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This statistic highlights CleanSpark’s Revenue by Segment from Q2 2019 onwards, split across Digital currency mining revenue, Energy hardware, software and services revenue, and Other services segments.
The following table highlights CleanSpark’s Revenue by Segment:
|Segment||Q1 2021||Q4 2021||Q1 2022||Contribution in Q1 2022|
|Digital currency mining revenue||$0.73||$22.75||$36.98||89.65%|
|Energy hardware, software and services revenue||$0.44||$5.19||$3.97||9.63%|
|Other services revenue||–||$1.19||$0.30||0.72%|
(All figures are in millions, except percentages)
There is a huge spike in the total revenue generated by CleanSpark. On a QoQ basis, the total revenue increased by 41.6%. Even on a YoY basis, there was an increase of 172.6%, which was due to the addition of mining revenue.
Digital currency mining revenue
This revenue segment includes the revenue generated from bitcoin mining. CleanSpark entered the bitcoin mining industry through its acquisition of ATL in December 2020. Together, with their wholly-owned subsidies – ATL and CleanBlok, the company mines bitcoin, which is their primary source of revenue.
CleanSpark retains a significant portion of the bitcoin they mine, however, it is sold from time to time, to support their operations and strategic growth. They do not engage in regular trading of bitcoin or hedging activities, however, they may, in the event of significant volatility in the market. Their decisions to hold or sell bitcoins are determined by analyzing forecasts and monitoring the market in real-time.
On a QoQ basis, this revenue increased by 62.5%. Even on a YoY basis, there was an increase of 494.4% in the revenue generated from this segment. This huge increase was due to the commencement of mining activities, which was only in Q1 2021.
Energy hardware, software, and services revenue
This segment includes the revenue generated from the energy solutions provided by the company. The solutions provided, consist of engineering, design, and software solutions, as well as custom hardware solutions. CleanSpark even provides solar, energy storage for microgrid, and distributed energy systems to military, commercial and residential customers and Open Automated Demand response services. Such solutions are supported by their proprietary suite of software platforms that include energy market communications, microgrid energy modeling, and energy management solutions such as:
On a QoQ basis, the revenue from this segment declined by 23.5%. However, on a YoY basis, there is an increase of 810% in the revenue generated.
Other services revenue
CleanSpark also provides other forms of services through its subsidies – p2kLabs and ATL. Through p2kLabs, the company provides software development, design, and other technology-based consulting services. These services are generally provided on hourly or fixed-fee project-based arrangements. Through ATL, CleanSpark provides traditional data center services, such as providing customers with rack space, power, and equipment, and offers several cloud services including virtual services, virtual storage, and data backup services.
On a QoQ basis, this revenue decreased by 75%. However, there is no YoY statistic as these services were incepted in Q3 2021.
About the Company
CleanSpark is a bitcoin mining and energy technology company, incorporated in Nevada, and listed on the NASDAQ with stock ticker CLSK. The company generates revenue from primarily two sectors – bitcoin mining and advanced energy technology solutions. They started functioning in both the areas from December 2020 and March 2014, respectively.
CleanSpark is currently working on developing long-term sustainability and clean energy plan with industry leaders and other advisors. They are also using all available clean and renewable energy resources, currently available, in all of their bitcoin mining locations.
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