CleanSpark produces 593 BTC and sells 821 in August

CleanSpark’s Bitcoin production increased during August

CleanSpark’s August output increased by seven BTC from the 586 BTC produced in July. The company achieved the increase even though its average operating hashrate slipped from 38.6 exahashes per second in July to 38.3 EH/s in August.

Its operational hashrate remained at 50 EH/s. CleanSpark defines operational hashrate as the highest computing power achieved concurrently by installed, energized and functional miners. It does not represent the average amount of capacity running throughout August.

The deployed fleet contained 201,269 machines as of Aug. 31. CleanSpark reported peak efficiency of 16.07 joules per terahash. It also disclosed 808 megawatts of maximum concurrent power use and 1.8 gigawatts of contracted capacity.

The 16.07 J/TH reading is a peak measurement, not the disclosed average efficiency of every operating machine. It therefore cannot be used by itself to calculate CleanSpark’s actual monthly electricity bill.

CleanSpark mining likely cleared electricity costs

Bitcoin mining economics improved during August, particularly after Bitcoin rallied during the final third of the month. Hashprice measures the revenue miners receive for each unit of computing power.

Luxor’s monthly analysis found that hashprice opened August at $31.63 per petahash per day and closed at $39.33. It averaged $34.63 for the month, its highest monthly level since May.

For mining equipment operating at exactly 16.07 J/TH, the August average hashprice produces an electricity-only breakeven price of approximately $0.090 per kilowatt-hour. The calculation divides daily revenue of $34.63 per petahash by approximately 385.7 kilowatt-hours of daily electricity consumption.

That threshold does not include employee costs, maintenance, property expenses, pool fees, depreciation, financing or corporate overhead. CleanSpark also did not disclose its average August electricity price or fleet-wide average efficiency.

Luxor estimated that fleets operating between 14 J/TH and 19 J/TH generated average energy revenue of about $87 per megawatt-hour during August. It estimated the industry’s average power cost at approximately $48 per megawatt-hour.

Those figures indicate that an efficient fleet could generate a positive gross margin after electricity. Since CleanSpark’s reported peak efficiency falls within that range, its best-performing machines likely cleared their direct power costs.

However, the available information does not establish whether CleanSpark’s entire mining operation produced a net profit in August. A definitive answer requires its actual power bill, average fleet efficiency and complete monthly operating expenses.

The broader industry also remained divided between profitable modern fleets and older machines operating below breakeven. Crypto.news previously reported that efficient miners remained profitable while operators using older machines and expensive electricity faced continued pressure.

Bitcoin sales exceeded monthly production by 228 BTC

CleanSpark sold 821 BTC during August. The total consisted of 77 BTC sold at spot prices, 500 BTC sold through call exercises and 244 BTC connected to a delta-neutral basis trade.

The company reported an average sale price of $65,420 per BTC. CleanSpark calculated that figure using net sale proceeds plus premiums generated, divided by the total Bitcoin sold. It is therefore not necessarily the simple spot-market price received for each coin.

With production of 593 BTC and sales of 821 BTC, treasury outflows exceeded new production by 228 BTC. That matches the reduction from 13,931 BTC at the end of July to 13,703 BTC at the end of August.

CleanSpark said 3,951 BTC, or approximately 29% of its holdings, were posted as collateral or recorded as receivables. All were connected to derivative transactions.

Its latest monthly release did not disclose the profits, losses, counterparties or maturity dates associated with those positions. The derivatives may produce premiums or hedge price risk, but they also introduce collateral and counterparty exposure.

Quarterly results do not settle August profitability

CleanSpark’s most recent quarterly financial results provide context but cannot determine its August performance. The quarter ended June 30, two months before the operational period covered by the latest update.

The company reported $138 million in Bitcoin mining revenue and $85.5 million in cost of revenue for that quarter, according to its SEC-filed results. Cost of revenue excluded depreciation and amortization.

Those figures show a positive margin between mining revenue and direct cost of revenue before other expenses. However, CleanSpark recorded a $239 million company-wide net loss. A $116.3 million Bitcoin fair-value loss contributed to that result, while payroll, professional fees and corporate expenses added further costs.

As crypto.news reported, quarterly revenue fell 30.5% from the previous year. The accounting loss should not be treated as evidence that every Bitcoin mined generated a negative direct margin.

Data center construction becomes the next focus

CleanSpark said construction continued at its Sandersville, Georgia, data center campus. The company associates the project with $6.6 billion in contracted revenue. That figure concerns expected revenue over the contract term and has not yet been fully recognized.

In Texas, ERCOT issued conditional batch-zero classifications covering 585 MW of contracted baseload capacity and 300 MW of studied load capacity. Conditional classification does not mean the sites have received every approval needed to operate at full capacity.

CleanSpark said it would continue working with ERCOT and the Public Utility Commission of Texas. Future updates should clarify the sites’ approval status, Sandersville construction and any changes to mining capacity.

The company’s September production report will also provide the next reading on hashrate, Bitcoin sales and treasury holdings. Its next financial filing will be needed to assess actual operating margins after electricity and other expenses.

No market-reaction section has been included because the operational release arrived at 4:15 p.m. Eastern Time on Sept. 8, after the regular U.S. trading session. The available closing price therefore does not provide a clean reaction to the announcement.