CleanSpark Reports Increased Net Loss in Second Quarter Due to Bitcoin Impairment

CleanSpark reported a net loss of $378.3 million in the second quarter, marking a 173% increase from the $138.8 million loss recorded in the same period last year. According to NS3.AI, the loss was significantly impacted by a $224.1 million impairment charge on Bitcoin holdings. As of March 31, CleanSpark valued its Bitcoin holdings at approximately $925.2 million. Additionally, revenue from Bitcoin mining decreased by about 25% year over year, totaling $136.4 million.