larger power capacity allows the company to deploy additional mining equipment and increase output over time.
Bitcoin News
CleanSpark reported mining 587 Bitcoin in November, an 11% increase from October, while expanding its contracted power capacity to more than 1.4 gigawatts as the company scales operations amid challenging market conditions for cryptocurrency miners.
The Bitcoin mining firm disclosed Wednesday that its power footprint grew by approximately 11% during the month, representing the electricity secured to support future mining operations. A larger power capacity allows the company to deploy additional mining equipment and increase output over time.
CEO Matt Schultz reiterated details of the company's $1.15 billion zero-coupon convertible note offering, which provided long-term financing at no interest cost. The proceeds are intended to strengthen the balance sheet, fund infrastructure expansion, and support a share repurchase program, according to the announcement.
The production update follows the release of CleanSpark's fiscal 2025 financial results, which showed revenue more than doubling year-over-year to $766.3 million. The company has amassed more than 13,000 Bitcoin on its balance sheet, positioning it among the larger holders of the asset among publicly traded mining firms.
CleanSpark is expanding during a period of financial stress across the Bitcoin mining sector. November proved particularly challenging as the price of $Bitcoin fell more than 36% from its mid-October all-time high, eroding miner revenues and margins across the industry.
Data showed a widening performance gap between average miners and the most efficient operators, underscoring that scale and cost efficiency are increasingly critical for survival during prolonged downturns. The sector entered one of its most severe economic contractions in November, driven by collapsing revenue and elevated price volatility.
Mining-related equities have declined sharply as a result. Shares of MARA Holdings, Riot Platforms, and HIVE Digital Technologies have all come under significant pressure in recent weeks as investors reassess valuations amid deteriorating operating conditions.
CleanSpark shares have fallen more than 30% since mid-October despite the company's continued operations through the downturn. The stock performance reflects broader sector weakness as investors weigh near-term mining economics against long-term infrastructure buildout strategies.
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