CleanSpark, Inc. (CLSK): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el paisaje en rápida evolución de la criptomoneda y la energía sostenible, CleanSpark, Inc. (CLSK) surge como una fuerza pionera, combinando estratégicamente la minería de bitcoin de alta eficiencia con soluciones innovadoras de gestión de energía. Al aprovechar la infraestructura tecnológica avanzada y un compromiso con la conciencia ambiental, la compañía ha creado un modelo de negocio único que trasciende las operaciones mineras tradicionales, posicionándose en la intersección de la tecnología blockchain, la energía renovable y la generación de activos digitales.

CleanStark, Inc. (CLSK) - Modelo de negocios: asociaciones clave

Bitcoin Mining Hardware Fabricantes

CleanStark se asocia con BitMain y Microbt para la adquisición de hardware de minería de Bitcoin. A partir del cuarto trimestre de 2023, CleanSpark desplegó 28,500 unidades AntMiner S19 XP con una tasa hash de 140 eh/s.

Socio de hardware	Modelo de hardware	Unidades totales implementadas	Tasa de hash
Bitmain	Antminer S19 XP	28,500	140 eh/s

Proveedores de servicios de electricidad

CleanStark tiene asociaciones estratégicas con proveedores de servicios públicos en múltiples estados, incluidos Georgia y Texas.

• Acuerdo de servicios públicos de energía de Georgia
• Asociaciones de infraestructura de electricidad de Texas

Desarrolladores de infraestructura de energía renovable

CleanStark invirtió $ 37.5 millones en desarrollo de infraestructura de energía renovable en 2023.

Categoría de inversión	Monto de la inversión	Ubicación
Infraestructura de energía renovable	$ 37.5 millones	Estados Unidos

BLOCKchain Technology Partners

CleanStark colabora con proveedores de tecnología blockchain para mejorar las operaciones mineras.

• Marathon Digital Holdings Colaboración
• Asociaciones de optimización de infraestructura de blockchain

Proveedores de soluciones de alojamiento y enfriamiento del centro de datos

CleanStark opera 2 centros de datos principales con una capacidad de alojamiento total de 220 megavatios.

Ubicación del centro de datos	Capacidad de alojamiento	Estado operativo
Georgia	120 MW	Totalmente operativo
Texas	100 MW	Totalmente operativo

CleanStark, Inc. (CLSK) - Modelo de negocio: actividades clave

Operaciones mineras de bitcoin

A partir del cuarto trimestre de 2023, CleanSpark opera 12,544 mineros de bitcoin con una tasa de hash total de 2.5 Exahash por segundo. La capacidad minera total de Bitcoin de la compañía alcanzó 432 bitcoin extraídos por mes en diciembre de 2023.

Métrico minero	Cantidad
Total de mineros	12,544 unidades
Tasa de hash	2.5 eh/s
Producción mensual de bitcoins	432 BTC

Desarrollo de tecnología de blockchain

CleanStark invirtió $ 18.3 millones en investigación y desarrollo para tecnologías blockchain en el año fiscal 2023.

Microgridas y diseño de sistemas de gestión de energía

La compañía ha implementado 14 sistemas de microrredes en múltiples estados, con una capacidad total de gestión de energía de 75 megavatios.

Despliegue de microrred	Detalles
Sistemas totales de microrredes	14 sistemas
Capacidad total de gestión de energía	75 MW

Despliegue de infraestructura energética sostenible

• Inversiones de infraestructura de energía renovable por un total de $ 22.7 millones en 2023
• Sitios operativos de energía renovable en Utah, Nevada y Georgia
• Capacidad total de generación de energía renovable de 50 megavatios

Gestión de activos de criptomonedas

CleanStark tenía 333 Bitcoin en el Tesoro al 31 de diciembre de 2023, con un valor total de activos de criptomonedas de aproximadamente $ 14.2 millones.

Activo de criptomonedas	Cantidad
Bitcoin en el tesoro	333 BTC
Valor total de activos de criptomonedas	$ 14.2 millones

CleanSpark, Inc. (CLSK) - Modelo de negocio: recursos clave

Hardware de minería avanzado (Máquinas ASIC)

CleanStark opera 24,000 máquinas mineras Antminer S19 XP Bitcoin a partir del cuarto trimestre 2023. Capacidad total de la tasa de hash: 2.6 Exahash por segundo. Inversión de capital en hardware minero: $ 107.4 millones en 2023.

Tipo de hardware	Cantidad	Tasa de hash	Eficiencia
Antminer S19 XP	24,000 unidades	2.6 eh/s	140 th/s por unidad

Software de optimización de energía de la energía

CleanStark desarrolló una plataforma de gestión de energía patentada llamada MPULSE. El software administra 106 MW de capacidad operativa total en múltiples instalaciones mineras.

