CleanSpark, Inc. (CLSK): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução da criptomoeda e energia sustentável, a CleanSpark, Inc. (CLSK) surge como uma força pioneira, misturando estrategicamente mineração de bitcoin de alta eficiência com soluções inovadoras de gerenciamento de energia. Ao alavancar a infraestrutura tecnológica avançada e um compromisso com a consciência ambiental, a empresa criou um modelo de negócios exclusivo que transcende operações tradicionais de mineração, se posicionando na interseção da tecnologia blockchain, energia renovável e geração de ativos digitais.

CleanSpark, Inc. (CLSK) - Modelo de negócios: Parcerias -chave

Fabricantes de hardware de mineração de bitcoin

A CleanSpark faz parceria com o Bitmain e o Microbt para a compra de hardware de mineração de Bitcoin. A partir do quarto trimestre 2023, a CleanSpark implantou 28.500 unidades XP de Antminer S19 com uma taxa de hash de 140 EH/S.

Parceiro de hardware	Modelo de hardware	Unidades totais implantadas	Taxa de hash
Bitmain	Antminer S19 XP	28,500	140 eh/s

Provedores de serviços públicos de eletricidade

A CleanSpark possui parcerias estratégicas com provedores de serviços públicos em vários estados, incluindo a Geórgia e o Texas.

• Contrato de Utilitário de Power Georgia
• Parcerias de infraestrutura de eletricidade do Texas

Desenvolvedores de infraestrutura de energia renovável

A CleanSpark investiu US $ 37,5 milhões em desenvolvimento de infraestrutura de energia renovável em 2023.

Categoria de investimento	Valor do investimento	Localização
Infraestrutura de energia renovável	US $ 37,5 milhões	Estados Unidos

Blockchain Technology Partners

A CleanSpark colabora com os provedores de tecnologia blockchain para aprimorar as operações de mineração.

• Marathon Digital Holdings Collaboration
• Parcerias de otimização de infraestrutura de blockchain

Fornecedores de solução de hospedagem e refrigeração do data center

A CleanSpark opera 2 principais centers de dados com capacidade total de hospedagem de 220 megawatts.

Localização do data center	Capacidade de hospedagem	Status operacional
Georgia	120 MW	Totalmente operacional
Texas	100 mw	Totalmente operacional

CleanSpark, Inc. (CLSK) - Modelo de negócios: Atividades -chave

Operações de mineração de Bitcoin

A partir do quarto trimestre 2023, a CleanSpark opera 12.544 mineradores de bitcoin com uma taxa total de hash de 2,5 Exahash por segundo. A capacidade total de mineração de bitcoin da empresa atingiu 432 bitcoin extraído por mês em dezembro de 2023.

Métrica de mineração	Quantidade
Mineiros totais	12.544 unidades
Taxa de hash	2.5 EH/S.
Produção mensal de bitcoin	432 BTC

Desenvolvimento de Tecnologia de Blockchain

A CleanSpark investiu US $ 18,3 milhões em pesquisa e desenvolvimento para tecnologias de blockchain no ano fiscal de 2023.

Microgrídeos e design do sistema de gerenciamento de energia

A empresa implantou 14 sistemas de microrda em vários estados, com uma capacidade total de gerenciamento de energia de 75 megawatts.

Implantação de micrograde	Detalhes
Sistemas de microrda total	14 sistemas
Capacidade total de gerenciamento de energia	75 MW

Implantação de infraestrutura de energia sustentável

• Investimentos de infraestrutura de energia renovável, totalizando US $ 22,7 milhões em 2023
• Locais operacionais de energia renovável em Utah, Nevada e Geórgia
• Capacidade total de geração de energia renovável de 50 megawatts

Gerenciamento de ativos de criptomoeda

A CleanSpark detinha 333 Bitcoin no Tesouro em 31 de dezembro de 2023, com um valor total de ativos de criptomoeda de aproximadamente US $ 14,2 milhões.

