CleanSpark, Inc.
Financials · Bitcoin Mining
Structural: Pure-play vertically integrated BTC miner - owns sites, substations, fleet ($BITF, $RIOT, $MARA peer set). ~50 EH/s installed, mid-cap by miner standards; HODL treasury (10k+ BTC) means equity is partly a levered BTC proxy, partly an operating-margin story tied to hashprice and power cost.
- Lowest all-in power cost in the listed-miner cohort (sub-$0.035/kWh blended) - survives post-halving hashprice compression better than peers
- Site control + substation ownership = optionality to pivot MW to HPC/AI hosting if hashprice stays depressed ($CORZ, $IREN playbook)
- Treasury BTC stack (~10k+) compounds with price without dilution; share count growth has been disciplined vs $MARA
- Geographic diversification (GA/MS/WY/TN) reduces single-grid curtailment risk
- Equity beta to BTC is ~2-3x - drawdowns are violent and dilution risk reappears at every cycle low
- Post-halving hashprice (~$45-55/PH/day) leaves thin margin if BTC stalls; cash cost per coin rising
- HPC/AI pivot is unproven - miner sites need substantial retrofit (cooling, redundancy) vs $CORZ greenfield
- ASIC obsolescence: S21/S21 Pro upgrades are capex-heavy and recurring; fleet efficiency race never stops
- Regulatory overhang on US miner power draw (TX-style scrutiny migrating to GA)
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