COINOTAG News reported on February 7 that Bitcoin mining leader CleanSpark has unveiled its impressive Q4 2024 financial results, highlighting a quarterly revenue of $162.3 million, signifying a phenomenal 120% year-over-year growth. The firm’s net profit surged to $246.8 million, while their adjusted EBITDA stood at $321.6 million, illustrating robust operational efficiency. By the end of 2024, CleanSpark’s asset portfolio included 10,500 bitcoins and a total asset value of $2.8 billion. Notably, the company’s cost for mining each bitcoin is remarkably low at approximately $34,000. CFO Gary Vecchiarelli emphasized that mining remains more profitable compared to purchasing bitcoins in the current market climate. Looking ahead, CleanSpark has ambitious plans to elevate its hash rate to 50 EH/s in the first half of 2025, leveraging expansions across several states, including Wyoming, Tennessee, and Georgia.
Source: https://en.coinotag.com/breakingnews/cleansparks-q4-2024-report-bitcoin-mining-firm-sees-120-revenue-surge-and-plans-expansion/