CleanSpark Releases February 2025 Bitcoin Mining Update

Rhea-AI Summary

CleanSpark (CLSK) has released its February 2025 Bitcoin mining update, reporting the production of 624 bitcoin during the month. The company increased its Bitcoin treasury by nearly 6% to 11,177 BTC, selling only 2.73 bitcoin at an average price of $95,695.

The company's month-end operating hashrate reached 40.7 EH/s with 915 MW under contract. The average fleet efficiency improved to 17.07 J/Th, with a month-end peak efficiency of 16.82 J/Th. CleanSpark's deployed fleet consists of 198,715 miners, achieving an average daily bitcoin production of 22.30.

The company has completed its exit from Coinmint in New York, making its portfolio 100% owned and operated. CleanSpark is expanding operations across multiple locations, including Georgia, Cheyenne (Wyoming), and Jackson (Tennessee). The company remains on track to reach 50 EH/s by June 30, 2025, with infrastructure in place to support future growth to 60 EH/s.

Positive

• Bitcoin treasury increased by 6% to 11,177 BTC
• Minimal bitcoin sales (2.73 BTC) at high average price of $95,695
• Portfolio now 100% owned and operated after Coinmint exit
• 915 MW power under contract with sufficient capacity for 50 EH/s target
• Expanded power contracts in Wyoming by 35 MW to 110 MW total
• Improved fleet efficiency to 17.07 J/Th

Negative

• Monthly bitcoin production decreased due to shorter month (624 BTC)
• Some weather-related curtailment affected S19XP fleet performance

Insights

Financial Analyst

CleanSpark's February mining update reveals solid operational execution despite the shorter month. The company mined 624 bitcoin and grew its treasury to 11,177 BTC, representing a 6% month-over-month increase, while maintaining a minimal selling approach with just 2.73 BTC sold at an average price of $95,695.

The company has strategically positioned itself as a pure-play bitcoin miner with 100% owned and operated facilities after removing the last machines from Coinmint in New York. This vertical integration gives CleanSpark greater operational control and potentially higher margins compared to miners using hosting services.

With 915 MW under contract and a current hashrate of 40.7 EH/s, CleanSpark appears on track to reach its 50 EH/s target by June 2025. The company's efficiency metrics are also improving, with average fleet efficiency of 17.07 J/Th and peak efficiency of 16.82 J/Th.

The expansion of power contracts in Wyoming by 35 MW to 110 MW and ongoing construction in Tennessee demonstrates a methodical approach to growth. Notably, CleanSpark's immersion cooling deployments in Cheyenne are delivering superior performance, potentially providing a competitive advantage in mining efficiency as these technologies are expanded.

Mining Industry Expert

CleanSpark's operational metrics reveal a miner executing at an elite level within the industry. Their focus on vertical integration by transitioning to fully owned and operated facilities eliminates third-party risks and fee structures that typically compress margins for miners using hosting services.

The company's fleet efficiency of 17.07 J/Th places them among the most efficient miners in the sector. Their immersion cooling technology in Wyoming is particularly noteworthy, as this approach typically delivers 15-25% improved hashrate over air-cooled deployments while extending machine lifespan.

The strategic diversification across multiple regions (Georgia, Wyoming, Tennessee) creates operational redundancy while allowing CleanSpark to take advantage of regional power advantages. The Tennessee facility's participation in TVA's demand response program is particularly shrewd, as it will enable the company to monetize its ability to curtail operations during peak demand, creating an additional revenue stream beyond just mining bitcoin.

With 915 MW under contract and continued expansion, CleanSpark has secured the infrastructure necessary not just for its current 50 EH/s target but positioned itself for growth beyond 60 EH/s. This power capacity buildup represents a significant competitive moat in an industry where securing reliable, affordable electricity remains the primary challenge.

Mines 624 bitcoin in twenty-eight-day February 

Increases Bitcoin treasury by nearly 6% month over month to 11,177 

LAS VEGAS, March 5, 2025 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK), America's Bitcoin Miner® (the "Company"), today released its unaudited bitcoin mining and operations update for the month ending February 28, 2025. 

"February demonstrated the value of our pure play Bitcoin mining strategy. We focus exclusively on bitcoin and continuously improve on our leading operational excellence as we continue to add to our treasury," said Zach Bradford, CleanSpark CEO and President.  

"Despite February being a shorter month, we made strides across all our facilities and continued to add additional power to our contracted portfolio. The last remaining machines have been removed from Coinmint in New York, making our portfolio 100% owned and operated. With nearly 1 GW of power under contract, we have sufficient capacity immediately available for energization to support the remaining path to 50 EH/s. Average fleet efficiency once again improved month over month. End of month peak efficiency changed slightly compared to January, led by increased run times, due to reduced weather-related curtailment of the S19XP subset of our fleet, which continue generating high margin output."  

