CleanSpark reported significant revenue and profit growth in the first quarter of 2025 thanks to lower production costs and rising Bitcoin prices.
Financial Results for the First Quarter of 2025
In the first fiscal quarter of 2025 ending December 31, CleanSpark reported $162.3 million in revenue, a 120% gain year over year. The company's profits improved to $241.7 million, or $0.85 per share, from $25.9 million a year earlier.
Impact of Bitcoin's Rise on the Mining Industry
CleanSpark CEO Zach Bradford attributed the company's success to 'continuous improvement across the most important industry metrics: operating hashrate, fleet efficiency, marginal cost to mine, Bitcoin treasury and portfolio uptime.' The marginal cost to mine a single Bitcoin fell by 6% to $34,000 per coin. At the same time, Bitcoin's average price exceeded $83,000 during the quarter and eventually broke $100,000 for the first time.
Bitcoin Holding Trends Among Miners
CleanSpark added more than 1,000 BTC to its corporate treasury, ending the quarter with 10,556 BTC on its balance sheet. According to investment bank H.C. Wainwright & Co, miner revenues jumped 41% to $3.7 billion between October and December. In the bull market, more miners have begun holding more of their mined Bitcoin or refraining from selling altogether.
The recovering cryptocurrency market significantly boosted CleanSpark's revenue and profits in the December quarter of 2025. Positive trends are also reflected across the mining industry.