Ubicaciones geográficas estratégicas

CleanStark opera instalaciones mineras en:

• Georgia
• Texas
• Idaho

Ubicación	Capacidad de la instalación	Costo de electricidad
Georgia	36 MW	$ 0.047/kWh
Texas	50 MW	$ 0.035/kWh
Idaho	20 MW	$ 0.042/kWh

Experiencia en ingeniería técnica

El equipo de ingeniería consta de 87 profesionales especializados. Experiencia promedio de ingeniería: 12.4 años en sectores de Blockchain y Energy Management.

Infraestructura de computación sustancial

Inversión total de infraestructura informática: $ 185.6 millones. La infraestructura de la red incluye:

• Sistemas de energía redundantes
• Mecanismos de enfriamiento avanzados
• Conexiones de red de alto ancho de banda

Componente de infraestructura	Especificación
Espacio total de centro de datos	52,000 pies cuadrados
Redundancia de potencia	99.99% de tiempo de actividad
Ancho de banda de red	400 Gbps

CleanStark, Inc. (CLSK) - Modelo de negocio: propuestas de valor

Capacidades de minería de bitcoin de alta eficiencia

A partir del cuarto trimestre de 2023, CleanSpark opera 86,346 mineros con una tasa de hash total de 10.1 eh/s. La flota minera de la compañía incluye modelos Antminer S19 XP y S19 Pro con clasificaciones de eficiencia de 21.5 J/TH y 29.5 J/TH respectivamente.

Activo minero	Total de mineros	Tasa de hash	Eficiencia energética
Flota minera de Bitcoin	86,346	10.1 Eh/S	21.5-29.5 j/th

Soluciones de energía sostenibles y ambientalmente conscientes

La cartera de energía renovable de CleanStark incluye:

• 4 centros de datos operativos
• Total de 106 MW de capacidad de generación de energía
• 75% de utilización de energía renovable en operaciones mineras

Infraestructura tecnológica avanzada para minería criptográfica

Métricas de infraestructura tecnológica a partir de 2024:

Componente de infraestructura	Especificación
Ubicaciones de centros de datos	Georgia, Utah, Texas
Potencia informática total	10.1 Eh/S
Producción anual de bitcoins	4,500-5,000 BTC

Huella de carbono reducida en operaciones de criptomonedas

Métricas de reducción de carbono:

• 0.022 toneladas métricas CO2 por bitcoin extraídos
• 85% menor intensidad de carbono en comparación con el promedio de la industria

Sistemas innovadores de gestión de energía

Capacidades de gestión de energía:

Característica de gestión de energía	Especificación
Integración de cuadrícula inteligente	Optimización de energía en tiempo real
Mezcla de energía renovable	75% solar y viento
Capacidad de almacenamiento de energía	25 MWh

CleanSpark, Inc. (CLSK) - Modelo de negocios: relaciones con los clientes

Compromiso directo de ventas con inversores institucionales

A partir del cuarto trimestre de 2023, CleanSpark informó estrategias directas de participación de los inversores con las siguientes métricas:

Métrica de interacción del inversor	Datos cuantitativos
Recuento de inversores institucionales	42 inversores institucionales importantes
Reuniones de inversores trimestrales	17 Conferencias directas de inversores
Inversión institucional total	$ 186.3 millones en tenencias institucionales totales

Soporte técnico para la infraestructura minera

La infraestructura de soporte técnico de CleanStark incluye:

• Monitoreo de operaciones mineras 24/7
• Seguimiento de rendimiento de infraestructura en tiempo real
• Equipo de soporte técnico dedicado de 12 especialistas

Rendimiento regular e informes financieros

Frecuencia de informes	Detalles
Informes financieros trimestrales	4 informes completos anualmente
Rendimiento minero de bitcoin	Informes mensuales de transparencia operativa
Frecuencia de llamadas de ganancias	Llamadas trimestrales de ganancias de los inversores

Comunicación transparente sobre operaciones mineras

Métricas de transparencia para la comunicación de operaciones mineras:

• Divulgación de tarifas de hash mensual: 21.3 Eh/s promedio en el cuarto trimestre de 2023
• Divulgación pública de ubicaciones de instalaciones mineras
• Panel de rendimiento minero de bitcoin en tiempo real

Plataforma en línea para la interacción del inversor

Canal de compromiso digital	Estadísticas de interacción
Sitio web de relaciones con los inversores	Más de 45,000 visitantes únicos mensuales
Canales de comunicación de inversores	Correo electrónico, seminarios web, llamadas de conferencia trimestrales
Compromiso de los inversores en las redes sociales	3,200 seguidores de LinkedIn, 12,000 seguidores de Twitter

CleanStark, Inc. (CLSK) - Modelo de negocio: canales

Equipo de ventas directas

El equipo de ventas directas de CleanSpark se centra en la orientación:

• Clientes de infraestructura minera de bitcoin
• Clientes de gestión de energía a escala de servicios públicos
• Perspectivas de tecnología de microrred

