Bitcoin Miner CleanSpark Mulling Strategic Options for Legacy Energy Business

Bitcoin miner CleanSpark (CLSK) is considering strategic alternatives for its legacy energy business, aiming to focus solely on its bitcoin mining segment, the company said in a statement accompanying its quarterly earnings for the three months ended Dec. 31.

• “Focusing our efforts on our bitcoin mining segment allows the Company to capitalize on the tremendous opportunity bitcoin presents,” said Zach Bradford, CleanSpark’s CEO, in a statement.
• According to CleanSpark’s 2021 annual report, its energy hardware, software and services segment contributed about $9 million, or 18% of its annual revenue of $49.4 million.
• CleanSpark also reported that its first quarter revenue increased to $41.2 million, about 52% higher than the $27.1 million in the previous quarter.
• The company currently has 20,900 machines in operation with a total hashrate exceeding 2.1 Exahash/second and producing approximately 10 bitcoin per day.
• The miner’s stock was up about 8% in after hours trading following the release of its report.

   
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