CleanSpark (CLSK) is one of the largest US Bitcoin miners, focused on sustainable energy. Here's their mining strategy, hashrate growth, treasury approach, and how CLSK compares to Marathon and Riot.
CleanSpark (CLSK) is one of the largest publicly traded Bitcoin mining companies in the United States, distinguishing itself from competitors with a specific focus on sustainable energy and a stated commitment to using primarily clean or renewable power sources.
Founded in 2014 originally as an energy technology company, CleanSpark pivoted to Bitcoin mining in 2020 and has since grown aggressively through both organic expansion and acquisitions of mining facilities across the US.
CleanSpark's core strategy centers on three pillars:
1. Sustainable energy focus: CleanSpark has publicly committed to mining Bitcoin using primarily carbon-neutral energy sources. As of 2026, the company claims 80%+ of its energy comes from sustainable sources including natural gas (with carbon offsets), nuclear, hydro, and wind.
2. Geographic diversification: CleanSpark operates mining facilities across multiple states including Georgia, Tennessee, Wyoming, Mississippi, and others. This geographic spread reduces regulatory risk and allows the company to opportunistically access cheap power across different markets.
3. Operational efficiency: The company focuses relentlessly on power costs ($/kWh) and machine efficiency (J/TH). Management consistently ranks fleet efficiency metrics as central to competitive positioning.
CleanSpark has grown its hashrate aggressively:
| Year | Hashrate (EH/s) |
|---|---|
| 2021 | ~1 EH/s |
| 2022 | ~3 EH/s |
| 2023 | ~8 EH/s |
| 2024 | ~25 EH/s |
| 2026 | ~40+ EH/s (estimated) |
(Note: 1 exahash = 1,000 petahash = 1,000,000 terahash)
For context, the total Bitcoin network hashrate is approximately 700–800 EH/s. CleanSpark at ~40 EH/s represents roughly 5–6% of total network hashrate — a significant market share for a single company.
CleanSpark's treasury approach has evolved over time. The company historically sold a portion of mined Bitcoin to fund operations (paying for electricity, staff, and hardware), while retaining some coins.
In 2024–2025, CleanSpark adopted a more aggressive HODL stance — reducing the percentage of mined Bitcoin sold and accumulating reserves on the balance sheet. This is the corporate treasury strategy pioneered by MicroStrategy, applied to a mining company.
The argument: If you believe Bitcoin will appreciate significantly, mining companies that HODL their mined Bitcoin participate in both the mining economics and the spot price appreciation. This creates dual exposure.
CleanSpark stock (CLSK) typically trades at a significant premium or discount to its Bitcoin holdings plus mining operations, based on investor sentiment about mining stocks generally.
Mining stocks have historically exhibited "beta" to Bitcoin — they rise more than Bitcoin in bull markets and fall more than Bitcoin in bear markets. This leverage comes from:
Risk factors unique to CLSK vs. direct Bitcoin:
The three largest publicly traded US Bitcoin miners:
| Company | Ticker | ~Hashrate (2026) | Focus |
|---|---|---|---|
| Marathon Digital | MARA | ~50 EH/s | Largest US miner, mixed energy |
| CleanSpark | CLSK | ~40 EH/s | Sustainable energy focus |
| Riot Platforms | RIOT | ~35 EH/s | Texas-heavy, power credits strategy |
Marathon (MARA): The largest US miner by hashrate. Geographic diversity including international sites. More aggressive HODL strategy on Bitcoin treasury.
CleanSpark (CLSK): Sustainability focus differentiates it. Growing rapidly through acquisitions. Primarily US-focused.
Riot (RIOT): Texas-heavy strategy. Benefits from ERCOT's power credit programs (selling power back to the grid during peak demand — generating revenue during periods when mining is paused). Innovative energy management.
Arguments for CLSK:
Arguments against CLSK:
Verdict: CLSK makes sense as a small satellite position for investors who want Bitcoin leverage beyond direct holdings, particularly in tax-advantaged accounts (IRAs, 401ks) where Bitcoin ETFs are the alternative. It should not be treated as a substitute for direct Bitcoin or a Bitcoin ETF for serious HODLers.
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