Métricas de canales de ventas	2023 datos
Tamaño del equipo de ventas directas	17 profesionales dedicados
Valor promedio de trato	$ 1.2 millones por contrato empresarial

Sitio web corporativo

El sitio web corporativo de CleanSpark (CleanSpark.com) sirve como un canal digital primario para:

• Información del producto tecnológico
• Recursos de relaciones con los inversores
• Noticias y actualizaciones de la empresa

Métricas de rendimiento del sitio web	2023 estadísticas
Visitantes mensuales del sitio web	42,500 visitantes únicos
Duración de la sesión promedio	3.7 minutos

Plataformas de relaciones con los inversores

CleanStark utiliza múltiples canales de comunicación de inversores:

• Nasdaq: CLSK
• Plataforma de archivos de Sec Edgar
• Transmisiones web trimestrales de ganancias

Métricas de compromiso de los inversores	2023 datos
Asistentes de transmisión por Internet de ganancias trimestrales	1.200 inversores institucionales
Descargas de presentación de inversores	3,500 por trimestre

Conferencias de criptomonedas y blockchain

CleanStark participa activamente en conferencias de la industria a:

• Exhibir tecnologías mineras
• Red con clientes potenciales
• Demostrar innovaciones tecnológicas

Participación de la conferencia	2023 detalles
Conferencias asistidas	7 eventos principales de blockchain
Compromisos	4 presentaciones de apertura

Marketing digital y redes sociales

CleanStark aprovecha las plataformas digitales para la visibilidad de la marca:

• Página corporativa de LinkedIn
• Cuenta corporativa de Twitter
• Canal de exhibición de tecnología de youtube

Métricas de redes sociales	2023 estadísticas
Seguidores de LinkedIn	18,500 conexiones profesionales
Tasa de compromiso de Twitter	2.3% interacción promedio

CleanSpark, Inc. (CLSK) - Modelo de negocio: segmentos de clientes

Inversores de criptomonedas institucionales

A partir del cuarto trimestre de 2023, CleanStark atiende a inversores institucionales con las siguientes características:

Métrico de segmento	Punto de datos
Total de tenencias institucionales	12.4 millones de acciones
Tamaño de inversión promedio	$ 500,000 a $ 2 millones
Recuento de inversores institucionales	87 inversores institucionales

Operaciones mineras a gran escala

La infraestructura minera de CleanStark es compatible con:

• Capacidad de minería total de Bitcoin de 12.3 Eh/s
• Sitios de minería operativa actuales en Georgia y Nevada
• Inversión anual de equipos mineros de $ 42.6 millones

Compañías de energía renovable

Segmento de energía renovable	Métrica
Infraestructura total de energía renovable	37.2 MW de almacenamiento solar y de batería
Inversión anual de energía renovable	$ 18.3 millones

Empresas de tecnología blockchain

CleanStark sirve a las empresas de tecnología blockchain con:

• Soluciones de optimización de blockchain patentadas
• Servicios de consultoría de blockchain empresarial
• Ingresos anuales de tecnología de blockchain: $ 6.7 millones

Desarrolladores de infraestructura sostenible

Desarrollo de infraestructura	Métrica
Proyectos totales de infraestructura	12 Desarrollos activos de infraestructura sostenible
Inversión total de infraestructura	$ 24.5 millones

CleanStark, Inc. (CLSK) - Modelo de negocio: Estructura de costos

Adquisición de hardware de minería bitcoin

A partir del cuarto trimestre de 2023, CleanStark reportó costos de adquisición de hardware de $ 24.1 millones. La compañía invirtió en Antminer S19 XP y S19 Pro Bitcoin Mining Hardware.

Tipo de hardware	Unidades totales compradas	Costo por unidad	Inversión total
Antminer S19 XP	5.500 unidades	$4,200	$ 23.1 millones
Antminer S19 Pro	1,000 unidades	$3,500	$ 3.5 millones

Gastos de consumo de electricidad

En 2023, los gastos de electricidad de CleanSpark totalizaron aproximadamente $ 7.8 millones para las operaciones mineras de Bitcoin.

• Costo promedio de electricidad: $ 0.05 por kWh
• Consumo total de electricidad: 156 millones de kWh anualmente
• Eficiencia energética estimada: 29.5 j/th para operaciones mineras

Mantenimiento del centro de datos

Los costos anuales de mantenimiento del centro de datos para CleanSpark en 2023 fueron de aproximadamente $ 3.2 millones.

Categoría de mantenimiento	Costo anual
Reparaciones de hardware	$ 1.4 millones
Sistemas de enfriamiento	$850,000
Mantenimiento de la infraestructura	$950,000

Investigación y desarrollo de tecnología

CleanStark asignó $ 5.6 millones a la investigación y el desarrollo en 2023.

