Bitcoin mining company CleanSpark (CLSK) maintained elevated production levels in November, signaling elevated revenue generation despite a challenging environment for cryptocurrency miners and the broader digital asset market.
The company reported Wednesday that it mined 587 Bitcoin (BTC) during the month, an 11% increase from October.
CleanSpark also expanded its contracted power capacity by approximately 11% to more than 1.4 gigawatts, a key measure of the electricity the company has secured to support future mining operations. A larger power footprint allows the company to deploy more mining equipment and scale output over time.
CEO Matt Schultz also reiterated the company’s $1.15 billion zero-coupon convertible note offering, which provided long-term financing at no interest cost. The proceeds are intended to strengthen CleanSpark, Inc.’s balance sheet, fund infrastructure expansion, and support a share repurchase program.
The mining update follows the release of CleanSpark’s fiscal 2025 financial results, which showed revenue more than doubling year-over-year to $766.3 million.
Source: Blockspace
Related: CleanSpark secures second BTC-backed credit line this week without share dilution
Bitcoin miner economics under strain
CleanSpark is expanding production capacity during a period of heightened financial stress across the Bitcoin mining industry. November proved particularly challenging, as the price of Bitcoin fell more than 36% from its mid-October all-time high, eroding miner revenues and margins.
As reported by Cointelegraph, the industry entered one of its most severe economic downturns in November, driven by collapsing revenue and elevated price volatility.
Data from The Miner Mag showed a widening performance gap between average miners and the most efficient operators, underscoring that scale and cost efficiency are increasingly critical for survival during prolonged downturns.
CleanSpark has amassed more than 13,000 BTC on its balance sheet. Source: BitcoinTreasuries.NET
Mining-related equities have declined sharply as a result. Shares of MARA Holdings, Riot Platforms and HIVE Digital Technologies have all come under significant pressure.
Although CleanSpark has continued to operate through the downturn, its shares have also fallen more than 30% since mid-October.
Magazine: 7 reasons why Bitcoin mining is a terrible business idea
