CleanSpark lifts output and power as Bitcoin miners face strain

Bitcoin mining company CleanSpark reported that it mined 587 Bitcoin in November, marking an 11% increase from October, while also expanding its contracted power capacity by about 11% to exceed 1.4 gigawatts. This elevated production occurs despite significant financial strain across the Bitcoin mining sector, driven by Bitcoin's price drop of over 36% from its mid-October high, which has eroded miner revenues and margins. CEO Matt Schultz also reaffirmed the company's $1.15 billion zero-coupon convertible note offering, intended to strengthen its balance sheet and fund infrastructure expansion. The update follows CleanSpark's fiscal 2025 results, which showed revenue more than doubling year-over-year to $766.3 million, highlighting the increasing importance of scale and cost efficiency for survival during industry downturns.

(Source：Cointelegraph)