CleanSpark experienced a growth of approximately 6% in its Bitcoin treasury from mining activities during February, as reported by the crypto miner on March 5.
In February, CleanSpark successfully mined a total of 624 Bitcoin BTCUSD, amounting to over $55 million at Bitcoin’s spot price of around $89,000 as of March 5, according to the monthly report from CleanSpark.
The company sold 2.73 BTC in February at an average price exceeding $95,000 per BTC. The remainder was added to its corporate treasury, which totals 11,177 BTC as of February 28, according to the miner.
With assets valued at over $1 billion, CleanSpark now holds the fifth-largest corporate BTC treasury globally, as indicated by data from BitcoinTreasuries.NET.
Miners are increasingly adopting strategies similar to those of Strategy (formerly MicroStrategy) by retaining more mined Bitcoin on their balance sheets.
CleanSpark’s CEO, Zach Bradford, remarked that the results from February “highlighted the effectiveness of our pure play Bitcoin mining strategy.”
In contrast to competing Bitcoin miners, who are diversifying into related revenue streams such as selling high-performance computing for AI applications, CleanSpark remains solely focused on Bitcoin mining.
Increase in Revenue and Profits
On February 7, CleanSpark announced a marked increase in revenue and profits during the last quarter of 2024, attributed to lower production costs and rising BTC prices following U.S. President Donald Trump’s election victory in November.
For its first fiscal quarter of 2025, which ended on December 31, the mining company reported revenue of $162.3 million, reflecting a year-over-year increase of 120%.
The company’s profits surged to $241.7 million, or $0.85 per share, up from just $25.9 million a year earlier. Additionally, CleanSpark added over 1,000 BTC to its treasury.
Business Models Facing Challenges
Despite the impressive earnings, CleanSpark’s shares have declined by more than 10% year-to-date, as falling cryptocurrency prices exert additional pressure on the business models of Bitcoin miners, which are already facing challenges due to the impending Bitcoin network halving set for April.
Macroeconomic uncertainties, including concerns about a trade war, have unsettled markets since Trump took office in January and announced 25% tariffs on Canada and Mexico.
Miners remain optimistic that adjacent business ventures, such as leasing high-performance hardware to AI models and selling specialized ASIC microchips, will sufficiently compensate for any potential revenue losses.
