CleanSpark cut Bitcoin mining hashing costs by 25% in Q4 last year

Odaily News Bitcoin miner CleanSpark's hash costs in Q4 2024 were about 25% lower than in the previous quarter, thanks mainly to the company's investment in upgrading its mining machines to make its equipment more efficient. CleanSpark's net spending on mining hardware in the fourth quarter was $192 million.
In terms of financing, CleanSpark raised $186 million through stock issuance and $635 million through convertible bonds, of which $145 million was used for stock repurchases. In January, CleanSpark produced 626 BTC and achieved a hash rate of 34.77 EH/s, becoming the second largest listed Bitcoin mining company in terms of production capacity.
Earlier news, CleanSpark released its fourth quarter 2024 financial report. The company's quarterly revenue reached $162.3 million, a year-on-year increase of 120%; net profit was $246.8 million, and adjusted EBITDA was $321.6 million. As of the end of 2024, the company held 10,500 bitcoins and total assets of $2.8 billion.