Curious about CleanSpark net worth in 2024? You’ve come to the right place. Here, I’ll break down CleanSpark’s market value, assets, and performance metrics.
Brought to you by Ando Money, this in-depth analysis will give you a better grasp of the company’s standing in the financial world.
Quick Facts
| FACT | DETAIL |
|---|---|
| Name | CleanSpark, Inc. |
| Full Name | CleanSpark, Inc. |
| Industry | Bitcoin Mining |
| Traded as | Nasdaq: CLSK |
| ISIN | N/A |
| Founded | N/A |
| Founders | N/A |
| Country/Territory | United States |
| Headquarters | Henderson, Nevada |
| Chief Executive Officer | Zach Bradford |
| Number of Employees | 62 |
| Market Cap | $2.22 billion |
| Total Assets | $1.48 billion |
| Total Equity | $1.40 billion |
| Revenue | $104.1 million (Q3 2024) |
| Net Income | ($236.2 million) (Q3 2024) |
What is the Net Worth/Market Cap of CleanSpark in 2024?
As of October 2024, CleanSpark holds a market capitalization of $2.22 billion, placing it among the notable mid-sized players in the Bitcoin mining sector.
When comparing its value to other entities, it provides an intriguing contrast to bigger players while remaining relevant in the cryptocurrency ecosystem.
Notably, CleanSpark’s net worth is growing at a steady pace, even if it lags behind some giants of the financial world. For those curious about other major brands within its ecosystem, here’s a quick list of related companies:
- Coinbase
- Bitcoin
- Nasdaq
- Cryptocurrency miners
- Digital currency
- Cryptocurrency
To learn more about the richest companies, check out our latest insights.
CleanSpark Financial Performance Overview
Revenue Growth in Q3 2024
CleanSpark‘s Q3 2024 revenue reached $104.1 million, representing a significant increase of 129% year-over-year. This growth is remarkable, especially when considering the challenges posed by the volatile Bitcoin mining market.
The company’s revenue primarily comes from its Bitcoin mining operations, which contributes directly to its overall financial health.
Despite the unpredictable nature of cryptocurrency valuations, CleanSpark has managed to establish itself as a significant player in this space, particularly through effective asset management and strategic partnerships.
Current Assets and Liabilities
The company has total current assets of $598.8 million, which includes cash amounting to $129.2 million and Bitcoin holdings worth $413.0 million.
The current liabilities are listed as $67.0 million, which implies a robust working capital of $531.9 million.
This working capital is a key indicator of CleanSpark’s liquidity and its ability to cover short-term obligations.
For companies in the rapidly evolving cryptocurrency sector, maintaining strong liquidity is crucial for withstanding market downturns and funding expansion initiatives.
Strategic Partnerships and Financing
CleanSpark recently entered a partnership with Coinbase, securing a $50 million line of credit.
This strategic move has enabled the company to leverage its Bitcoin holdings for operational flexibility, while also maintaining a relatively low cost of capital.
Partnerships like these underscore CleanSpark’s efforts to optimize its financial structure by reducing its dependency on high-interest loans, thereby lowering financial risk.
Such collaborations are not only critical for day-to-day operations but also pivotal for seizing new market opportunities in an environment prone to rapid changes.
Net Loss and Efficiency Improvements
Despite the impressive revenue growth, CleanSpark recorded a net loss of ($236.2 million) in Q3 2024. This loss was driven primarily by non-cash impairments related to replacing less efficient mining hardware.
The strategic decision to upgrade and enhance its mining fleet has led to significant non-cash expenses, but the company believes this investment will pave the way for increased efficiency and future profitability.
The mining hash rate reached over 22 EH/s, showcasing CleanSpark’s efforts to scale up its operations, and a 21% increase in efficiency year-to-date highlights its commitment to maximizing resource utilization.
Asset and Equity Position
The total assets of CleanSpark stand at $1.48 billion as of June 2024. This substantial asset base supports its operations and expansion efforts across different states, such as Tennessee and Wyoming.
The company’s total equity is listed at $1.40 billion, reflecting its solid foundation and investor confidence, even in a challenging economic climate. Notably, the company maintains a minimal amount of debt at $11.0 million, showcasing a strong balance sheet.
This relatively low leverage further reduces financial vulnerability, making it well-positioned for continued expansion in the coming years.
Adjusted EBITDA and Operational Metrics
CleanSpark’s adjusted EBITDA in Q3 2024 was ($12.7 million), down significantly from $13.3 million in the prior year period.
This shift reflects the company’s transition phase as it replaces older mining units with more efficient technology.
Moreover, the Bitcoin halving and fluctuating cryptocurrency prices have added layers of complexity to the company’s operations.
Nevertheless, CleanSpark has managed to sustain its gross margins, which points to effective cost control and optimization of its deployed fleet.
Looking Ahead: Growth Potential and Challenges
With expansions into Tennessee and Wyoming underway, CleanSpark aims to broaden its operational footprint and boost productivity. However, challenges such as increasing difficulty rates for mining and market volatility remain key risks.
To tackle these, the company has demonstrated resilience by continuously improving operational efficiency and maintaining strategic alliances, such as the Coinbase credit facility.
These strategies indicate that CleanSpark is positioning itself for long-term success, despite the inherent uncertainties of the cryptocurrency mining industry.
FAQs About CleanSpark
Where is CleanSpark headquartered?
CleanSpark is headquartered in Henderson, Nevada, United States.
Who is the CEO of CleanSpark?
Zach Bradford is the current Chief Executive Officer of CleanSpark, leading its efforts in Bitcoin mining and overall operations.
What are the total assets of CleanSpark?
As of June 2024, CleanSpark reported total assets of $1.48 billion, including mining assets and cash holdings.
What is CleanSpark’s partnership with Coinbase about?
CleanSpark entered a strategic partnership with Coinbase for a $50 million line of credit, using its Bitcoin holdings as collateral to ensure operational funding.
How does CleanSpark’s mining operation impact its financials?
CleanSpark’s Bitcoin mining operation is its primary revenue source, contributing significantly to its $104.1 million revenue in Q3 2024.
Conclusion
Thank you for exploring CleanSpark’s financial landscape with me.
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