CleanSpark Mulling Strategic Options for Its Legacy Energy Business

Bitcoin miner CleanSpark (CLSK) is considering strategic alternatives for its legacy energy business, aiming to focus solely on its bitcoin mining segment, the company said in a statement accompanying its quarterly earnings report for its fiscal first quarter ended Dec. 31.

• “Focusing our efforts on our bitcoin mining segment allows the company to capitalize on the tremendous opportunity bitcoin presents,” CEO Zach Bradford said in the statement.
• According to CleanSpark’s annual report for fiscal 2021, which ended on Sept. 30, its energy hardware, software and services segment contributed about $9 million, or 18%, of its fiscal 2021 revenue of $49.4 million.
• CleanSpark also reported that its fiscal first-quarter revenue rose 52% to $41.2 million from $27.1 million in its fiscal fourth quarter.
• The company has 20,900 mining machines in operation with a total hashrate exceeding 2.1 exahashes/second and producing about 10 bitcoins per day. Hashrate is a measure of computing power.
• The miner’s stock was up about 8% in after-hours trading following the earnings release.