The sustainable bitcoin mining and energy technology company CleanSpark reported a 400% increase in total revenue for its fiscal year 2021. However, it also reported a net loss of $21.8 million, or $0.75 per share, in the same period, the company said on Tuesday.
CleanSpark generated $49.4 million in revenue for the fiscal year that ended on September 30, an increase from roughly $10 million last year. The increase in the value of bitcoin in the fourth quarter brought more than $27 million into the bags. Optimistically, the net loss was slightly less than $23.3 million, or $2.44 per share loss, that the company suffered in its fiscal year 2020.
When compared to the same period last year, CleanSpark’s adjusted EBITDA was $9 million, or a $0.31 profit per share, whereas it was $10.2 million, or a loss of $1.07 per share, in the same year.
Several Bitcoin mining firms have reported huge gains recently, with TeraWulf raising a $200 million fund earlier this month.
CleanSpark on the way to increasing its efficiency
During the last eight months, the company has witnessed substantial growth in all areas. It signed contracts to purchase 22,680 bitcoin mining machines in April, according to the firm.
Earlier this year, CleanSpark purchased a second data center in Norcross, Georgia, for a total of $6.5 million. Additionally, the company has purchased additional mining machines over the last two months. In a recent announcement, the company stated that it had purchased immersion cooling infrastructure for the Norcross facility, which would allow it to increase its mining efficiency by more than 20%.
CleanSpark currently has a hashrate of 1.3 exahash per second, which it intends to grow with the addition of more mining power and better infrastructure. Recently, the hashrate retraced back to May highs after the heavy mining crackdown by China.
CleanSpark CEO Zach Bradford described the company as “incredibly undervalued” during an earnings call on Tuesday. He also emphasized the company’s expertise in the energy sector.