CleanSpark Posts Record Quarterly Earnings, Reaches Bitcoin Mining Milestone

Bitcoin mining firm CleanSpark has reported its strongest quarter on record, delivering both all-time-high revenue and profitability that exceeded market forecasts. For the April–June period, the company posted revenue of $198.6 million — a 91% jump from $104 million in the same quarter last year — surpassing analyst expectations of $195 million.

“This was the most successful quarter in CleanSpark’s history, and it reflects the strength of our strategy,” said CEO Zach Bradford. The firm’s quarterly net income soared to $257.4 million, reversing a $236.2 million loss from the previous year. Earnings per diluted share came in at 78 cents, well above the anticipated 20 cents.

Chief financial officer Gary Vecchiarelli called the quarter “pivotal,” highlighting that operational expenses were fully funded through monthly Bitcoin production while also growing the firm’s BTC reserves.

CleanSpark Becomes First U.S. Miner to Reach 50 EH/s

In a major operational milestone, CleanSpark became the first publicly traded mining company to achieve an operational hashrate of 50 exahashes per second (EH/s) entirely through American infrastructure. Bradford noted the accomplishment in June, emphasizing its significance for domestic mining capacity.

CleanSpark has also expanded its Bitcoin treasury without resorting to equity dilution. The company currently holds 12,703 BTC, valued at roughly $1.48 billion, making it the ninth-largest public Bitcoin holder worldwide.

Industry-Wide Boom in Mining Earnings

The record-breaking results come amid a strong quarter for Bitcoin miners, boosted by a 32% increase in BTC’s price during the reporting period. The rally lifted profitability across the sector, with several rivals also surpassing expectations.

MARA Holdings posted second-quarter revenue of $238 million, up 64% year-on-year, while Riot Platforms reported a record $219.5 million in net income for the same period.

Meanwhile, Australian miner IREN Ltd saw its shares jump 11.4% on Wednesday after revealing $86 million in July revenue. IREN mined 728 BTC during the month, overtaking MARA’s 703 BTC despite operating with a smaller deployed hashrate of 50 EH/s compared to MARA’s 58.9 EH/s.

For CleanSpark, the combination of operational efficiency, strong BTC reserves, and infrastructure leadership positions the company to capitalize on future market upswings.