitcoin price exposure.
Strategy
CleanSpark is shifting from a pure bitcoin miner toward a broader data center platform that can support bitcoin mining, AI, and HPC workloads. A central priority is expanding and optimizing its owned power and data center assets in the U.S., especially in Georgia and other domestic growth markets, where it can add capacity and improve utilization. The company is also using bitcoin treasury management, including selective options and other derivatives, to generate liquidity and manage volatility without fully exiting long-term bitcoin exposure. Management has also indicated it may pursue acquisitions and fund future projects with a mix of cash, debt, equity, bitcoin sales, or stock consideration, depending on market conditions and project timing.
More contracted power and developed sites increase mining output today and create optionality for future AI/HPC workloads.
AI/HPC hosting can reduce dependence on bitcoin mining economics and improve asset utilization.
Treasury monetization and derivatives can fund operations and cap downside without fully abandoning bitcoin exposure.
Geography
CleanSpark’s operating footprint is concentrated in the United States, with wholly owned facilities in Georgia, Tennessee, Mississippi, and Wyoming. The company said its Georgia operations are especially important, with about 620 MW of developed data center infrastructure and a geographically dispersed footprint across ten cities. It previously had a hosted mining relationship in New York, but that arrangement expired on January 1, 2025 and hosted operations ceased. Geography matters because the business depends on local power availability, permitting, community acceptance, and the ability to expand large-scale data center campuses in domestic markets.
Risks
CleanSpark is exposed to the inherent volatility of bitcoin mining, where revenue depends on bitcoin prices, network difficulty, and the economics of a single mining pool relationship. The company’s expansion into AI and HPC adds execution risk because these projects require large upfront capital, long build cycles, and customer onboarding before revenue is realized. Its operations also face local community and regulatory pressure, especially around noise pollution, permitting, and the siting of large data centers, which can delay or constrain growth. In addition, the business depends on specialized mining hardware and power infrastructure, so supply chain disruption, technological obsolescence, and trade restrictions can affect replacement cycles and operating efficiency.
- Dependence on a single mining pool operatorImpact: HighLikelihood: Medium
The company states it has one customer for mining revenue, so any disruption, pricing change, or contract termination would directly affect cash generation.
Exposure: Mining revenue concentration
- Bitcoin price and network difficulty volatilityImpact: HighLikelihood: Medium
Mining economics depend on bitcoin market prices, transaction fees, and global hashrate, which can change quickly and compress margins.
Exposure: Revenue and treasury value
- Technological obsolescence and hardware supply chain disruptionImpact: HighLikelihood: Medium
Mining profitability depends on efficient hardware, and shortages or trade restrictions can delay upgrades and raise costs.
Exposure: Fleet refresh and operating efficiency
- Noise pollution and community oppositionImpact: MediumLikelihood: Medium
Large miners and cooling systems generate noise that can trigger complaints, fines, operating restrictions, or permit delays.
Exposure: Site operations and expansion
- Capital intensity of AI/HPC expansionImpact: MediumLikelihood: Medium
New campuses require substantial upfront spending before hosting revenue begins, creating liquidity and execution risk.
Exposure: Growth projects
Accounting
Judgemental itemsRevenue is based on variable bitcoin consideration from a mining pool and depends on when rewards are deemed earned and valued.
Impact: Can create day-to-day and quarter-to-quarter volatility in reported revenue
Mining hardware and data center assets may need write-downs if future cash flows fall below carrying value.
Impact: Can materially reduce earnings in periods of weak bitcoin economics
Estimated useful lives affect depreciation expense and reflect assumptions about hardware obsolescence and profitability.
Impact: Changes can accelerate expense recognition
Management must assess whether future taxable income will support deferred tax assets.
Impact: Can swing tax expense and net income
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Last updated: 24/09/2026