CleanSpark grew its Bitcoin treasury by approximately 6% from mining operations in February, the crypto miner said on March 5.ย
During the month of February, CleanSpark mined a total of 624 Bitcoin (BTC), worth upward of $55 million at Bitcoinโs spot price of around $89,000 as of March 5, according to CleanSparkโs monthly report.ย
The company sold 2.73 BTC in February at an average price of more than $95,000 per BTC. It added the rest to its corporate treasury, which holds a total of 11,177 BTC as of Feb. 28, the miner said.ย
With holdings worth more than $1 billion, CleanSpark has amassed the worldโs fifth-largest corporate BTC treasury, according to data from BitcoinTreasuries.NET.ย
Miners are increasingly taking a page out of the Strategy โ formerly MicroStrategy โ playbook by holding more mined Bitcoin on their balance sheet.ย
CleanSpark CEO Zach Bradford said the February results โdemonstrated the value of our pure play Bitcoin mining strategy.โ
Unlike rival Bitcoin miners, which are increasingly diversifying into adjacent revenue streams, such as selling high-performance compute for artificial intelligence models, CleanSpark is focused exclusively on Bitcoin mining.ย
CleanSpark is a top corporate BTC holder. Source: BitcoinTreasuries.NET
Related: Monthly Bitcoin production drops as miners fight rising hashrate
Surge in revenue and profits
On Feb. 7, CleanSpark reported a surge in revenue and profitability during the final three months of 2024 thanks to lower production costs and buoyant BTC prices in the wake of US President Donald Trumpโs November election win.ย
In its first fiscal quarter of 2025, which ended Dec. 31, the mining firm reported $162.3 million in revenue, a gain of 120% year-over-year.ย
The companyโs profits improved to $241.7 million, or $0.85 per share, from just $25.9 million one year earlier. It also added more than 1,000 BTC to its treasury.ย
Business models under pressure
Despite the strong earnings performance, CleanSpark shares are down more than 10% in the year-to-date as declining cryptocurrency prices add further pressure to Bitcoin minersโ business models, which are already strained by the Bitcoin networkโs April halving.
Macroeconomic uncertainty, including fears surrounding a trade war, has rattled markets since Trump took office in January and announced 25% tariffs on Canada and Mexico.
Miners are optimistic that adjacent business lines, including leasing out high-performance hardware to AI models and selling specialized ASIC microchips, will more than offset any revenue losses.
Magazine: AI may already use more power than Bitcoin โ and it threatens Bitcoin mining
