Thursday, July 25, 2024

CleanSpark is considering strategic options for its legacy energy business

CleanSpark is one among many Bitcoin mining companies. Since crypto mining is an energy intensive process, CleanSpark is looking at alternatives to power its activities. As of February 10th, 2022, CleanSpark shares are priced at $9.57, 14.8% higher.

The company’s earnings (quarterly) were 36 cents/share and missed the estimate of 37 cents narrowly. Quarterly earnings information was declared on December 31st, 2021. December 16th was the company’s first anniversary as a sustainable bitcoin miner. CEO Zach Bradford made this information public along with the fact that they have close to 21,000 machines in use and produce about 10 BTC a day.

CleanSpark has been very successful in mining Bitcoin and would like to capitalize on the opportunities still available. Information published in the company’s 2021 annual report dated September 30th, the company’s hardware and related services segment generated $9 million in revenue. This was 18% of its total revenue which was $49.4 million.

The company’s revenue in the first quarter was up 52% from the 4th qtr. of its previous financial year at $41.2 million. All in all, CleanSpark is doing well and intends to focus its activities solely on bitcoin mining. The aim is to take advantage of the huge opportunity being offered by bitcoin. According to the CFO, their operating margins before taxes are at 80%. CleanSpark’s debt for the long-term is at 0% which is a good number to have on a balance sheet.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
RELATED ARTICLES

Most Popular