Bitcoin mining company Cleanspark, in the last quarter of 2024 production costs decreased and the increase in Bitcoin prices increased a major increase in income.
Cleanspark’s revenues to a record level
The company generated $ 162.3 million in the first quarter of the 2025 financial year (the period ended on December 31, 2024). This means an increase of 120 %compared to the same period last year. In the same period, its net profit increased from $ 25.9 million to 241.7 million dollars and its earnings per share reached $ 0.85.
CEO Zach Bradford said that there are improvements in critical sector metrics such as business HASH ratio, mining efficiency, Bitcoin mining costs and system continuity on the basis of success.
The marginal cost of producing a BTC in this quarter decreased by 6 %to $ 34,000. In the same period, the price of Bitcoin exceeded $ 83,000 and exceeded the $ 100,000 historical threshold. Cleanspark also added more than 1,000 BTC to its reserve and reached a total of 10,556 BTC.
Bitcoin mining revenues on the rise
The rise in BTC prices enabled companies in the mining sector to make big gains. According to the data of the HC Wainwright & CO investment bank, miners’ income increased by 41 %between October-December 2024 to $ 3.7 billion.
Miners continue to accumulate Bitcoin
While BTC mining became one of the largest sectors in the crypto industry, the total market value of public – – -witted mining companies approached $ 50 billion in 2024.
As of February 7, the total market value of the 24 largest mining companies is around 48.1 billion dollars. Analysts Nico Smid and Cindy Geng say that BTC miners are increasingly accumulating more BTC and avoiding sales. This trend is likened to the strategy previously implemented by Microstrategy.
This growth in the mining sector has led to the formation of a new Stock Exchange Investment Fund (ETF) by Asset Management Company Grayscale.
The company launched the Grayscale Bitcoin Miners ETF (MNRS) fund on January 30th. This ETF is followed by companies that obtain most of their revenues from BTC mining or relevant equipment. With the increase in the price of BTC and the strategic moves of miners, the sector seems to have more growth potential in the coming period.
