Bitcoin mining firm Cleanspark reported $162.3 million in Q4 2024 revenue, a 120% year-over-year increase. With 10,500 BTC in reserves and a mining cost of $34,000 per bitcoin, the company is expanding operations across the U.S.
Cleanspark Achieves $162 Million in Revenue at $34,000 per Bitcoin Mining Cost
This article was published more than a year ago. Some information may no longer be current.
WRITTEN BY
SHARE
Cleanspark’s Bitcoin Treasury Grows to 10,500 BTC
Cleanspark has announced the release of its Q4 2024 financial results, reporting $162.3 million in revenue, driven mainly by bitcoin mining at an average cost of $34,000 per bitcoin.
With $246.8 million in net profit and $321.6 million in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), the firm now holds 10,500 BTC, valued at approximately $929 million, with total assets reaching $2.8 billion.
CEO Zach Bradford highlighted the company’s expansion, stating that Cleanspark has surpassed 40 EH/s in January and is on track to reach 50 EH/s in 2025.
This quarter we saw the impact of continuous improvements across what we believe to be the most important industry metrics: operating hashrate, fleet efficiency, marginal cost to mine, bitcoin treasury, and portfolio uptime. Cleanspark delivered $162.3 million in revenue at a marginal cost to mine of approximately $34,000 per bitcoin for the quarter.
The company is also scaling operations in Wyoming, Tennessee, and Georgia, leveraging a regional growth strategy first developed in Georgia. CleanSpark CFO Gary Vecchiarelli added,
We overcame virtually all of the halving impact on the bitcoin block subsidy while growing our current bitcoin treasury to over 10,500 BTC, 100% of which was entirely self-mined by Cleanspark. We continue to invest in ourselves because why buy bitcoin at current spot prices when we can mine it for $34,000?
Following a $650 million convertible bond closing, Cleanspark is reinforcing its position as a key U.S.-based bitcoin mining company, self-mining 100% of its bitcoin while preparing for further industry growth.