• Desarrollo de software: $ 2.3 millones
• Tecnologías de optimización minera: $ 1.8 millones
• Investigación de eficiencia energética: $ 1.5 millones

Gastos generales operativos y administrativos

Los gastos operativos y administrativos totales para 2023 fueron de $ 12.4 millones.

Categoría de gastos	Costo anual
Salarios y salarios	$ 7.2 millones
Gastos de oficina	$ 1.6 millones
Servicios profesionales	$ 3.6 millones

CleanStark, Inc. (CLSK) - Modelo de negocio: flujos de ingresos

Recompensas de minería de bitcoin

A partir del cuarto trimestre de 2023, CleanStark informó la producción de minería de Bitcoin de 579 Bitcoin. Bitcoin total extraído en 2023: 2,090 bitcoin. Ingresos mineros promedio por bitcoin: $ 37,500.

Período	Bitcoin minado	Ingresos totales
P4 2023	579 bitcoin	$21,712,500
Año completo 2023	2,090 bitcoin	$78,375,000

Tarifas de transacción de criptomonedas

Tarifas de transacción generadas a partir de operaciones mineras de bitcoin en 2023: $ 1.2 millones.

Contratos de servicio de gestión de energía

Ingresos anuales de Energy Management Services en 2023: $ 5.4 millones.

Tipo de servicio	Ingresos anuales
Soluciones de microrredes	$ 3.1 millones
Optimización de energía	$ 2.3 millones

Venta de hardware y arrendamiento

Ingresos relacionados con el hardware en 2023: $ 4.8 millones.

• Ventas de equipos mineros de bitcoin: $ 2.7 millones
• Arrendamiento de hardware de microrred: $ 2.1 millones

Servicios de consultoría de tecnología blockchain

Ingresos de servicios de consultoría en 2023: $ 1.5 millones.

Servicio de consultoría	Ganancia
Implementación de blockchain	$900,000
Asesoramiento tecnológico	$600,000

CleanSpark, Inc. (CLSK) - Canvas Business Model: Value Propositions

You're looking at CleanSpark, Inc.'s value proposition set as of late 2025. Honestly, it's about dual monetization: using their core strength in energy management to produce low-cost digital assets while simultaneously pivoting that infrastructure to serve the high-demand AI compute market. They aren't just a miner anymore; they're an infrastructure platform.

The first core value is delivering the lowest possible cost for digital asset production. CleanSpark, Inc. has consistently driven down its operational expenses, reporting a marginal cost to mine one Bitcoin of under $43,000 per BTC based on their FY2025 results. To be fair, one report even cited a specific cost of approximately $42,667 for the first three quarters of the fiscal year, showing discipline even post-halving.

Second, they offer critical High-Performance Computing (HPC) infrastructure tailored for Artificial Intelligence (AI) workloads. This isn't just talk; they are actively building out capacity. For instance, they secured a 285-megawatt site in Texas with the explicit intent of building an AI factory for a high-quality tenant. Plus, they've partnered with Submer for next-generation cooling solutions, which is key for dense AI deployments.

Here's a quick look at the scale and financial performance underpinning these value propositions for the fiscal year ended September 30, 2025:

Metric	Value	Context
FY2025 Revenue	$766.3 million	102% increase year-over-year
FY2025 Net Income	$364.5 million	Reversal from a $145.8 million net loss in FY2024
FY2025 Adjusted EBITDA	$823.4 million	Up from $245.8 million in FY2024
Operational Hashrate (Late 2025)	50 EH/s	Representing 4.5% of Bitcoin's total hashrate
Forecasted Hashrate (End of 2025)	57 EH/s	Continued scaling of the core business

The capacity they offer is designed to be both scalable and reliable, leveraging their expertise in energy procurement and infrastructure deployment. This translates into tangible compute power and energy efficiency:

• Scalable Compute: Reached 50 exahash per second in operational hashrate with 100% U.S.-based infrastructure in FY2025.
• Energy Efficiency: Operating miners achieved an efficiency of 16.07 J/TH.
• Power Footprint: Owns or has under contract over 1.3 GW of power and land across the U.S.
• Rapid Deployment: Actively deploying 19,000 S21 XP Immersion units.

Finally, the financial stability you see is a direct result of this operational leverage. Reporting $364.5 million in net income for FY2025, CleanSpark, Inc. has demonstrated it can fund its evolution into a comprehensive compute platform without issuing new equity shares during the year. They are using cash flow and strategic capital markets tools, like a $1.15 billion convertible notes offering, to support incremental investment in AI data center capabilities. Finance: draft 13-week cash view by Friday.

CleanSpark, Inc. (CLSK) - Canvas Business Model: Customer Relationships

You're looking at how CleanSpark, Inc. manages its relationships across its dual focus: Bitcoin mining and the emerging AI/HPC compute platform. This isn't just about selling a service; it's about stewarding significant digital assets and building infrastructure relationships that secure future compute revenue.

