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CleanSpark updates its 2023 outlook and raises its year-end hashrate projection.

CleanSpark updates its 2023 outlook and raises its year-end hashrate projection

CleanSpark has reported the results of its third fiscal quarter. It revealed that it will be selling the energy business assets it has. This is so that CleanSpark can focus more on BTC mining. CleanSpark started in 2014, by providing products related to energy for both homes as well as businesses.

It then forayed into bitcoin mining in the year 2020. Now, CleanSpark gets more than 90% of all its revenue from mining BTC. This was revealed by the company CEO, named Zach Bradford, during a conference call for earnings, held on Tuesday.

CleanSpark’s Financial Outlook

In the third quarter of CleanSpark’s fiscal year, the company reported a net loss of around $29.3 million. This was driven in part by energy businesses being reclassified, so they can be discontinued. This resulted in an impairment charge of around $10.6 million.

The EBITDA, that was adjusted by miners, was around $15.2 million for that quarter. This went down from around $22.5 million from the last quarter.

Revenue was around $31 million. This was shy of the estimates provided by analysts, of around $34.5 million. Hashrate guidance was increased for the end of the year. It was increased to 5 exahash per second. A guidance was also issued for the end of the year 2023. By this time the hashrate is expected expected be 22.4 exahash per second.

CleanSpark is different from other bitcoin miners. They have consistently sold bitcoin that they have mined, in order to raise money.



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