Key takeaways
CleanSpark reported a record-breaking quarter with $198.6 million in revenue and $257.4 million in net income, driven by strong Bitcoin production and rising prices. Despite the stellar results, the stock saw little movement.
Bitcoin [BTC] miner CleanSpark has reported its best quarter yet, with revenue and profit soaring past expectations.
The results come as the wider mining industry benefits from higher Bitcoin prices but continues to navigate global competition and energy challenges.
Record quarter marks milestone
CleanSpark’s fiscal Q3 results showed a sharp year-on-year turnaround, with revenue climbing 91% to $198.6 million and net income hitting $257.4 million.
This reverses a $236.2 million loss in the same period last year.
Source: investors.cleanspark.com
Zack Bradford, CEO, said,
“This was the most successful quarter in CleanSpark’s history, and it reflects the strength of our strategy, the discipline of our execution, and the tireless commitment of our team…”
Earnings per share came in at $0.78, nearly four times higher than consensus forecasts of $0.20.
The company mined 2,012 Bitcoin during the quarter, averaging $98,753 in revenue per coin.
Operationally, CleanSpark reached 50 exahashes per second using exclusively U.S. based infrastructure (representing 5.8% of global hash rate) and increased its Bitcoin holdings to 12,703 BTC, now valued at around $1.48 billion.
Talking about future plans, Bradford added,
“As the Bitcoin network evolves, our focus remains on expanding market share in Bitcoin production, leveraging our unmatched operational playbook, and executing with the urgency and excellence that have brought us to this point.”
Notably, these expansions were achieved without issuing new equity in 2025, a move that stands out in a sector often reliant on share sales to fund growth.
Muted stock response amid industry shifts
Even though CleanSpark posted record earnings,its share price dipped following the announcement. After-hours trading showed a modest uptick of less than 1%.
Despite the dip, CleanSpark’s stock is up 16.4% year-to-date—outperforming MARA Holdings, which is down 7%, though still trailing Riot Platforms’ recent surge.
These results come amid a 32% rise in Bitcoin’s price between April and June, boosting miner revenues across the industry.
Meanwhile, the broader mining landscape remains complex. Chinese-origin capital, hardware, and expertise continue to drive an estimated 55%–65% of global mining activity, despite Beijing’s 2021 ban.
In contrast, the U.S. hashrate share has climbed from just 4% in 2019 to 38% today. Iran, on the other hand, has warned that crypto mining may be responsible for up to 20% of its national energy imbalance.
Bitcoin miner reserves hold steady as selling stays limited
Source: CryptoQuant
Data shows miner reserves have stayed steady at around 1.808 million BTC in recent months.
This means miners, including large public firms like CleanSpark, haven’t been selling heavily despite Bitcoin’s price reaching about $116,600.
Source: CryptoQuant
In-house flow data, tracking movements within miner wallets, shows brief spikes linked to routine operations rather than big exchange sales.
With reserves stable and selling limited to periods of price strength, miners appear to be following a “hold-first” strategy.
This approach likely supported Q3 profits across the industry, even as rising network difficulty and energy costs continue to pressure operations.
