CleanSpark has delivered the strongest quarter in its history, posting record revenue and profit that outpaced Wall Street expectations.
The U.S.-based Bitcoin miner reported $198.6 million in revenue for its fiscal third quarter, up 91% from $104 million a year earlier and ahead of analyst forecasts of around $195 million.
Net income surged to $257.4 million, reversing a $236.2 million loss in the same period last year, the firm said in a Thursday announcement.
Diluted earnings per share came in at 78 cents, well above estimates of roughly 20 cents.
“This was the most successful quarter in CleanSpark’s history, and it reflects the strength of our strategy,” said CEO Zach Bradford.
CFO Gary Vecchiarelli noted that operational expenses were fully covered by monthly Bitcoin production while the company expanded its treasury holdings.
CleanSpark said it became the first public miner to achieve 50 exahashes per second (EH/s) using exclusively US infrastructure, representing 5.8% of the global hashrate.
The company’s Bitcoin treasury now stands at 12,703 BTC, worth about $1.48 billion, making it the ninth-largest public holder of the cryptocurrency. CleanSpark achieved this without issuing new equity in 2025.
Despite the strong results, CleanSpark’s stock (CLSK) fell 2.5% on Thursday to $10.72, with after-hours trading showing less than a 1% gain.
The shares remain up 16.4% year-to-date, outperforming rival MARA Holdings, which is down over 7% in 2025.
The bumper quarter comes amid a broader upswing for Bitcoin miners, fueled by a 32% rise in the asset’s price between April and June.
MARA Holdings recently posted a 64% year-on-year revenue jump to $238 million, while Riot Platforms reported a record $219.5 million net income for the same period.
As reported, over half of the world’s Bitcoin mining operations still trace their origins to China, with 55% to 65% of mining linked to Chinese capital, hardware, or expertise, according to Uminers CEO Batyr Hydyrov.
Despite China’s 2021 mining ban, key Chinese players have maintained influence by relocating operations overseas.
Major Chinese manufacturers Bitmain, Canaan, and MicroBT, responsible for 99% of Bitcoin mining hardware, have shifted production to the U.S. to avoid tariffs, helping boost America’s share of Bitcoin’s total hashrate from 4% in 2019 to 38% today.
Hydyrov added that former Chinese miners have often increased capacity after moving abroad, with some expanding by up to 150%, and noted that limited mining still persists within China’s remote regions where enforcement is lax.
Meanwhile, in Iran, officials have raised concerns over the rising strain crypto mining is placing on the nation’s electricity grid, claiming that the activity now contributes to as much as 20% of the country’s energy imbalance.
