CleanSpark Reveals Bitcoin Mining Operations in 10-K Report

By Bobby Samwell • Tuesday, December 03 15:16 • Permanent Link

CleanSpark, Inc. has recently released its 10-K report, detailing its operations as a bitcoin miner in the Americas. The company owns and operates data centers primarily running on low-carbon power, supporting Bitcoin as a digital commodity and tool for financial independence and inclusion. CleanSpark operates a large portfolio of data centers across the United States, with locations in Georgia, Mississippi, Tennessee, and is finalizing developments in Wyoming. The company also had a hosting arrangement with GRIID Infrastructure, Inc. to host up to 54 MW of its bitcoin miners in Tennessee, which was acquired by CleanSpark on October 30, 2024.

In the 10-K report, CleanSpark discusses its bitcoin mining operations, stating that it operates a fleet of servers known as miners or ASICs (Application-Specific Integrated Circuits) and owns approximately 235,000 miners as of September 30, 2024. The company's operating mining units were capable of producing over 27.6 EH/s of computing power as of the same date and is capable of producing 31.5 EH/s of computing power as of October 31, 2024.

CleanSpark's report also reveals that the company held approximately 6,819 bitcoins as of September 30, 2024, with a receivable for 1,229 bitcoin posted as collateral. The fair value of its bitcoin as of September 30, 2024, was $431,661. The report also details the range of intraday low and high bitcoin prices for quarterly reporting periods between October 1, 2021, and September 30, 2024.

In terms of results of operations, the report provides an analysis of costs to mine one bitcoin, including the cost of energy per bitcoin mined, other direct costs of mining, miner depreciation per bitcoin mined, financing costs per bitcoin mined, and more. The report also details CleanSpark's average cost of mining each bitcoin, total energy usage, and cost per kilowatt-hour utilized within its owned facilities for the years ended September 30, 2024, 2023, and 2022. Today the company's shares have moved -4.6% to a price of $13.85. Check out the company's full 10-K submission here.

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