Bitcoin miner CleanSpark’s revenue increased by 400 percent, benefited from the increase in the price of bitcoin

The revenue of CleanSpark, the world’s most valuable cryptocurrency miner and energy technology company, grew 400 percent in FY21. However, the company also suffered a loss of $21.8 million or $0.75 per share. CleanSpark’s revenue for the October-September fiscal year stood at $49.4 million, up from nearly $1 million in the previous financial year.

According to a CoinDesk report, CleanSpark received the highest revenue of $27 million in the fourth quarter, largely due to the rally in the price of bitcoin. However, in the previous financial year, the company’s net loss was around $23.3 million or $1.07 per share. The company’s adjusted EBITDA stood at $9 million or $0.31 per share in FY21. The company has grown rapidly in the last eight months. In April, it contracted to buy 22,680 bitcoin miners.

In August, CleanSpark bought a second data center in Norcross, California in the US for $6.5 million. It has also bought additional mining machines in the last two months. The company recently acquired 20 MW of cooling infrastructure for the Norcross mining center. It currently has a computing power of 1.3 exhash per second. There are plans to increase it with additional mining power. Zach Bradford, CEO of CleanSpark, said, “The company is using renewable energy-powered machines and immersion cooling to make its operations more efficient. This is expected to increase production at the company’s mining centers and reduce costs. “

However, due to the high energy consumption in bitcoin mining, it is also being opposed in the US. Texas has emerged as a hub for bitcoin mining after China banned all crypto-related activities. A major reason for banning crypto mining in China was the high consumption of electricity in it. In Texas, crypto miners are being offered incentives such as tax exemptions and sales tax credits for up to 10 years. Two of the world’s largest crypto mines are being built in Texas. However, residents of Texas are not happy with this. He says that there is a shortage of electricity in Texas and the reason for this is bitcoin mining. In February this year, the Texas Electricity Board faced stiff opposition over a lack of electricity supply.

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