CLEANSPARK, INC. (CLSK)

CleanSpark, Inc. is a data center developer that, until recently, focused exclusively on bitcoin mining. It owns, leases and operates a portfolio of data centers and power assets across the United States, with approximately 1,027 megawatts of total contracted power capacity as of September 30, 2025. The company has mined bitcoin since December 2020, and mining has historically been its principal revenue-generating activity. It says it does not intend to mine, purchase or hold any crypto asset other than bitcoin. Its infrastructure is designed to support both bitcoin mining and AI and high-performance computing (HPC) workloads.

The company's business consists of bitcoin mining, along with a developing AI and HPC hosting and leasing effort. In mining, it owned about 336,544 miners as of September 30, 2025, of which about 241,934 were in service. They produced an average of 45.6 EH/s of hashrate, with a peak of 50 EH/s, at an average fleet efficiency of 16.7 W/TH. It mined approximately 7,873 bitcoins in fiscal 2025, net of pool fees. It sells bitcoin from time to time, may use it as collateral, and launched an in-house trading function in April 2025 that uses bitcoin-linked derivatives for hedging and liquidity. The AI and HPC effort builds on its power, land, engineering and construction expertise. In October 2025 it acquired rights to about 271 acres in Austin County, Texas, with 285 MW of long-term power agreements, and it is exploring retrofitting sites such as its 620 MW Georgia platform. It also hired a Senior Vice President of AI Data Centers and is evaluating a non-binding collaboration with Submer on AI data center design and construction.

Its facilities are in Georgia (620 MW, 27.02 EH/s, 15 locations), Tennessee (234 MW, 12.43 EH/s, 11 locations), Wyoming (110 MW, 3.52 EH/s, 2 locations using immersion cooling) and Mississippi (63 MW, 2.63 EH/s, 5 locations), for 33 mining locations in total. The Tennessee footprint includes three sites acquired through the October 2024 acquisition of GRIID Infrastructure, Inc. The company contributes all its computing power to a single mining pool operator, currently its sole customer, and is paid in bitcoin under a contract either party can terminate at any time. It does not lease facilities to other miners. It is still developing a customer base for AI and HPC services, aimed at hyperscale cloud providers, AI providers and other technology companies. A hosted 50 MW operation in Massena, New York, run with Coinmint, LLC, expired and was wound down after the agreement ended.

The company's miners are ASICs, which have few manufacturers, and most machines bought this year came from Bitmain Technologies Delaware Limited. In April and May 2025 it agreed to pay Bitmain for new-generation miners in bitcoin at negotiated premiums, with options to repurchase the bitcoin. It also buys networking equipment, racking, transformers and energy equipment. It relies on utilities for power and tries to site facilities where utilities draw substantially on clean and renewable sources. It has relationships with companies in utilities, energy, infrastructure, construction and mining equipment procurement.