CleanSpark, a cryptocurrency mining company, reported a significant increase in revenue and profitability in its first fiscal quarter of 2025, ending December 31, with revenue reaching $162.3 million—a 120% increase year-over-year. Profits rose dramatically to $241.7 million, or $0.85 per share, up from just $25.9 million the previous year. The company attributed its success to lower production costs and rising Bitcoin prices, adding over 1,000 BTC to its balance sheet to reach a total of 10,556 BTC. The surge in Bitcoin prices contributed to a broader increase in miner revenues, which rose by 41% to $3.7 billion from October to December 2024. Analysts noted a trend among miners to retain more of their mined Bitcoin instead of selling it. The popularity of Bitcoin mining has grown, leading to new investment products such as the Grayscale Bitcoin Miners ETF, which was launched to track companies focused on BTC mining.

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