Bitcoin miner CleanSpark beats estimates, posts $29 million loss


Bitcoin miner CleanSpark reported a web lack of $29 million for the quarter ending in December, beating analyst estimates of a $31.3 million loss.

It narrowly missed income estimates, posting $27.8 million, in comparison with the $29.5 million anticipated, in keeping with analyst estimates compiled by FactSet.

“Whereas we confronted headwinds resulting from depressed bitcoin costs throughout most of our fiscal first quarter, we endured and grew,” mentioned CEO Zach Bradford. “Our common hashrate quickly elevated, outpacing world hashrate, and we mined essentially the most bitcoin ever in a single quarter.”

The corporate had whole property of $487 million and liabilities of $59.8 million as of Dec. 31.

CleanSpark was up about 1.9% in after-hours buying and selling as of 4:15 pm ET.

Whereas many miners struggled with liquidity in the course of the second half of the yr, the corporate was capable of benefit from the down market and purchase hundreds of discounted machines in addition to two mining websites in Georgia.

The final quarter culminated in Core’s Scientific chapter submitting and Argo Blockchain’s sale of its flagship facility.

“We’ve got been considerate and calculated patrons on this market, looking for out accretive acquisitions and effectively deploying capital,” CFO Gary A. Vecchiarelli mentioned. “We’ve got been profitable in sourcing and shutting transactions which not solely develop our share of the full world hash price, but in addition produce significant bitcoin and money stream whereas nonetheless paying down what little debt now we have.”

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