Bitcoin miner CleanSpark’s revenue surges 120% yearly, mines BTC at $34K

Bitcoin miner CleanSpark has set the tone for 2025 with a blockbuster earnings report, shattering estimates.

The company posted revenue of $162.3 million, marking a 120% year-over-year increase, and reported earnings per share (EPS) of $0.83, drastically outperforming the expected $0.17.

This massive beat sent CleanSpark's stock up 5.49% in after-hours trading as investors rallied behind its strong operational momentum.

CEO Zack Bradford noted CleanSpark's methodical growth strategy, making it clear that expansion is driven by strategic necessity rather than sheer numbers.

"We don't grow to grow, we grow because it's strategic to do so," he said during the earnings call. Bradford noted that the company’s operational discipline, particularly its ability to mine Bitcoin at a marginal cost of $34,000 per BTC, gives it a strong edge in the volatile crypto landscape.

At the time of writing, Bitcoin was trading at $98,000.

Bitcoin treasury strategy

CleanSpark has also been accumulating one of the largest self-mined Bitcoin treasuries, closing Q1 with 9,952 BTC, a figure that has since climbed to 10,556 BTC by the end of January.

CFO Gary Vakcarelli noted that the company is carefully evaluating ways to leverage its holdings.

"We are actively building an institutional-grade Bitcoin Treasury team and strategy... harvesting volatility for our benefit."

Unlike some competitors pivoting toward high-performance computing (HPC) and artificial intelligence (AI), CleanSpark remains fully committed to Bitcoin mining, believing its business model offers superior scalability and profitability.

"Bitcoin mining remains an efficient, proven, and scalable business model... whereas a fully developed HPC site can take two to five years," Bradford explained.

Road to 50 exahash

CleanSpark is on track to reach 50 exahash (EH/s) by mid-2025, a milestone that will cement its position as the largest publicly traded Bitcoin miner in the U.S.

Exahash (EH/s) is a unit of computational power used to measure the speed at which Bitcoin miners solve cryptographic puzzles. One exahash equals one quintillion (1,000,000,000,000,000,000) hashes per second, indicating a miner’s ability to process vast amounts of data.

A higher exahash rate means greater mining efficiency, increased chances of earning Bitcoin rewards, and stronger network security.

The company has secured funding for the expansion and has no plans for equity dilution. Construction projects are already underway in Georgia, Tennessee, and Wyoming, with the infrastructure required to achieve this target fully sourced.

"We've been in an expansion state, but we planned that expansion for the future... We feel that we have built a scalable business at the current size on the operations," Bradford stated.