Ativo de criptomoeda	Quantidade
Bitcoin no Tesouro	333 BTC
Valor total de ativo de criptomoeda	US $ 14,2 milhões

CleanSpark, Inc. (CLSK) - Modelo de negócios: Recursos -chave

Hardware avançado de mineração (máquinas ASIC)

A CleanSpark opera 24.000 máquinas de mineração de Antminer S19 XP Bitcoin a partir do quarto trimestre 2023. Capacidade total da taxa de hash: 2,6 Exahash por segundo. Investimento de capital em hardware de mineração: US $ 107,4 milhões em 2023.

Tipo de hardware	Quantidade	Taxa de hash	Eficiência
Antminer S19 XP	24.000 unidades	2.6 EH/S.	140 TH/S por unidade

Software de otimização de energia proprietária

A CleanSpark desenvolveu a plataforma de gerenciamento de energia proprietária chamada MPULSE. O software gerencia 106 MW de capacidade operacional total em várias instalações de mineração.

Locais geográficos estratégicos

A CleanSpark opera instalações de mineração em:

• Georgia
• Texas
• Idaho

Localização	Capacidade da instalação	Custo de eletricidade
Georgia	36 MW	$ 0,047/kWh
Texas	50 mw	$ 0,035/kWh
Idaho	20 mw	$ 0,042/kWh

Experiência em engenharia técnica

A equipe de engenharia consiste em 87 profissionais especializados. Experiência média de engenharia: 12,4 anos nos setores de gerenciamento de blockchain e energia.

Infraestrutura de computação substancial

Investimento total de infraestrutura de computação: US $ 185,6 milhões. A infraestrutura de rede inclui:

• Sistemas de energia redundantes
• Mecanismos avançados de refrigeração
• Conexões de rede de alta largura de banda

Componente de infraestrutura	Especificação
Espaço total de data center	52.000 pés quadrados
Redundância de energia	99,99% de tempo de atividade
Largura de banda de rede	400 Gbps

CleanSpark, Inc. (CLSK) - Modelo de negócios: proposições de valor

Recursos de mineração de bitcoin de alta eficiência

A partir do quarto trimestre 2023, o CleanSpark opera 86.346 mineradores com uma taxa total de hash de 10,1 EH/S. A frota de mineração da empresa inclui modelos Antminer S19 XP e S19 Pro com classificações de eficiência de 21,5 J/Th e 29.5 J/TH, respectivamente.

Ativo de mineração	Mineiros totais	Taxa de hash	Eficiência energética
Frota de mineração de Bitcoin	86,346	10.1 EH/S.	21.5-29.5 J/th

Soluções de energia sustentável e ambientalmente consciente

O portfólio de energia renovável da CleanSpark inclui:

• 4 data centers operacionais
• Total de 106 MW de capacidade de geração de energia
• 75% Utilização de energia renovável em operações de mineração

Infraestrutura tecnológica avançada para mineração de criptografia

Métricas de infraestrutura de tecnologia a partir de 2024:

Componente de infraestrutura	Especificação
Locais de data center	Georgia, Utah, Texas
Poder de computação total	10.1 EH/S.
Produção anual de Bitcoin	4.500-5.000 BTC

Reduzido pegada de carbono em operações de criptomoeda

Métricas de redução de carbono:

• 0,022 toneladas métricas CO2 por bitcoin minerado
• 85% menor intensidade de carbono em comparação à média da indústria

Sistemas inovadores de gerenciamento de energia

Recursos de gerenciamento de energia:

Recurso de gerenciamento de energia	Especificação
Integração de grade inteligente	Otimização de energia em tempo real
Mix de energia renovável	75% solar e vento
Capacidade de armazenamento de energia	25 mwh

CleanSpark, Inc. (CLSK) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto de vendas com investidores institucionais

A partir do quarto trimestre 2023, a CleanSpark relatou estratégias diretas de envolvimento do investidor com as seguintes métricas:

Métrica de interação do investidor	Dados quantitativos
Contagem de investidores institucionais	42 principais investidores institucionais
Reuniões trimestrais dos investidores	17 Conferências de investidores diretos
Investimento institucional total	US $ 186,3 milhões em propriedades institucionais totais

Suporte técnico para infraestrutura de mineração

A infraestrutura de suporte técnico da CleanSpark inclui:

