CleanSpark, a clean energy company, recently reported their fiscal full-year financial results, revealing a record-breaking revenue of over $168 million, marking a 28% increase from the previous year. The company expects continued revenue growth in the next year [75b37bd4].
CleanSpark also announced ambitious expansion plans, including the enlargement of their Sandersville facility, which will become the largest Bitcoin mining data center in Georgia. The company's total hashrate surpassed 10 exahashes per second, and they expect to exceed 20 exahashes per second with the deployment of new S21 machines. CleanSpark reported strong liquidity, with almost $170 million in cash and Bitcoin holdings. They plan to hold more Bitcoin on their balance sheet for future growth opportunities. The company's expansion strategy includes the acquisition of over 80,000 machines to increase operational efficiency and output. They are also focused on improving energy efficiency and uptime efficiency through software optimizations and strategic machine upgrades [75b37bd4].
Despite an increase in Bitcoin production, the company's gross profit saw a decrease due to the average Bitcoin price. CleanSpark plans to add additional megawatts in the first half of 2024 to accommodate the arrival of S21 miners. They are optimistic about the potential approval of a Bitcoin spot ETF and expressed interest in mergers and acquisitions as they head into 2024. CleanSpark's recent fiscal year-end results showcased notable revenue growth and their commitment to expanding mining capacity [75b37bd4].
In a recent announcement, Cathedra Bitcoin Inc. and Kungsleden Inc. revealed their merger plans to create an infrastructure company for the digital economy. The merger aims to establish a scaled, vertically integrated, and diversified bitcoin mining and hosting business. The combined company is expected to manage a hash rate of 4.8 EH/s across approximately 94 MW of power capacity at 8 data centers in 5 states. The merger will contribute to CleanSpark's growth trajectory by incorporating Kungsleden's data center development team, known for their impressive growth in power capacity. Kungsleden's revenue from hosting capacity will complement CleanSpark's bitcoin mining revenue and provide defensibility as the 2024 Halving approaches. The merger also presents an opportunity to apply Kungsleden's low-cost development and operating capabilities to the high-performance compute data center market for artificial intelligence and other applications. The existing CleanSpark management team will be joined by new CFO Inar Kamaletdinov, with Kungsleden co-founders Thomas Masiero and Gavin Qu joining the board of directors as Co-Chairmen [760cf9dc].
Cipher Mining Inc., a Bitcoin mining company, has released its unaudited production and operations update for March 2024. The company produced approximately 316 BTC in March, with an average monthly network hash rate increase of 4.7%. Cipher sold approximately 8 BTC in March and ended the month with a balance of approximately 1,741 BTC. The construction teams made progress on the upcoming second quarter data center expansions at Bear and Chief and completed early work at the Black Pearl site. Cipher's bitcoin inventory now stands at around 1,741 BTC. The company is well-positioned for the halving in April with a growing hash rate and timely execution of expansion plans [d3cc9c41].