How Does CleanSpark Make its Money?
CleanSpark is one of the largest Bitcoin mining companies in the United States, operating mining facilities across Georgia, Mississippi, Wyoming, and Tennessee. The company has rapidly scaled through acquisitions of underperforming mining sites that it optimizes with better hardware and operational efficiency. CleanSpark differentiates itself through a diversified, community-focused approach — building relationships with local utilities and communities rather than concentrating all operations in one location. The company has been one of the most aggressive acquirers in the post-halving Bitcoin mining consolidation wave, purchasing facilities at attractive prices from operators who couldn’t survive on lower mining rewards.
CleanSpark (CLSK) Business Model
CleanSpark operates in the cryptocurrency sector. Below is a summary of CleanSpark’s revenue streams, how the company generates income, and the key financial metrics from its most recent annual report. This breakdown uses data from CleanSpark’s 2024 fiscal year filings with the SEC.
CleanSpark Competitors
CleanSpark’s key competitors and comparable public companies in the cryptocurrency sector include MARA Holdings, Riot Platforms, Coinbase, and MicroStrategy. Each of these companies competes for market share, investor attention, and revenue in overlapping segments. See how CleanSpark stacks up by comparing their revenue breakdown, margins, and growth metrics.
Revenue Breakdown
| Segment | 2024 | 2023 | YoY Growth |
|---|---|---|---|
| Bitcoin Mining Revenue | $500 | $300 | +66.7% |
| Other Revenue (Hosting, Equipment Sales) | $20 | $15 | +33.3% |
| Total Revenue | $520 | $315 | +65.1% |
Bitcoin Mining Revenue — 96% of Revenue
Other Revenue (Hosting, Equipment Sales) — 4% of Revenue
Income Statement Overview
| Metric | 2024 | 2023 |
|---|---|---|
| Total Revenue | $520 | $315 |
| Cost of Revenue | $330 | $200 |
| Gross Profit | $190 | $115 |
| Operating Expenses | $150 | $100 |
| Operating Income | $40 | $15 |
| Net Income | $50 | $-20 |
All values in millions USD unless otherwise stated.
Key Financial Metrics
- Gross Margin: 36.5%
- Operating Margin: 7.7%
- Revenue Growth: 65.1%
Is CleanSpark Profitable?
Yes, CleanSpark is profitable. The company reported net income of $50 on total revenue of $520. With an operating margin of 7.7%, CleanSpark demonstrates solid profitability for the cryptocurrency sector. The gross margin of 36.5% reflects CleanSpark’s pricing power and cost structure.
What to Watch
- Hash rate growth from facility acquisitions and hardware upgrades
- Bitcoin price trajectory and post-halving mining profitability
- Power cost management and securing favorable electricity rates
- Fleet efficiency as newer ASIC miners replace older, less efficient machines
CleanSpark (CLSK) Financial Summary
CleanSpark (CLSK) is a cryptocurrency company that generated $520 in total revenue in fiscal year 2024. Revenue grew 65.1% year-over-year. The company earned $50 in net income, making it profitable. For a deeper look at CleanSpark’s revenue breakdown, business segments, and financial performance, review the detailed analysis above.