Company: CLSKW
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0000950170-25-015470
Chunk: 144

Company: CLEANSPARK, INC.
Filing Date: 2025-02-06
Form: 10-Q
Item: Item 8
Chunk 144
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    Direct cost to mine one bitcoin as % of average bitcoin mining revenue - Including direct energy cost only

    40.5
    %

    35.1
    %

    Direct cost to mine one bitcoin as % of average bitcoin mining revenue - Including miner depreciation expense

    78.7
    %

    67.0
    %

    Statistics

    Owned Facilities

    Total bitcoin mined at owned facilities

    1,817

    1,711

    Bitcoin mining revenue - Owned facilities - ($ in thousands)
     
    $
    152,561

    $
    62,400

    Total miners in service in owned facilities - as of the periods ended

    186,878

    72,234

    Total KWHs utilized

    1,251,929,017

    495,197,028

    Total energy expense - ($ in thousands)
     
    $
    61,649

    $
    21,871

    Cost per KWH
     
    $
    0.049

    $
    0.044

    Energy expense as percentage of bitcoin mining revenue, net

    40.4
    %

    35.0
    %

    Other direct costs of mining - non energy utilities - ($ in thousands)
     
    $
    150

    $
    42

    Depreciation Expense - Miners Only - ($ in thousands)
     
    $
    58,052

    $
    19,477

    Direct miner financing costs - ($ in thousands)
     
    $
    178

    $
    405

(1) Average revenue of each bitcoin mined is calculated by dividing the sum of bitcoin mining revenue for our owned facilities by the total number of bitcoin mined by our owned facilities during the respective periods. We have determined that Coinbase is the principal market for valuing bitcoin transactions and use the closing price of bitcoin at 23:59:59 UTC as the source of recording revenue. See the table “Range of intraday bitcoin prices” for information on the range of intraday bitcoin prices for quarterly periods since September 30, 2023.

Power prices are the most significant cost driver for our wholly owned locations, and energy expense represented 40.4% and 35.0% as expressed as a percentage of bitcoin mining revenues during the three months ended December 31, 2024 and 2023, respectively.