Institutional-grade treasury desk for managing Bitcoin holdings

CleanSpark, Inc. treats its Bitcoin holdings as a core asset managed by what they term an institutional-grade treasury desk. This desk actively manages the balance sheet, which, as of November 30, 2025, held a total of 13,054 Bitcoin. 2,374 Bitcoin of this total were posted as collateral or as a receivable, showing active use of the asset for financing growth. For the fiscal year ended September 30, 2025, the value of their Bitcoin holdings on the balance sheet was reported at $1.2 billion. The company advanced its Digital Asset Management strategy in Q3 2025 by launching a derivatives program to manage volatility and strategically monetize production. For instance, in November 2025, the company sold approximately 565 Bitcoin at an average price of $91,979, generating proceeds of about $52 million. This active management contrasts with simply holding the asset; it's about using it productively to finance expansion.

Direct sales and long-term contracts for AI/HPC hosting clients

The relationship strategy is clearly pivoting toward securing long-term compute contracts for AI and High-Performance Computing (HPC) clients, even though AI compute contributed $0 revenue as of late 2025. The relationship-building is focused on securing the physical and power infrastructure necessary to support these future clients. CleanSpark, Inc. has secured significant contracted power capacity earmarked for this purpose. They acquired 271 acres in Texas for a dedicated AI data center campus, securing 285 MW of long-term power agreements there. Furthermore, the Sandersville, Georgia site represents an 'immediate opportunity' with a capacity of 250 MW that management indicated could switch to a 200-megawatt critical IT load. The company selected Submer as its first next-generation compute infrastructure partner, signaling a concrete step toward client-ready solutions. These infrastructure deals are the foundation for future direct sales relationships with enterprise and cloud clients.

Automated, 24/7 operational support for mining fleet

For the existing Bitcoin mining fleet, the customer relationship is defined by high uptime and efficiency, which translates to reliable Bitcoin production. This is supported by infrastructure management that ensures the fleet can operate near its maximum potential. The company's operational focus is on maintaining high efficiency and maximizing utilized power. As of November 30, 2025, the fleet consisted of 246,104 miners, achieving a peak efficiency of 16.07 J/Th. The utilized power capacity to support this fleet was 808 MW in both October and November 2025. The total contracted power portfolio reached 1.45 GW by the end of November 2025, underpinning the commitment to operational scale. This level of consistent performance is what underpins the relationship with the power providers and the network itself.

Here are the key operational metrics that define the execution supporting the fleet relationship:

• Operational Hashrate (Peak): 50 EH/s
• Deployed Fleet Size (November 30, 2025): 246,104 miners
• Fleet Energy Efficiency (Peak): 16.07 J/Th
• Total Contracted Power (November 30, 2025): 1.45 GW

Investor relations and transparent reporting on operational metrics

CleanSpark, Inc. maintains a relationship with its investors through frequent and detailed operational updates, often coinciding with major financial reporting. The company reported a transformative Fiscal Year 2025, ending September 30, 2025, with revenues of $766.3 million, a 102.2% increase year-over-year. Net income swung to $364.5 million from a loss the prior year, and Adjusted EBITDA reached $823.4 million. The company also reported a strong balance sheet position as of September 30, 2025, with $43.0 million in Cash and $1.3 billion in Total Current Assets. The transparency extends beyond the annual report to monthly operational updates, detailing Bitcoin production, treasury balances, and hashrate achievements.

You can see the scale of the financial performance that drives investor confidence:

Metric	Value (FY Ended Sept 30, 2025)	Value (November 30, 2025)
Revenue	$766.3 million	N/A
Net Income	$364.5 million	N/A
Total Bitcoin Holdings	$1.2 billion (Value)	13,054 BTC (Count)
Total Assets	$3.2 billion	N/A
Working Capital	$1 billion	N/A

The CEO noted that the company chose capital market tools like convertible debt and Bitcoin-backed revolvers instead of an ATM to finance the business during the calendar year, a key detail shared with the investment community. Finance: draft 13-week cash view by Friday.

CleanSpark, Inc. (CLSK) - Canvas Business Model: Channels

You're looking at how CleanSpark, Inc. moves its product-both mined Bitcoin and high-performance compute capacity-to the market. It's a dual-pronged approach, blending digital asset monetization with physical infrastructure deployment.

Wholly-owned and operated Bitcoin mining data centers

The core channel remains the company's wholly-owned and operated data centers. CleanSpark, Inc. owns and operates a portfolio of data centers across the U.S., including sites in Georgia, Tennessee, Wyoming, and Mississippi, and is expanding into Texas. As of October 31, 2025, the company reported 1.31 GW of power capacity under contract across its sites. The maximum power utilized concurrently to support the mining fleet was 808 MW as of that same date. The operational hashrate, which represents the highest hashrate ever achieved concurrently by all installed and functional miners, reached 50 EH/s by June 2025, making CleanSpark, Inc. the first U.S. publicly-traded miner to hit that scale with fully self-operated infrastructure. By October 31, 2025, the average operating hashrate was 46.6 EH/s, supported by 240,271 deployed miners. The company is actively developing this infrastructure to support its AI pivot.