"As we look ahead, we are on schedule to reach 50 EH/s by June 30, 2025, and continue to invest in the power pipeline required to support 60 EH/s and beyond," said Bradford.

February Bitcoin Mining Update (unaudited) 

• Bitcoin produced in February: 624
• Total bitcoin holdings as of February 28: 11,177
• Month-end operating hashrate: 40.7 EH/s
• MW under contract: 915 MW¹
• Average fleet efficiency: 17.07 J/Th
• Total bitcoin sold in February: 2.73
• Deployed fleet: 198,715
• CY2025 bitcoin produced: 1,250

Throughout February 2025, the Company's average hashrate was 39.07 EH/s and average fleet efficiency was 17.07 J/Th, resulting in an average of 22.30 bitcoin mined daily. Month-end peak fleet efficiency was 16.82 J/Th. The single day high reached 23.53 bitcoin. The Company sold 2.73 bitcoin during February 2025 at an average price of approximately $95,695 per bitcoin. 

¹MW includes all contracted power capacity for wholly owned sites and excludes contracted capacity through hosting agreements and/or other non-binding arrangements. 

Additional Updates
Georgia: Several expansions to existing facilities and regions are in progress. These projects will add additional immersion deployments to the state and deliver the same best-in-portfolio performance to our most mature market. These expansion projects will contribute to achieving our mid-year guidance.

Cheyenne, Wyoming: Our power contracts have been expanded by 35 MW to a total of 110 MW with further expansion expected in 2025. Hashrate performance at our immersion deployments in Cheyenne leads the entire portfolio as the next two phases of the regional project continue through construction and commissioning, which we expect to bring online in the coming weeks.   

Jackson, Tennessee: Construction on 48 MW of air-cooled infrastructure continues in order to power approximately 3.1 EH/s as part of the path to 50 EH/s. Jackson will be the largest facility thus far in Tennessee and serve as a critical participant in TVA's demand response program. We expect to see hashrate come online early next quarter.   

About CleanSpark
CleanSpark (Nasdaq: CLSK), America's Bitcoin Miner®, is a market-leading, pure play Bitcoin miner with a proven track record of success. We own and operate a portfolio of mining facilities across the United States powered by globally competitive energy prices. Sitting at the intersection of Bitcoin, energy, operational excellence and capital stewardship, we optimize our mining facilities to deliver superior returns to our shareholders. Monetizing low-cost, high reliability energy by securing the most important finite, global asset – Bitcoin – positions us to prosper in an ever-changing world. Visit our website at www.cleanspark.com. 

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this press release, forward-looking statements include, but may not be limited to, statements regarding the Company's expectations, beliefs, plans, intentions, and strategies. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "forecasts," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. The forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: timing, completion and performance of the Georgia, Wyoming, and Tennessee expansions; anticipated additions and targets to CleanSpark's hashrate and the timing thereof; the risk that the electrical power available to our facilities does not increase as expected; the success of its digital currency mining activities; the volatile and unpredictable cycles in the emerging and evolving industries in which we operate; increasing difficulty rates for bitcoin mining; bitcoin halving; new or additional governmental regulation; the anticipated delivery dates of new miners; the ability to successfully deploy new miners; the dependency on utility rate structures and government incentive programs; dependency on third-party power providers for expansion efforts; the expectations of future revenue growth may not be realized; and other risks described in the Company's prior press releases and in its filings with the Securities and Exchange Commission (SEC), including under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2024, and any subsequent filings with the SEC. Forward-looking statements contained herein are made only as to the date of this press release, and we assume no obligation to update or revise any forward-looking statements as a result of any new information, changed circumstances or future events or otherwise, except as required by applicable law. 

Investor Relations Contact  
Barbara Domingo 
702-989-7693 
ir@cleanspark.com 

Media Contact 
Eleni Stylianou
702-989-7694
pr@cleanspark.com 

 

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SOURCE CleanSpark, Inc.

FAQ

How many bitcoins did CleanSpark (CLSK) mine in February 2025?

CleanSpark mined 624 bitcoins in February 2025, with a daily average of 22.30 bitcoins and a single-day high of 23.53 bitcoins.

What is CleanSpark's (CLSK) current bitcoin holdings as of February 2025?

CleanSpark held 11,177 bitcoins in its treasury as of February 28, 2025, representing a nearly 6% increase from the previous month.

What is CleanSpark's (CLSK) current hashrate and efficiency metrics?

CleanSpark's month-end operating hashrate was 40.7 EH/s with an average fleet efficiency of 17.07 J/Th and a peak efficiency of 16.82 J/Th.

What are CleanSpark's (CLSK) expansion plans for 2025?

CleanSpark aims to reach 50 EH/s by June 30, 2025, with infrastructure supporting up to 60 EH/s. Expansions are ongoing in Georgia, Wyoming (35 MW addition), and Tennessee (48 MW facility).