With Bitcoin prices still slumped since this time last year, CleanSpark took time during its latest earnings call to assure investors of the firm’s financial health.
According to statements provided by CleanSpark Inc., the U.S.-based Bitcoin mining company doubled the number of Bitcoin mined last quarter compared with Q2 of last year, but its revenue increased only 14%.
CleanSpark’s CFO Gary A. Vecchiarelli said that the stunted revenue growth was largely a result of low Bitcoin prices.
“Our revenue per Bitcoin this quarter was approximately $22,700 whereas last year, our revenue per Bitcoin was over $41,000,” Vecchiarelli said in a conference call.
He added that the company’s improved hash rate makes it “well positioned to take advantage of even the slightest increase in bitcoin prices.”
CEO Zach Bradford was quick to bring up the next halving event too.
The halving refers to the moment when miners’ block rewards will be cut from 6.25 to 3.125 bitcoin, which is expected to occur sometime next April.
“Only the most efficient miners will have the production capacity and balance sheets…