The expansion into AI/HPC is channelled through new, dedicated facilities. For instance, the October 2025 acquisition in Austin County, Texas, secured rights to 271 acres and 285 MW of long-term power agreements specifically for a next-generation data center campus. Phased development for this site is expected to support AI workloads, with energization of more than 200 MW anticipated in the first half of 2027.

Here's a snapshot of the operational scale supporting this channel:

Metric	Value (as of late 2025)	Date Reference
Total Contracted Power Capacity	1.31 GW	October 31, 2025
Maximum Utilized Power (Mining)	808 MW	October 31, 2025
Peak Operational Hashrate	50 EH/s	June 2025
Deployed Miner Count	240,271	October 31, 2025
Texas AI Site Power Commitment	285 MW	October 2025

Direct sales team for securing AI/HPC hosting agreements

The channel for the emerging AI/HPC business involves direct engagement with potential tenants. CleanSpark, Inc. is transforming its infrastructure to serve this demand, evidenced by the hiring of industry veteran Jeffrey Thomas as Senior Vice President of Artificial Intelligence Data Centers. The strategy is to leverage existing power infrastructure and new land acquisitions to secure hosting agreements. Management has set an ambitious target for this new revenue stream, aiming for 200-250 megawatts of High-Performance Computing (HPC) capacity to be operational by the end of 2026. The Texas site, with its 285 MW power commitment, is the primary vehicle for delivering these large-scale, high-density compute solutions to global technology partners.

Digital asset exchanges for selling mined Bitcoin

The mined Bitcoin is monetized through a disciplined Digital Asset Management (DAM) program, which involves selling a portion of the production. As of October 31, 2025, the company reported total USD proceeds from the sale of BTC reaching $64,921,047, with a total of 589.88 BTC sold (net of any purchases). The average price per BTC sold in that period was $110,057. This channel is managed to proactively fund operations and manage liquidity. For example, in May 2025, 293.5 BTC were sold at an average price of $102,254 per BTC. The DAM strategy was further advanced in Q3 with the launch of a derivatives program to optimize balance sheet yields and manage volatility.

Key sales metrics channelled through this strategy include:

• Total Bitcoin Sold (YTD Oct 2025): 589.88 BTC.
• Total USD Proceeds from Sales: $64,921,047.
• Average Price per BTC Sold (Oct 2025): $110,057.
• April 2025 Sale Price: Approx. $90,084 per BTC.

Investor relations platforms for capital market access

Access to capital markets is a critical channel for funding the massive infrastructure build-out, and CleanSpark, Inc. has demonstrated sophistication here. The company completed an upsized $1.15 billion zero-coupon convertible note offering in November 2025. This non-dilutive capital is a key enabler for their AI expansion. Furthermore, the company has secured debt facilities, including a $200 million revolving credit facility with Coinbase announced in April 2025, and expanded its Bitcoin-backed credit line capacity by $200 million in September 2025. The financial performance supporting this access is strong; fiscal 2025 revenue was reported at $766.3 million, with a net income of $364.5 million. The company also generated adjusted EBITDA of more than $823 million, demonstrating sustainable profitability that underpins investor confidence in these capital-raising channels. This cash-flowing business using Bitcoin as a productive capital asset is a key part of the pitch to capital markets. Finance: draft 13-week cash view by Friday.

CleanSpark, Inc. (CLSK) - Canvas Business Model: Customer Segments

You're looking at the customer base for CleanSpark, Inc. as of late 2025, and it's definitely evolving beyond just the miners. The company is actively positioning itself to serve multiple high-demand compute markets, using its core Bitcoin infrastructure as a foundation. Here's how the customer segments break down based on their latest financial disclosures.

Bitcoin network and cryptocurrency ecosystem participants

This segment is the bedrock, the direct customers being the Bitcoin network itself, which pays CleanSpark, Inc. for securing the ledger. The scale of this operation is significant, as they are now a major player in the space. They achieved a record operational hash rate of 50 exahash per second as of June 2025, which translated to representing 4.5% of Bitcoin's total hashrate at that time. For the fiscal year ended September 30, 2025, CleanSpark, Inc. mined 7,873 BTC, generating $766.3 million in revenue, all while maintaining a gross margin of 55%. Their marginal cost to mine a Bitcoin for FY 2025 averaged $42,956. To maximize returns from their mined assets, they actively monetize holdings through an institutional-grade treasury desk, which generated $9.3 million in option premiums in Q4 2025 alone, reflecting an annualized yield of approximately 12% on a blended basis.

