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Bitcoin mining is CleanSpark’s main revenue source. Its specialized computers supply processing power to Foundry Digital’s mining pool, which pays it in bitcoin based on the computing power contributed. Foundry is its sole mining customer, and either party can end the arrangement at any time. CleanSpark sells a substantial portion of the bitcoin it mines to pay operating costs and fund investment, while retaining some holdings. It also uses bitcoin-linked derivatives to generate liquidity and manage price exposure.
The economics depend on bitcoin’s price, the company’s share of the network’s total computing power and electricity costs—its largest direct mining expense. Competition for mining rewards and periodic reductions in bitcoin’s block reward affect how much it can earn. Utilities or government authorities can restrict electricity supply to its facilities, and expansion requires suitable power connections and permits.
CleanSpark is also developing data centers to host and lease capacity to artificial-intelligence and high-performance-computing companies, including a planned campus in Texas. This remains a developing business: it had not generated material revenue as of its latest supplied filing. Construction and customer onboarding must come before hosting and leasing income, so development requires substantial spending before cash starts coming in.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
CleanSpark’s results hinge on bitcoin mining margins and electricity costs, making Bitmain, which supplied 96% of its 2025 miner purchases, and Foundry, which handles all its mining-pool revenue, key companies to watch.
MARA Holdings and CleanSpark compete for bitcoin block rewards and transaction fees with large fleets of specialized mining machines and their own mining infrastructure, so bitcoin prices, mining difficulty and power costs affect both. Watch MARA’s bitcoin production and control of energy costs as a comparison for CleanSpark’s mining margins.
Riot Platforms and CleanSpark run large bitcoin-mining fleets competing for the same network rewards, with profitability exposed to bitcoin prices and electricity costs. Watch Riot’s deployed computing power and bitcoin output, alongside its access to low-cost Texas power, to compare CleanSpark’s position in that competition.
American Bitcoin and CleanSpark supply computing work to mining pools in return for bitcoin rewards, so both compete on their share of computing power and machine efficiency. Watch American Bitcoin’s operational fleet and energy use per unit of computing work; it owns the miners while Hut 8 manages the facilities.
Cipher Digital shares CleanSpark’s exposure to bitcoin mining margins and its push to develop powered sites for high-performance computing tenants. Both earn bitcoin through mining pools; watch Cipher’s development of facilities for hyperscaler tenants as a comparison for CleanSpark’s planned hosting and leasing business.
HIVE Digital Technologies Ltd. and CleanSpark both sell computing power from specialized mining machines to mining pools and develop infrastructure for AI workloads. HIVE already serves AI and graphics-rendering customers, making that business a useful comparison for CleanSpark’s planned AI and high-performance computing services.
Bitdeer competes with CleanSpark for bitcoin rewards by running a substantial mining business for its own account. Watch the energy efficiency and deployment of its own SEALMINER machines to compare the equipment competing against CleanSpark’s fleet.
Core Scientific overlaps with CleanSpark in bitcoin mining and in developing power-intensive AI data centers, earning mining rewards and serving third-party computing customers. Watch its progress in repurposing mining facilities for AI and high-density hosting as a comparison for CleanSpark’s diversification plans.
IREN is a mining rival named by CleanSpark, and its owned data centers and power pipeline also overlap with CleanSpark’s AI infrastructure ambitions. IREN supplies customers with computing and software for AI training and inference; watch how its secured power becomes operating AI cloud capacity.
Keel Infrastructure Corp. and CleanSpark remain mining-driven while pursuing high-performance computing leases: Keel had no HPC revenue at December 31, 2025, and CleanSpark had no material AI or HPC revenue when it filed its 2025 Form 10-K. Watch Keel’s planned leases to cloud providers, AI companies and enterprises, with initial data-center revenue expected in 2027, as a comparison for CleanSpark’s path beyond mining.
TeraWulf is a mining rival named by CleanSpark, and its long-term leases of high-performance computing facilities to hyperscale and enterprise customers overlap with CleanSpark’s planned diversification. Watch delivery of TeraWulf’s contracted HPC capacity to see how powered sites become customer-serving facilities.
Hut 8 overlaps with CleanSpark’s mining and planned HPC infrastructure businesses by developing powered sites and managing facilities for American Bitcoin’s miners. Watch how Hut 8 turns power access into managed services and digital infrastructure, rather than treating its facility operations as the same business as owning the mining machines.
Strategy and CleanSpark both carry bitcoin-price exposure in their valuations and reported results, although Strategy mainly uses debt to buy bitcoin while CleanSpark mines and holds it. Strategy sells analytics software to enterprise customers; its bitcoin-related unrealized losses and financing costs, rather than software sales, are the relevant comparison for CleanSpark’s bitcoin holdings.
Coinbase Global and CleanSpark are both exposed to crypto market cycles, but Coinbase collects fees from customers trading crypto while CleanSpark earns and holds bitcoin. Watch Coinbase’s consumer trading-fee revenue for a view of trading activity, not as a measure of CleanSpark’s mining profitability.
Riot Platforms, Inc. earningsRIOT
Riot Platforms’ report will show how its computing power and bitcoin output are changing, revealing whether it is gaining ground against CleanSpark for the same block rewards.
Read Riot’s deployed computing power alongside its bitcoin output. If both grow, Riot is competing for more of the network’s block rewards, making it harder for CleanSpark to maintain its own share. Slower deployment and output would suggest less pressure from Riot, but would not show that CleanSpark’s own computing power or output improved.
Strategy Inc earningsMSTR
Strategy’s report will show how bitcoin price changes and financing costs affect a company that holds bitcoin, offering a comparison for CleanSpark’s own bitcoin exposure.
Read Strategy’s bitcoin-related unrealized gains or losses alongside its financing costs. Larger gains with manageable financing costs show how a rising bitcoin price can help a holder’s reported results; larger losses or heavier financing costs show how price declines and the cost of carrying exposure can weigh on them. Strategy mainly buys bitcoin with debt, while CleanSpark mines it, so this comparison explains holding and financing effects, not CleanSpark’s mining profitability.
TeraWulf Inc. earningsWULF
TeraWulf’s report will show whether it can turn contracted high-performance computing facilities into operating capacity serving customers, a comparison for CleanSpark’s expansion.
Watch how much of TeraWulf’s contracted high-performance computing capacity is built on schedule and begins serving customers. Delivery as planned shows that powered sites can become customer-facing operations; delays reveal the construction, spending and customer-onboarding hurdles between planned and operating capacity. CleanSpark is developing hosting and leasing too, so this clarifies the steps it must clear, but does not show that it has similar customers or contracts.
CLEANSPARK INC earningsThis company
CleanSpark’s report will show whether it mined more bitcoin and whether electricity took a larger share of its mining revenue.
Read bitcoin mined alongside mining revenue, then compare energy expense with mining revenue. If revenue rises with more bitcoin mined and energy takes a steady or smaller share, both output and cost control are supporting mining economics. If revenue rises mainly with bitcoin’s price while output does not, or energy takes a larger share, the operating improvement is less solid. Also separate bitcoin fair-value changes from mining performance: they can affect net income without showing that mining became more efficient.
