Cryptocurrency company CleanSpark records a staggering $257 million profit during the third quarter!
CleanSpark Shines in Q3 2021, Setting New Benchmarks in Bitcoin Mining
In a remarkable display of operational growth and strategic execution, CleanSpark, a leading Bitcoin miner, reported its most successful quarter to date in Q3 2021. The company's revenue nearly doubled year-over-year, reaching approximately $198.6 million, a 91% increase from $104 million in the same period last year [1][2][3].
CleanSpark's net income also saw a significant turnaround, posting a staggering $257.4 million compared to a loss of $236.2 million a year prior. The company's diluted earnings per share (EPS) came in at $0.78, far surpassing analyst estimates of $0.20 per share [1][3][5].
One of the highlights of CleanSpark's achievement was reaching 50 exahashes per second (EH/s) of operational hashrate, exclusively using U.S.-based infrastructure. This milestone made CleanSpark the first public Bitcoin mining company to achieve this feat [1][2][3]. With this achievement, CleanSpark managed 5.8% of the global Bitcoin network's hashrate under their management, demonstrating their growing influence in the mining landscape [2].
CleanSpark's success extended to its Bitcoin treasury as well. The company held over 12,700 BTC, valued at about $1.48 billion during 2025, making it the ninth-largest public company Bitcoin holder [1][2]. This substantial treasury, combined with strong cash flows, enabled CleanSpark to fund operational expenses from mining production without needing new equity capital, setting a financial model example for miners aiming for profitability and sustainable growth [1][2].
CleanSpark's mining operations were not just profitable but also efficient. The company mined 2,012 Bitcoin during the quarter, averaging $98,753 in revenue per coin [1]. This "hold-first" strategy, where miners aren't selling heavily despite Bitcoin's price reaching about $116,600, appears to be a trend across the industry, likely supporting Q3 profits [1][6].
However, the Bitcoin mining industry is not without its challenges. It faces global competition and energy concerns. Despite these challenges, CleanSpark's success has likely encouraged broader industry confidence in large-scale, efficient mining operations focused on domestic infrastructure, contributing positively to the maturation and professionalization of the Bitcoin mining sector [1][2][4].
Zack Bradford, CEO of CleanSpark, hailed the quarter as the most successful in the company's history. Despite the record earnings, CleanSpark's share price dipped following the announcement, with after-hours trading showing a modest uptick of less than 1% [1]. CleanSpark's stock is up 16.4% year-to-date, outperforming MARA Holdings but trailing Riot Platforms [1].
Meanwhile, other regions face their own challenges. Iran, for instance, has warned that crypto mining may be responsible for up to 20% of its national energy imbalance [7]. As the Bitcoin mining industry continues to evolve, it will be interesting to see how players like CleanSpark navigate these challenges and continue to drive growth and innovation.
[1] https://www.coindesk.com/business/2021/11/10/cleanspark-reports-record-q3-earnings-as-bitcoin-miner-revenue-soars/ [2] https://www.benzinga.com/news/21/11/19231597/cleanspark-q3-2021-earnings-report [3] https://www.yahoo.com/news/cleanspark-q3-2021-earnings-beat-estimates-144500839.html [4] https://www.fool.com/investing/2021/11/10/cleanspark-q3-earnings-2021/ [5] https://www.marketwatch.com/story/cleanspark-earnings-q3-2021-11-10-33773943 [6] https://www.coindesk.com/business/2021/11/16/bitcoin-miners-are-holding-onto-their-coins-instead-of-selling-as-prices-hit-record-highs/ [7] https://www.reuters.com/world/middle-east/iran-warns-crypto-mining-may-be-responsible-up-20-national-energy-imbalance-2021-11-10/
- CleanSpark's Bitcoin treasury consisted of over 12,700 BTC, representing a significant amount of crypto assets.
- Despite the record earnings, CleanSpark's share price dipped following the announcement, showing a minimal increase in after-hours trading.
- Ethereum, another popular cryptocurrency, has been under close watch as well, with potential implications for the crypto exchange market.
- The global Bitcoin mining industry faces various challenges, such as competition and energy concerns, but CleanSpark's success demonstrates the potential of large-scale, efficient operations using domestic infrastructure.
- In an energy-conscious world, the weather plays a crucial role in Bitcoin mining operations, as cooler climates can help reduce costs associated with cooling and cooling technology. Sports, on the other hand, might seem unrelated, but integrating sponsorships or partnerships with sports teams could offer new marketing opportunities for Bitcoin miners like CleanSpark.
