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With Bitcoin prices still slumped since this time last year, CleanSpark took time during its latest earnings call to assure investors of the firm's financial health.
According to statements provided by CleanSpark Inc., the U.S.-based Bitcoin mining company doubled the number of Bitcoin mined last quarter compared with Q2 of last year, but its revenue increased only 14%.
CleanSpark's CFO Gary A. Vecchiarelli said that the stunted revenue growth was largely a result of low Bitcoin prices.
"Our revenue per Bitcoin this quarter was approximately $22,700 whereas last year, our revenue per Bitcoin was over $41,000," Vecchiarelli said in a conference call.
He added that the company's improved hash rate makes it "well positioned to take advantage of even the slightest increase in bitcoin prices."
CEO Zach Bradford was quick to bring up the next halving event too.
The halving refers to the moment when miners’ block rewards will be cut from 6.25 to 3.125 bitcoin, which is expected to occur sometime next April.
"Only the most efficient miners will have the production capacity and balance sheets to capitalize on this historic event," Bradford said. He added that CleanSpark's current fleet averages 31 watts of electricity per Tera hash, which he expects to bring down as low as 26 watts by the end of the year.
CleanSpark and the Bitcoin halving
Bradford suggested that for CleanSpark the next halving is the starting line of the race and that the company is "driving energy into our operational muscles" in preparation for the event.
CleanSpark's training regimen appears to consist mostly of adding 65,000 more mining computers to their Georgia-based facilities, as well as maintaining low energy costs and building up its Bitcoin reserves.
CleanSpark is reportedly in the process of adding another 20,000 more Bitmain s19 jPro+ miners to its facility in Washington, GA in the coming months, and an additional 45,000 Bitmain XP miners to another facility in Sandersville, GA, by the end of the year.
According to Bradford, the added miners will boost the firm's total hash rate to 15.9 EH/s.
While bolstering its fleet will certainly improve CleanSpark's ability to rapidly mine Bitcoin, the firm is also striving “to leave the planet better than we found it.”
Executing on this value is easier said than done, however.
CleanSpark boasts that its mining is largely powered by a renewable energy mix, but also notes that it can't control the energy mix available at certain sites. To make up for some of the fossil fuel power used in its facilities, CleanSpark buys "renewable energy credits" through programs like "Georgia's Simple Solar."
Energy credit programs have, however, been criticized for not truly amounting to a reduction in fossil fuel use.