Here's a quick look at the scale of their core operation:

Metric	Value (As of Late 2025)
Operational Hash Rate (Peak)	50 exahash per second
Forecasted Hash Rate (End of 2025)	57 exahash per second
BTC Mined (FY 2025)	7,873 BTC
Average Cost per BTC Mined (FY 2025)	$42,956

Large-scale AI and machine learning enterprises (hyperscalers)

This is the growth vector. CleanSpark, Inc. is explicitly evolving into a comprehensive compute platform to optimize value from AI workloads alongside Bitcoin. They are targeting large-scale enterprises that need massive, reliable compute power. Their strategy involves leveraging their expertise in power procurement and infrastructure development to meet this surging demand. A concrete action supporting this segment is the acquisition of 271 acres in Texas to develop a next-generation data center campus, specifically positioned for AI, cloud, and enterprise clients. Furthermore, the company reported 43% growth in contracted power, which sets the stage for this AI expansion. Honestly, this pivot is about diversifying revenue away from pure Bitcoin volatility.

Institutional investors seeking exposure to digital infrastructure

The capital markets view CleanSpark, Inc. as a proxy for digital infrastructure, and institutions are heavily invested. As of December 3, 2025, institutional owners held a massive 240,511,178 shares, which accounted for 94.10% of the shares filed via 13D/G forms. The largest single shareholder, BlackRock, Inc., held a 7.8% stake as of March 2025. These investors are drawn to the company's operational efficiency and its strategic move into AI compute. To fund this expansion, CleanSpark, Inc. recently closed a landmark $1.15 billion 0% convertible transaction. Over the preceding 24 months, institutional investors purchased 53,690,942 shares, representing about $542.04 million in transactions.

The institutional ownership breakdown shows where the conviction lies:

• Total Institutional Owners: 575 entities filing with the SEC.
• Largest Shareholder Stake (BlackRock, Inc.): 7.8% (as of March 2025).
• Recent Institutional Purchase Volume: 53,690,942 shares.

Financial institutions for collateralized debt and treasury services

This segment represents the counterparties in CleanSpark, Inc.'s capital structure management. The company actively uses its Bitcoin holdings as assets for financing arrangements, which requires engagement with sophisticated financial institutions. They have supplemented their mining cash flow with activities from their 'institutional grade treasury desk.' As of the end of FY 2025, CleanSpark, Inc. held approximately 13,033 BTC, with roughly 5,444 BTC posted as collateral against financing, such as Bitcoin-backed revolvers mentioned in their reports. On the liability side, their total long-term debt, net of discount and issuance costs, stood at $644.6 million as of September 30, 2025, while they maintained a healthy working capital position of $1 billion at that same date. This structure allows them to access capital without relying on equity dilution, a key point management emphasized.

Finance: draft 13-week cash view by Friday.

CleanSpark, Inc. (CLSK) - Canvas Business Model: Cost Structure

You're looking at the hard costs that power CleanSpark, Inc.'s massive compute footprint as of late 2025. This structure is dominated by energy and the constant need to refresh the physical mining hardware.

Significant power costs for running 50 EH/s of miners are managed through long-term, competitive energy contracts. As of the third quarter of fiscal year 2025, the average power cost had fallen to $0.056/kWh. This efficiency helped drive the cost per Bitcoin mined down to $44,806 for the year ended September 30, 2025. The operational hashrate of 50 EH/s as of November 30, 2025, utilized a maximum of 808 MW concurrently, supported by a total contracted power portfolio of over 1.4 GW. That's a lot of juice to keep those machines running.

The capital outlays are substantial, reflecting CleanSpark, Inc.'s aggressive infrastructure build-out. The company closed a landmark $1.15 billion offering of 0.00% convertible senior notes in November 2025 to fund this expansion. The total assets supporting this operation, categorized as Total Mining Assets (including deployed miners), stood at $950.1 million as of September 30, 2025. This CapEx is aimed at securing new data center sites and purchasing the latest GPU/ASIC hardware.

Financing costs are a clear line item. For the full fiscal year 2025, the reported Interest Expense was $11.34 million. This figure relates to existing debt, though the recent major financing was structured as 0.00% convertible notes, which shifts the immediate cash cost of that specific capital, but the balance sheet reflects other obligations. Total long-term debt, net of debt discount and issuance costs, was reported at $644.6 million at the end of FY2025.

Day-to-day running costs fall under Operating Expenses. For the full fiscal year 2025, the total Operating Expenses were $519.12 million. A major component of this is personnel and site management. The Selling, General & Admin (SG&A) expense for FY2025 was $170.79 million. The company's focus on vertically integrated, self-operated infrastructure aims to keep the variable portion of these costs low relative to revenue.

