Despite Gains, CleanSpark’s Production Still Trails Behind Competitors MARA and Riot Platforms

CleanSpark Inc., a U.S.-based Bitcoin mining firm, reported a 9.4% increase in Bitcoin production for the month of May 2025, signaling continued growth in operational efficiency and hashpower deployment. The company mined 694 BTC during the month, up from 633 BTC in April, and expanded both its hashrate and contracted power capacity — key indicators of mining scale and competitiveness.

Despite these improvements, CleanSpark still lags behind leading competitors like Marathon Digital Holdings (MARA) and Riot Platforms, which posted larger production increases in May.

Hashrate, Power Capacity, and BTC Treasury Growth

CleanSpark’s monthly operations report noted that the company achieved a hashrate of 45.6 exahashes per second (EH/s) by the end of May, up 7.5% from April’s 42.4 EH/s. The firm also expanded its contracted power capacity to 987 megawatts (MW), reflecting a steady infrastructure buildout.

The company’s Bitcoin treasury reached 12,502 BTC, more than double the amount held at the same time in 2024 — an increase of 103% year-over-year. According to CEO Zach Bradford, this growth was achieved without issuing equity since November 2024, underscoring the firm’s commitment to a capital-efficient, infrastructure-first strategy.

“May was a strong execution month for CleanSpark,” Bradford stated. “We increased our month-end hashrate to 45.6 EH/s while improving average fleet efficiency.”

BTC Sales and Financial Metrics

During the month of May, CleanSpark sold approximately 293.5 BTC at an average price of $102,254 per coin, resulting in roughly $30 million in gross revenue. The company’s ability to monetize part of its mined BTC supports ongoing operational funding without diluting shareholder value.

Financial results for Q2 2024 show CleanSpark generating $182 million in revenue, a 62.5% increase year-over-year. However, despite the revenue growth, the company reported a net loss of $139 million, reflecting ongoing investment and volatility in crypto markets.

Market Reaction and Share Performance

The announcement of CleanSpark’s May performance on June 3 was met with a 6.5% intraday increase in its stock price, with shares also up 12.4% over the past month — outperforming the Nasdaq index over the same period, according to Google Finance.

This upward trend reflects investor confidence in CleanSpark’s expanding capabilities, even as profitability remains elusive in a highly competitive mining environment.

Competitors Outpace CleanSpark in May Output

While CleanSpark’s growth is notable, Marathon Digital Holdings (MARA) and Riot Platforms posted stronger month-over-month performance:

• MARA mined 950 BTC in May, up from 705 BTC in April — a 34.8% increase, or an additional 7.2 BTC per day on average.

• Riot Platforms reported mining 514 BTC in May, compared to 463 BTC in April — an 11% gain.

Both MARA and Riot have also seen share price boosts in recent days, with MARA up 8% and Riot rising 6.5% as of the latest reporting.

While CleanSpark’s operational efficiency continues to improve, these figures place it behind MARA in total BTC output for May and only marginally ahead of Riot, despite operating with one of the largest contracted power capacities in the industry.

Strategic Positioning and Outlook

CleanSpark’s long-term strategy centers on maximizing infrastructure, improving fleet efficiency, and building its Bitcoin reserves without relying heavily on equity raises. This sets it apart from some competitors who have taken more aggressive fundraising approaches.

With more than 12,500 BTC on its balance sheet, CleanSpark is now the sixth-largest public Bitcoin holder, according to company disclosures — a statistic Bradford cited as “powerful validation” of the firm’s infrastructure-led approach.

Looking forward, CleanSpark appears focused on:

• Continuing hashrate expansion

• Leveraging existing BTC holdings for operational liquidity

• Maintaining low-cost, high-efficiency operations

However, the competitive landscape remains dynamic. As firms like MARA and Riot ramp up production more aggressively, CleanSpark will need to close the output gap while maintaining its infrastructure edge to secure a larger share of mining profitability.

Conclusion

CleanSpark’s 9% increase in Bitcoin production and steady expansion in hashrate and power capacity mark another milestone in its continued development as a major player in the Bitcoin mining sector. While its BTC treasury growth and capital discipline have impressed investors, the company still trails larger rivals in total production.

As the mining industry becomes increasingly competitive and capital-intensive, CleanSpark’s challenge will be to balance strategic expansion with financial sustainability — and to translate its growing operational scale into profitability and long-term shareholder value.