CleanSpark Releases November 2025 Bitcoin Mining Update

Rhea-AI Summary

CleanSpark (Nasdaq: CLSK) released its November 2025 mining update and fiscal 2025 results on Dec 3, 2025. Key points: 587 BTC mined in November and 7,124 BTC produced in CY2025; 13,054 BTC total holdings as of Nov 30, 2025. The company reported > $766 million in revenue for fiscal 2025 and closed an upsized $1.15 billion zero-coupon convertible notes offering due 2032 on Nov 13, 2025. In connection with the offering CleanSpark repurchased ~30.6 million shares (~10.9% outstanding) for $460 million. Operational fleet metrics: 50 EH/s operational hashrate, average operating hashrate 47.4 EH/s, deployed miners 246,104. Power portfolio: 1.45 GW under contract and 808 MW utilized.

Positive

• Fiscal 2025 revenue > $766 million
• Closed $1.15 billion zero-coupon convertible notes offering
• Repurchased ~30.6M shares (~10.9%) for $460M
• November production: 587 BTC; CY2025 production: 7,124 BTC
• Operational hashrate reached 50 EH/s
• Power under contract: 1.45 GW

Negative

• $1.15 billion convertible notes create potential future conversion-related dilution
• Repurchase used $460 million of proceeds, reducing available cash for other uses
• Sold 565.41 BTC for $52.0M, reducing liquid Bitcoin holdings available for upside

Insights

Energy & Crypto Mining Strategist

CleanSpark shows strong scale-up: large financing, share repurchase, rising contracted power and solid November production.

CleanSpark expanded contracted power to 1.45 GW and reported November production of 587 bitcoin with operational hashrate at 50 EH/s, supporting a business model that converts power capacity and deployed miners into mined bitcoin and BTC treasury accumulation. The closing of a 1.15 billion zero‑coupon convertible notes offering and a 460 million share buyback (about 10.9% of shares) materially alters capital structure and increases balance sheet flexibility to scale power and data center infrastructure.

Key dependencies and risks include execution of power expansion and leasing plans, effective use of net proceeds (explicitly stated as power/land expansion, data center development, repayment of bitcoin‑backed credit balances, and general corporate purposes), and maintaining mining efficiency given the reported peak fleet efficiency of 16.07 J/Th. The repurchase reduced float and used significant proceeds; this improves per‑share metrics if operational scale continues but raises near‑term liquidity deployment risk if expansion timelines slip.

Watch the following concrete items over the next 6–24 months: updates on additional contracted power or site leases beyond the stated 1.45 GW, quarterly audited confirmation of fiscal 2025 revenue of 766 million, utilization of remaining offering proceeds toward power and data center buildout, and month‑end BTC holdings and sales cadence versus the reported 13,054 BTC and 52,005,409 USD proceeds from 565.41 BTC sold. These milestones will show whether financing converts into higher hashrate and profitable production trajectory.

Mined 587 bitcoin and increased contracted power by nearly 11% during the month

Reported transformative fiscal year 2025 results with more than $766 million in revenue

Announced closing of upsized $1.15 billion zero-coupon convertible notes offering

LAS VEGAS, Dec. 3, 2025 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK), America's Bitcoin Miner® (the "Company"), today released its unaudited Bitcoin mining and operations update for the month ended November 30, 2025.

"CleanSpark's progress this year reflects what's possible when a team believes in a shared mission. Last month, we expanded our contracted power to over 1.4 GW with an additional 125 MW in TVA's service territory and had a successful closing of our $1.15 billion zero-coupon convertible notes offering," said Matt Schultz, Chief Executive Officer and Chairman. "Our team is focused on expanding CleanSpark's contracted power, continuing to mine efficiently, and positioning the business to rapidly lease existing capacity while maintaining optionality to shift hashrate to optimal segments of the portfolio. We are proud of fiscal 2025 and even more excited for the road ahead."

$1.15 Billion Financing and FY 2025 Financial Results
On November 13, 2025, CleanSpark announced the closing of a $1.15 billion offering of 0.00% convertible senior notes due 2032. In connection with the offering, the Company repurchased approximately 30.6 million shares (representing about 10.9% of its outstanding common stock) for $460 million. No shares were repurchased from directors or officers. Use of remaining net proceeds include expanding CleanSpark's power and land portfolio, developing data center infrastructure, the repayment of outstanding bitcoin-backed credit balances, and general corporate purposes.

