Bitcoin miner CleanSpark reported a web lack of $29 million for the quarter ending in December, beating analyst estimates of a $31.3 million loss.
It narrowly missed income estimates, posting $27.8 million, in comparison with the $29.5 million anticipated, in line with analyst estimates compiled by FactSet.
“Whereas we confronted headwinds attributable to depressed bitcoin costs throughout most of our fiscal first quarter, we persevered and grew,” stated CEO Zach Bradford. “Our common hashrate quickly elevated, outpacing international hashrate, and we mined probably the most bitcoin ever in a single quarter.”
The corporate had whole belongings of $487 million and liabilities of $59.8 million as of Dec. 31.
CleanSpark was up about 1.9% in after-hours buying and selling as of 4:15 pm ET.
Whereas many miners struggled with liquidity throughout the second half of the yr, the corporate was capable of benefit from the down market and purchase hundreds of discounted machines in addition to two mining websites in Georgia.
The final quarter culminated in Core’s Scientific chapter submitting and Argo Blockchain’s sale of its flagship facility.
“We now have been considerate and calculated patrons on this market, in search of out accretive acquisitions and effectively deploying capital,” CFO Gary A. Vecchiarelli stated. “We now have been profitable in sourcing and shutting transactions which not solely develop our share of the whole international hash charge, but in addition produce significant bitcoin and money circulate whereas nonetheless paying down what little debt we have now.”