# CleanSpark, Inc > Clarifo company profile — qualitative business description generated from > the company's filings. Financial statements, charts and ratios are > available on Clarifo (https://www.clarifo.com/en/companies/CleanSpark, Inc). ## Overview 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. ## Products & services • Bitcoin mining through owned data centers • Bitcoin mining via third-party mining pool participation • Data center development and power infrastructure • AI and HPC hosting / leasing opportunities • Bitcoin treasury management and derivative strategies - **Bitcoin mining operations** (85%) — Electricity-powered mining activity that contributes hash power to a mining pool and earns bitcoin rewards. - **Owned data center infrastructure** (10%) — Company-owned and operated facilities, substations, cooling systems, and power assets used to support mining and future HPC workloads. - **Hosted mining and related services** (2%) — Mining activity previously supported through third-party hosting arrangements, including facility access and operating support. - **AI and HPC infrastructure services** (3%) — Emerging hosting and leasing opportunities for hyperscale, AI, and high-performance computing customers. - Bitcoin mining through owned data centers - Bitcoin mining via third-party mining pool participation - Data center development and power infrastructure - AI and HPC hosting / leasing opportunities - Bitcoin treasury management and derivative strategies ## 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. - **Mining pool operator** (primary) — The company contributes computing power to a third-party mining pool and receives bitcoin-based consideration for that service. - **Bitcoin ecosystem users** (primary) — Indirect end users of the bitcoin network that benefit from the security and transaction validation supported by CleanSpark’s mining activity. - **AI and HPC infrastructure customers** (emerging) — Prospective customers that would lease or host workloads in CleanSpark’s data centers for compute-intensive applications. - **Treasury and financing counterparties** (secondary) — Banks, lenders, and derivative counterparties used to manage liquidity, collateral, and bitcoin price exposure. - Mining pool operator that pays for hash power and bitcoin rewards - Bitcoin network participants indirectly supported by mining activity - Hyperscale cloud providers targeted for future HPC hosting - AI companies seeking power-dense compute infrastructure - Financial counterparties for bitcoin derivatives and lending ## 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. - **United States** (100%) — All disclosed operating facilities and planned expansion are in the U.S. - Operations are concentrated in the United States - Core facilities are in Georgia, Tennessee, Mississippi, and Wyoming - Georgia is the largest disclosed operating base and growth platform - New York hosted operations ended on January 1, 2025 - Local power access and permitting are critical to expansion ## 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. - **Expand domestic data center capacity** (medium-term) — More contracted power and developed sites increase mining output today and create optionality for future AI/HPC workloads. - **Diversify into AI and HPC infrastructure** (medium-term) — AI/HPC hosting can reduce dependence on bitcoin mining economics and improve asset utilization. - **Use bitcoin treasury tools to manage liquidity** (short-term) — Treasury monetization and derivatives can fund operations and cap downside without fully abandoning bitcoin exposure. - Expand owned data center and power capacity in U.S. markets - Repurpose facilities for AI and HPC hosting where economics are attractive - Use bitcoin treasury holdings to support liquidity and growth funding - Monetize volatility through covered call and put strategies - Pursue acquisitions and asset purchases to accelerate scale ## 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 operator** [high] — The company states it has one customer for mining revenue, so any disruption, pricing change, or contract termination would directly affect cash generation. - **Bitcoin price and network difficulty volatility** [high] — Mining economics depend on bitcoin market prices, transaction fees, and global hashrate, which can change quickly and compress margins. - **Noise pollution and community opposition** [medium] — Large miners and cooling systems generate noise that can trigger complaints, fines, operating restrictions, or permit delays. - **Technological obsolescence and hardware supply chain disruption** [high] — Mining profitability depends on efficient hardware, and shortages or trade restrictions can delay upgrades and raise costs. - **Capital intensity of AI/HPC expansion** [medium] — New campuses require substantial upfront spending before hosting revenue begins, creating liquidity and execution risk. - Bitcoin price volatility directly affects mining revenue and treasury results - Single mining pool customer creates concentration and counterparty risk - Noise, permitting, and community opposition can limit site expansion - Large capital needs for data centers can pressure liquidity - Hardware obsolescence and supply chain disruption can reduce competitiveness - AI/HPC diversification may face regulatory and execution risk ## Accounting CleanSpark’s most important accounting judgments center on revenue recognition for bitcoin mining, where revenue is recorded under ASC 606 when the company satisfies its service obligation by contributing hash power to the mining pool and can reasonably estimate the bitcoin reward. The company measures non-cash consideration using the bitcoin price at 23:59:59 UTC on the contract inception date, so reported revenue can vary depending on the valuation point used for daily rewards. Another major judgment is impairment of long-lived assets, especially miners and data center assets, where management estimates future bitcoin prices, transaction fees, and global hashrate to assess recoverability. The company also relies on estimates for miner useful lives and deferred tax asset valuation allowances, both of which can materially change depreciation expense and reported earnings when mining profitability or asset economics shift. - **Revenue recognition for mining rewards** — Can create day-to-day and quarter-to-quarter volatility in reported revenue - **Impairment of long-lived assets** — Can materially reduce earnings in periods of weak bitcoin economics - **Useful lives of miners** — Changes can accelerate expense recognition - **Valuation allowance on deferred tax assets** — Can swing tax expense and net income - Bitcoin mining revenue is recognized as services are performed for the pool operator - Daily bitcoin valuation at 23:59:59 UTC affects reported revenue - Miner and data center impairment depends on bitcoin price and hashrate assumptions - Useful lives of miners drive depreciation and can change with technology cycles - Deferred tax asset valuation allowances can materially affect reported tax expense --- *Last updated: 2026-09-24T11:34:13.707161+00:00*