• Monitoramento de operações de mineração 24/7
• Rastreamento de desempenho de infraestrutura em tempo real
• Equipe de suporte técnico dedicado de 12 especialistas

Desempenho regular e relatórios financeiros

Frequência de relatório	Detalhes
Relatórios financeiros trimestrais	4 relatórios abrangentes anualmente
Desempenho de mineração de Bitcoin	Relatórios mensais de transparência operacional
Frequência de chamadas de ganhos	Chamadas trimestrais de ganhos dos investidores

Comunicação transparente sobre operações de mineração

Métricas de transparência para comunicação de operações de mineração:

• Divulgação mensal da taxa de hash: 21.3 EH/s Média no quarto trimestre 2023
• Divulgação pública dos locais das instalações de mineração
• Painel de desempenho de mineração de bitcoin em tempo real

Plataforma on -line para interação do investidor

Canal de engajamento digital	Estatísticas de interação
Site de Relações com Investidores	Mais de 45.000 visitantes únicos mensais
Canais de comunicação de investidores	Email, seminários on -line, chamadas trimestrais em conferência
Engajamento de investidores de mídia social	3.200 seguidores do LinkedIn, 12.000 seguidores do Twitter

CleanSpark, Inc. (CLSK) - Modelo de Negócios: Canais

Equipe de vendas diretas

A equipe de vendas direta da CleanSpark se concentra na segmentação:

• Clientes de infraestrutura de mineração de Bitcoin
• Clientes de gerenciamento de energia em escala de utilidade
• Perspectivas de tecnologia de microgrídeos

Métricas de canal de vendas	2023 dados
Tamanho direto da equipe de vendas	17 profissionais dedicados
Valor médio de negócios	US $ 1,2 milhão por contrato corporativo

Site corporativo

O site corporativo da CleanSpark (CleanSpark.com) serve como um canal digital primário para:

• Informações sobre produtos de tecnologia
• Recursos de Relações com Investidores
• Notícias e atualizações da empresa

Métricas de desempenho do site	2023 Estatísticas
Visitantes mensais do site	42.500 visitantes únicos
Duração média da sessão	3,7 minutos

Plataformas de relações com investidores

A CleanSpark utiliza vários canais de comunicação de investidores:

• NASDAQ: CLSK
• Plataforma de arquivamento da SEC Edgar
• Webcasts trimestrais de ganhos

Métricas de engajamento do investidor	2023 dados
Garets trimestrais participantes do webcast	1.200 investidores institucionais
Downloads de apresentação do investidor	3.500 por trimestre

Conferências de criptomoeda e blockchain

A CleanSpark participa ativamente de conferências do setor para:

• Mostrar tecnologias de mineração
• Rede com clientes em potencial
• Demonstrar inovações tecnológicas

Participação da conferência	2023 Detalhes
Conferências participaram	7 grandes eventos de blockchain
Falando compromissos	4 apresentações principais

Marketing digital e mídia social

A CleanSpark aproveita as plataformas digitais para visibilidade da marca:

• Página corporativa do LinkedIn
• Conta corporativa do Twitter
• Canal de vitrine de tecnologia do youtube

Métricas de mídia social	2023 Estatísticas
Seguidores do LinkedIn	18.500 conexões profissionais
Taxa de engajamento do Twitter	Interação média de 2,3%

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

Investidores institucionais de criptomoeda

A partir do quarto trimestre 2023, a CleanSpark atende a investidores institucionais com as seguintes características:

Métrica de segmento	Data Point
Total de Holdings Institucionais	12,4 milhões de ações
Tamanho médio de investimento	US $ 500.000 a US $ 2 milhões
Contagem de investidores institucionais	87 investidores institucionais

Operações de mineração em larga escala

A infraestrutura de mineração da CleanSpark:

• Capacidade total de mineração de Bitcoin de 12,3 EH/S
• Sites atuais de mineração operacional na Geórgia e Nevada
• Investimento anual de equipamentos de mineração de US $ 42,6 milhões

Empresas de energia renovável

Segmento de energia renovável	Métricas
Infraestrutura de energia renovável total	37,2 MW de armazenamento solar e de bateria
Investimento anual de energia renovável	US $ 18,3 milhões

