Bitcoin miner CleanSpark’s stock declines after the company reports a large quarterly net loss for the period ended March 31. Across reporting, CleanSpark posts a $378.3 million net loss in its fiscal second quarter, compared with a $138.8 million loss in the same quarter a year earlier. CoinDesk and CoinTelegraph both link a substantial portion of the loss to declines in the price of bitcoin and the resulting impact on the value of its bitcoin holdings. CoinTelegraph reports that nearly 60% of the loss is tied to bitcoin price declines.
The Block adds more detail on the source of the loss, saying CleanSpark loses about $224 million on its BTC holdings. It also reports that CleanSpark’s bitcoin mining revenue comes to $136.4 million, down 25% from $181.7 million a year earlier. The combination of weaker mining revenue and markdowns related to bitcoin price movement contributes to the wider-than-expected deficit cited by multiple outlets. CleanSpark’s results thus reflect both operational and market-driven pressures during the quarter.
