CleanSpark Inc (NASDAQ: CLSK) is a bitcoin mining company that generates revenue by contributing computing power to a third-party mining pool in exchange for bitcoin rewards. The company earns non-cash bitcoin consideration under a Full-Pay-Per-Share payout method, with block rewards and transaction fees less pool fees constituting the payment. As of September 30, 2025, CleanSpark owned approximately 336,544 miners, of which approximately 241,934 were in service, with an average operating energy efficiency of 16.7 watts per terahash. The company operates mining facilities across Georgia, Mississippi, Wyoming, Texas, and Tennessee, acquired through a series of asset and business purchases. CleanSpark is also developing an AI and high-performance computing hosting business at its facilities, though that segment remained in development as of the FY2025 10-K filing. Depreciation and amortization reached $348,335 thousand for the year ended September 30, 2025, reflecting the capital intensity of the business. Bitcoin custody is held entirely with Coinbase in cold or hot storage.

Revenue model

CleanSpark earns bitcoin by providing hash calculations to a single mining pool operator under the FPPS payout method. The mining pool operator is the company's sole customer as of the FY2025 filing. Bitcoin received is non-cash consideration; the company also records gain on fair value of bitcoin, which was $425,646 thousand for the year ended September 30, 2025, compared to $113,423 thousand for the year ended September 30, 2024.

Products and services

Bitcoin mining operations using a fleet of approximately 336,544 owned miners as of September 30, 2025, with 241,934 in active service. Miners had an average age of approximately 15 months and an average operating energy efficiency of 16.7 W/TH. The company is developing an AI and high-performance computing hosting business at its owned facilities.

Customers and end markets

A single mining pool operator is the sole customer for CleanSpark's hash calculations as of the FY2025 10-K. The contract with the mining pool operator is terminable at any time by either party. End market demand is tied directly to bitcoin network block rewards and transaction fee activity.

Value-chain role

CleanSpark operates as a bitcoin miner, contributing computing power (hashrate) to a pooled mining arrangement. It holds the bitcoin it earns in custody with Coinbase. The company acquires mining hardware and facilities directly, including from distressed operators, and operates those assets to produce bitcoin.

Geographic exposure

CleanSpark operates mining facilities in Georgia, Mississippi, Wyoming, Texas, and Tennessee, based on asset and business acquisitions described in the FY2025 10-K.

Source: SEC 10-K, filed 2025-11-25

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