Empresas de tecnologia blockchain

A CleanSpark serve empresas de tecnologia blockchain com:

• Soluções de otimização de blockchain proprietárias
• Serviços de consultoria em blockchain corporativo
• Receita anual de tecnologia de blockchain: US $ 6,7 milhões

Desenvolvedores de infraestrutura sustentáveis

Desenvolvimento de infraestrutura	Métricas
Projetos totais de infraestrutura	12 Desenvolvimentos ativos de infraestrutura sustentável
Investimento total de infraestrutura	US $ 24,5 milhões

CleanSpark, Inc. (CLSK) - Modelo de negócios: estrutura de custos

Aquisição de hardware de mineração de bitcoin

No quarto trimestre 2023, a CleanSpark registrou custos de aquisição de hardware de US $ 24,1 milhões. A empresa investiu no Antminer S19 XP e S19 Pro Bitcoin Mining Hardware.

Tipo de hardware	Unidades totais compradas	Custo por unidade	Investimento total
Antminer S19 XP	5.500 unidades	$4,200	US $ 23,1 milhões
Antminer S19 Pro	1.000 unidades	$3,500	US $ 3,5 milhões

Despesas de consumo de eletricidade

Em 2023, as despesas de eletricidade da CleanSpark totalizaram aproximadamente US $ 7,8 milhões para operações de mineração de Bitcoin.

• Custo médio de eletricidade: US $ 0,05 por kWh
• Consumo total de eletricidade: 156 milhões de kWh anualmente
• Eficiência energética estimada: 29.5 J/TH para operações de mineração

Manutenção do data center

Os custos anuais de manutenção do data center para o CleanSpark em 2023 foram de aproximadamente US $ 3,2 milhões.

Categoria de manutenção	Custo anual
Reparos de hardware	US $ 1,4 milhão
Sistemas de resfriamento	$850,000
Uportagem de infraestrutura	$950,000

Pesquisa e desenvolvimento de tecnologia

A CleanSpark alocou US $ 5,6 milhões à pesquisa e desenvolvimento em 2023.

• Desenvolvimento de software: US $ 2,3 milhões
• Tecnologias de otimização de mineração: US $ 1,8 milhão
• Pesquisa de eficiência energética: US $ 1,5 milhão

Overhead operacional e administrativo

As despesas operacionais e administrativas totais para 2023 foram de US $ 12,4 milhões.

Categoria de despesa	Custo anual
Salários e salários	US $ 7,2 milhões
Despesas do escritório	US $ 1,6 milhão
Serviços profissionais	US $ 3,6 milhões

CleanSpark, Inc. (CLSK) - Modelo de negócios: fluxos de receita

Recompensas de mineração de Bitcoin

A partir do quarto trimestre 2023, a CleanSpark relatou a produção de mineração de Bitcoin de 579 Bitcoin. Total de bitcoin extraído em 2023: 2.090 Bitcoin. Receita média de mineração por bitcoin: US $ 37.500.

Período	Bitcoin extraiu	Receita total
Q4 2023	579 Bitcoin	$21,712,500
Ano completo 2023	2.090 Bitcoin	$78,375,000

Taxas de transação de criptomoeda

Taxas de transação geradas a partir de operações de mineração de Bitcoin em 2023: US $ 1,2 milhão.

Contratos de Serviço de Gerenciamento de Energia

Receita anual dos Serviços de Gerenciamento de Energia em 2023: US $ 5,4 milhões.

Tipo de serviço	Receita anual
Soluções Microgrid	US $ 3,1 milhões
Otimização de energia	US $ 2,3 milhões

Vendas de hardware e leasing

Receita relacionada a hardware em 2023: US $ 4,8 milhões.

• Vendas de equipamentos de mineração de Bitcoin: US $ 2,7 milhões
• Leasing de hardware da Microgrid: US $ 2,1 milhões

Serviços de Consultoria de Tecnologia de Blockchain

Receita de serviços de consultoria em 2023: US $ 1,5 milhão.

Serviço de consultoria	Receita
Implementação de blockchain	$900,000
Aviso de tecnologia	$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.