Company: CLSKW
Filing Date: 2025-11-25
Form Type: 10-K
Source: 0001193125-25-297510
Chunk: 19

Company: CLEANSPARK, INC.
Filing Date: 2025-11-25
Form: 10-K
Item: Item 6
Chunk 19
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 from 5 years to 3 years, which equaled $1,170 on a cost per bitcoin ratio for the year ended September 30, 2025. In fiscal 2023, the accelerated depreciation was applicable to certain miners removed from service prior to the conclusion of their originally estimated useful life. The number of bitcoin received by all the miners, including the Company, was reduced by 50% effective April 19, 2024 when the bitcoin algorithm halved the rewards from 6.25 per block to 3.125 per block.We have financing costs for a limited number of miners in our miner fleet, and such costs are recorded within Interest Expense in our Consolidated Statements of Operations and Comprehensive Income (Loss). The table above presents financing costs per bitcoin calculated by dividing direct interest expense on our miner financing agreement by the number of bitcoin mined in our owned facilities. On a cost per bitcoin ratio, financing costs were $44, $209 and $411 for the years ended September 30, 2025, 2024 and 2023, respectively.

53

The table below describes the average cost of mining each bitcoin for the years ended September 30, 2025, 2024 and 2023 and the total energy usage and cost per each kWh utilized within our hosted facilities.

     For the year ended

     Cost of Revenues - Analysis of costs to mine one bitcoin (per bitcoin amounts are actual)
      
     September 30,2025

     September 30,2024

     September 30,2023

     Cost of Mining - Hosted Facilities

     Direct hosting fees expense per one bitcoin
      
     $
     76,269

     $
     36,564

     $
     15,797

     Miner depreciation per bitcoin mined

     4

     22,374

     14,872

     Direct cost to mine including non-cash depreciation - Hosted facilities
      
     $
     76,273

     $
     58,938

     $
     30,669

     Accelerated depreciation per bitcoin mined

     —

     —

     4,668

     Direct cost to mine including non-cash depreciation and accelerated depreciation - Hosted facilities
      
     $
     76,273

     $
     58,938

     $
     35,337

     Average revenue of each bitcoin mined (1)
      
     $
     78,856

     $