On November 25, 2025, CleanSpark executives held a webcast to discuss full fiscal year 2025 results. During the call, members of management shared an update on the Company's AI strategic evolution and answered questions from the analyst community. The recording and transcript of the call are available on the Company website.

November 2025 Bitcoin Mining Highlights (Unaudited)

Production Metrics
Bitcoin produced	587
Peak single day bitcoin production	20.44
Average daily bitcoin production	19.54
CY2025 bitcoin produced	7,124
Fleet Metrics
Operational Hashrate1	50 EH/s
Average operating hashrate	47.4 EH/s
Peak efficiency of deployed fleet	16.07 J/Th
Deployed fleet as of November 30	246,104
Bitcoin Treasury Metrics
Total bitcoin holdings as of November 302	13,054
Total bitcoin sold3	565.41
Total USD proceeds from sale of BTC3	$52,005,409
Average price per BTC sold	$91,979
Power Portfolio Metrics
GW under contract4	1.45
Utilized MW5	808

¹Operational Hashrate refers to the highest hashrate historically achieved concurrently by all installed and functional miners that were: properly racked and configured, supported by energized infrastructure, and capable of actively contributing to our mining pool or directly to the Bitcoin network.

²As of November 30, 2025, CleanSpark's Bitcoin holdings were 13,054 in total (2,374 bitcoin of this amount was posted as collateral or as a receivable).

³Bitcoin sold is net of any bitcoin purchases.

⁴GW under contract includes all contracted power capacity for wholly owned or leased sites and excludes any other non-binding arrangements.  

⁵Utilized MW represents the maximum megawatts used concurrently in support of the fleet's Operational Hashrate.

About CleanSpark
CleanSpark (Nasdaq: CLSK), America's Bitcoin Miner®, is a market-leading data center developer with a proven track record of success. We own a portfolio of more than 1.4 GW of power, land, and data centers across the United States powered by globally competitive energy prices. Sitting at the intersection of Bitcoin, energy, operational excellence and capital stewardship, we optimize our infrastructure to deliver superior returns to our shareholders. Monetizing low-cost, high reliability energy by producing a global emerging critical resource – compute – positions us to prosper in an ever-changing world.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this press release, forward-looking statements include, but may not be limited to, statements regarding the Company's expectations, beliefs, plans, intentions, and strategies. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "forecasts," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. The forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: the success and performance of the Company's non-bitcoin data center activities and expansion into non-bitcoin infrastructure;  completion of construction, regulatory approvals, and electrical power availability to achieve anticipated growth; the success and performance of the digital asset management and derivatives trading activities, which were only recently commenced; the success of our digital currency mining activities; bitcoin volatility; the dependency on utility rate structures and government incentive programs;  and other risks described in the Company's prior press releases and in its filings with the Securities and Exchange Commission (SEC), including under the heading "Risk Factors" in those filings. Forward-looking statements contained herein are made only as to the date of this press release, and we assume no obligation to update or revise any forward-looking statements as a result of any new information, changed circumstances or future events or otherwise, except as required by applicable law.  

Investor Relations Contact  
Harry Sudock
702-989-7693 
ir@cleanspark.com 

Media Contact 
Eleni Stylianou
702-989-7694
pr@cleanspark.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/cleanspark-releases-november-2025-bitcoin-mining-update-302631445.html

SOURCE CleanSpark, Inc.

FAQ

How many Bitcoin did CleanSpark (CLSK) mine in November 2025?

CleanSpark mined 587 BTC in November 2025.

What were CleanSpark's reported fiscal 2025 revenues and when were they reported?

CleanSpark reported fiscal 2025 revenue of more than $766 million; results were discussed during a Nov 25, 2025 webcast.

What financing did CleanSpark (CLSK) close in November 2025 and what are the key terms?

On Nov 13, 2025 CleanSpark closed an upsized $1.15 billion 0.00% convertible senior notes offering due 2032.

How many shares did CleanSpark repurchase in connection with the Nov 2025 financing?

The company repurchased approximately 30.6 million shares, about 10.9% of outstanding common stock, for $460 million.

What is CleanSpark's operational hashrate and deployed fleet size as of Nov 30, 2025?

Operational hashrate was 50 EH/s with 246,104 deployed miners as of Nov 30, 2025.

How much contracted power does CleanSpark (CLSK) have and how much is utilized?

CleanSpark has 1.45 GW under contract and is utilizing 808 MW concurrently.