Company: CLSKW
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0000950170-25-015470
Chunk: 76

Company: CLEANSPARK, INC.
Filing Date: 2025-02-06
Form: 10-Q
Item: Item 2
Chunk 76
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 mine bitcoin profitability. Our ability to mine profitability is dependent on successfully navigating these fluctuating variables, which include bitcoin’s value in USD (the volatility of which is described above), mining difficulty, block rewards and halving, global hashrate, power prices, fleet energy efficiency, data center energy efficiency and other factors.

The energy efficiency of a mining fleet helps drive profitability, because the most significant direct expense for bitcoin mining is power. We measure efficiency by the watts (or joules) of energy required to produce each terahash of processing power. We believe we operate a highly efficient fleet of miners. 

The table below describes our fleet as of December 31, 2024 and 2023 and our miner efficiency and computing power as compared to the global computing power. 

    As of

    Combined facilities
     
    December 31,2024

    December 31,2023

    Global hashrate (in terms of EH/s) (1)

    803.0

    558.4

    Miner efficiency (w/th) (2)

    17.6

    26.4

    CleanSpark hashrate (in terms of EH/s)

    39.1

    10.0

    CleanSpark percentage of total global hashrate

    4.87
    %

    1.80
    %

    (1)  Total global hashrate obtained as of December 31, 2024 and 2023 were from Hashrate index (https://data.hashrateindex.com/network-data/network) using SMA 7 days and YCHARTS (https://ycharts.com/indicators/bitcoin_network_hash_rate), respectively.

    (2) Watts of energy required to produce each terahash of processing power.  Based on miner fleet operating at period end.

As of December 31, 2024, our operating hashrate was approximately 4.87% of the total global hashrate, and we received approximately the same percentage of the global blockchain rewards, which as of that date equaled approximately 21-22 bitcoin per day, excluding the bitcoin earned from network transaction fees. Ultimately, in order to mine profitably, we work to ensure that these mining rewards cover our direct operating costs. 

8

The table below describes the average cost of mining each bitcoin for the three months ended December 31, 2024 and 2023 and the total energy usage and cost per each kil