CoinDesk
CleanSpark (CLSK) dropped more than 9.4% in pre-market trading Tuesday after reporting a net loss of $378.3 million for the quarter ending March 31 — nearly triple the $138.8 million loss posted in the same period last year, and more than triple the analyst EPS estimate of a 41-cent loss. The actual loss came in at $1.52 per share. Revenue fell 25% year-over-year to $136.4 million, missing the $154.3 million consensus estimate.
The bulk of the damage was non-cash: a $224.1 million bitcoin fair value loss drove the headline miss, reflecting the brutal mining economics the sector is navigating. With the estimated average cost to mine one bitcoin sitting around $88,000 in mid-March against a spot price hovering just above $80,000, every major miner is currently operating in the red on a per-coin basis.
CEO Matt Schutz is leaning into the industry-wide pivot, announcing plans to…
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