YEREVAN (CoinChapter.com) — CleanSpark reported a 120% increase in revenue during the first fiscal quarter of 2025, which ended on December 31. The company’s revenue reached $162.3 million, significantly higher than the previous year.
Profitability also improved, with the company reporting $241.7 million in profits, compared to $25.9 million in the same quarter last year. CleanSpark’s earnings per share rose to $0.85, reflecting its operational gains.
According to Zach Bradford, CEO of CleanSpark, the company focused on improving key metrics. He explained,
“Continuous improvement across […] operating hashrate, fleet efficiency, marginal cost to mine, Bitcoin treasury, and portfolio uptime”
contributed to its strong results.
Bitcoin Mining Costs Drop While Prices Exceed $100K
CleanSpark successfully reduced its marginal cost to mine Bitcoin by 6%, bringing the average cost to $34,000 per coin. During the quarter, Bitcoin prices averaged $83,000 and surpassed the $100,000 mark for the first time, boosting overall profitability for miners.
The company added over 1,000 BTC to its corporate treasury, ending the quarter with a total of 10,556 BTC. The rising price of Bitcoin during the fourth quarter of 2024 provided favorable conditions for mining operations.
CleanSpark Holds Over 10,000 Bitcoin. Source: CleanSpark IncAcross the industry, miner revenues surged by 41% to $3.7 billion between October and December 2024, according to H.C. Wainwright & Co.
Public Bitcoin Miners Reach $50 Billion Market Cap
The Bitcoin mining sector grew significantly, with public mining companies achieving a combined market capitalization of $50 billion by the end of 2024. The 24 largest mining firms accounted for $48.1 billion as of Feb. 7, 2025.
Top Bitcoin Mining Companies by Market Cap. Source: CompaniesMarketCapA report by Digital Mining Solutions and BitcoinMiningStock.io, authored by Nico Smid and Cindy Geng, observed a shift in miner strategies during 2024. Many miners chose to retain their Bitcoin instead of selling, reflecting confidence in the long-term value of their holdings.
Bitcoin Mining 2024 Review Report. Source: Bitcoin Mining InsightsGrayscale Introduces Bitcoin Miners ETF
On Jan. 30, 2025, Grayscale Investments introduced the Grayscale Bitcoin Miners ETF (MNRS) to provide investors exposure to companies deriving most of their revenue from Bitcoin mining or related hardware and services.
Grayscale Bitcoin Miners ETF Launch. Source: Grayscale Investments
The ETF tracks the Indxx Bitcoin Miners Index, measuring the performance of global mining companies, and offers a regulated framework for those seeking alternatives to direct Bitcoin investment.
David LaValle, Global Head of ETFs at Grayscale, highlighted the importance of miners as the backbone of Bitcoin’s network, emphasizing their growth potential as adoption increases. This ETF provides a simple way to invest in the expanding Bitcoin mining industry.
The post CleanSpark Reports 120% Revenue Growth as Bitcoin Mining Costs Decline first appeared on Coinchapter.
The post CleanSpark Reports 120% Revenue Growth as Bitcoin Mining Costs Decline appeared first on Coinchapter.
