CleanSpark operates Bitcoin mining facilities across the United States, primarily in Georgia, Mississippi, and Wyoming, with approximately 20 EH/s of operational hashrate capacity as of early 2026. The company generates revenue by mining Bitcoin and selling it, with profitability driven by Bitcoin price, network difficulty, energy costs (averaging $0.04-0.06/kWh at owned facilities), and operational uptime of mining infrastructure.
TechnologyBitcoin Mining & Digital Asset Infrastructurehigh - Fixed costs dominate (facility leases, depreciation, base power contracts, personnel). Once infrastructure is deployed, incremental Bitcoin mined flows directly to gross profit. However, Bitcoin price volatility and network difficulty adjustments create revenue variability. Operating margins of 42% demonstrate strong leverage when Bitcoin prices are favorable, but negative free cash flow of $600M indicates aggressive growth capex outpacing operating cash generation.