In November, CleanSpark (CLSK), a Bitcoin miner, made more. This is impressive because miners are having a hard time in the digital asset market right now. The company said it mined 587 Bitcoin in November, which is 11% more than in October. This shows that it was still making a lot of money even if the whole sector was getting worse.
CleanSpark’s ability to sell power went up by 11%, to more than 1.4 gigawatts. The business can buy more mining hardware and expand its operations over time since it has more access to power. This is particularly critical for staying ahead in a market that is increasingly smaller.
The CEO, Matt Schultz, talked again about the company’s issuing of $1.15 billion in zero-coupon convertible notes. This allows the company long-term financing without having to pay interest. CleanSpark plans to use the money to enhance its balance sheet, construct more infrastructure, and help a program that buys back shares.
The operating update comes after the fiscal 2025 financial results indicated that sales more than doubled from the previous year, reaching $766.3 million.
Mining industry is under pressure since the price of Bitcoin is going down
CleanSpark is growing at a time when the Bitcoin mining industry is having more and more problems making money. November was especially painful because the price of Bitcoin fell more than 36% from its all-time high in mid-October. This impacted miners’ profits and made their margins narrower.
The Miner Mag’s data showed that the gap in performance between typical miners and the best ones was getting greater. This implies that size and cost-effectiveness are more critical for survival during long downturns. Mining stocks have been under a lot of stress: shares of MARA Holdings, Riot Platforms, and HIVE Digital Technologies have all declined a lot.
CleanSpark’s stock has also dropped more than 30%
Industry efficiency becomes the most important factor that sets companies apart. Analysts say that companies with robust power arrangements, contemporary fleets, and access to cheap cash are better able to handle the slump while the market continues to be volatile. CleanSpark’s larger power footprint and recent funding moves show that it is trying to create resilience as its competitors are dealing with more and more economic pressure.
Miners with old equipment or high energy expenses are facing some of the tightest margins since the last halving cycle. People who watch the industry say that prices staying low for a long time could lead to consolidation or drive smaller businesses to go out of business.