Depreciation of mining and data center equipment is a significant non-cash charge. While the exact depreciation figure for FY2025 isn't explicitly broken out in the summary data, it is a component that CleanSpark, Inc. excludes when calculating its non-GAAP Adjusted EBITDA. The total Operating Expenses of $519.12 million for FY2025 encompasses this depreciation, along with SG&A and other operating costs.

Here's a look at the key financial figures impacting the cost side of the ledger for the fiscal year ended September 30, 2025 (unless noted otherwise):

Cost Component	Amount (Millions USD)	Notes/Context
Total Operating Expenses	519.12	Full Fiscal Year 2025
Selling, General & Admin (SG&A)	170.79	Full Fiscal Year 2025
Interest Expense	11.34	Full Fiscal Year 2025
Total Long-Term Debt, net	644.6	As of September 30, 2025
Total Mining Assets	950.1	As of September 30, 2025 (CapEx related)
New Convertible Notes Issued	1,150.0	Closed November 2025 (0.00% coupon)

The structure relies on keeping the marginal cost of production low, which is evident in the operational metrics:

• Operational Hashrate achieved: 50 EH/s
• Utilized Megawatts (MW) at 50 EH/s: 808 MW (as of November 30, 2025)
• Average Power Cost (Q3 2025): $0.056/kWh
• Cost per Bitcoin Mined (FY 2025): $44,806

The company is defintely prioritizing infrastructure control to manage these costs.

CleanSpark, Inc. (CLSK) - Canvas Business Model: Revenue Streams

You're looking at the core ways CleanSpark, Inc. is bringing in cash as of late 2025. The business model is clearly dual-pronged now, moving beyond just being a pure-play miner. Honestly, the numbers from fiscal year 2025 show just how much the Bitcoin mining side is still driving the bus, but the future bets on compute are already showing up in their strategy.

Bitcoin Mining Revenue remains the bedrock. For the fiscal year ended September 30, 2025, CleanSpark, Inc. reported a transformative year with total revenues hitting $766.3 million. This was a massive jump, representing a 102% year-over-year increase from the prior fiscal year. The company mined a total of almost 8,000 Bitcoin during that fiscal year, contributing to that record revenue. Even with the post-halving environment, the focus on operational leverage and efficiency kept margins healthy; the full-year gross margin was reported at 55%.

To manage their balance sheet and fund growth, CleanSpark, Inc. actively monetizes a portion of its mined Bitcoin. You saw this in action in November 2025 when the company sold approximately 565 Bitcoin at an average price of $91,979 per coin, which generated proceeds of about $52 million. This strategic sale is part of their shift away from a pure HODL approach to fund expansion and capital market activities, like the recent $1.15 billion zero-coupon convertible notes offering. As of November 30, 2025, their treasury held 13,054 Bitcoin, with some posted as collateral or receivables.

The future revenue story is being built on the foundation of their energy and infrastructure expertise, evolving into a comprehensive compute platform. CleanSpark, Inc. is actively positioning for AI/HPC hosting and compute services. They secured a 285-megawatt site in Texas specifically with the intent of building an AI factory for a high-quality tenant. The strategy involves leveraging their existing infrastructure, like at Sandersville, for a dual-use model combining AI/HPC with Bitcoin mining, prioritizing high-credit tenants for stable cash flows. This is an expansion, not a pivot, meaning the compute services are intended to run alongside the core mining business.

Finally, the firm is generating income through its disciplined approach to managing its digital assets. CleanSpark, Inc. supplements its primary revenue with cash generated from its institutional grade treasury desk. For instance, the Digital Asset Management (DAM) operation generated $9.3 million in premiums during the fourth quarter of fiscal 2025, utilizing strategies like covered calls. This desk activity is a deliberate part of their capital stewardship, aiming to optimize cash generation from their Bitcoin production.

Here's a quick look at the key financial metrics underpinning these revenue streams as of late 2025:

Metric	Value	Context/Date
FY2025 Total Revenue	$766.3 million	Fiscal Year Ended September 30, 2025
November 2025 BTC Sale Proceeds	$52 million	From sale of approximately 565 BTC
Q4 2025 DAM Premiums	$9.3 million	Digital Asset Management income for Q4 FY2025
FY2025 Gross Margin	55%	Fiscal Year 2025
Total BTC Holdings (as of Nov 30, 2025)	13,054 BTC	Total holdings, including collateral/receivables
Contracted Power Capacity	Over 1.4 GW	As of November 2025

The revenue streams are clearly diversifying, but the core strength comes from efficient Bitcoin production, which is then being used to secure the capital and power contracts needed for the next phase. The company is definitely using its operational excellence in one area to fuel the growth in the other. Here's what that looks like in terms of the primary activities:

• Bitcoin mining revenue generation.
• Strategic, opportunistic sales of mined Bitcoin.
• Revenue from future AI/HPC hosting contracts.
• Income derived from institutional-grade treasury operations.

Finance: draft 13-week cash view by Friday.