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CleanSpark Reports Wider Q2 Loss After $224 Million Hit on Bitcoin Holdings

CleanSpark reported a $378.3 million net loss for the quarter ended March 31, widening from $138.8 million a year earlier, as a $224.1 million accounting loss on Bitcoin holdings weighed on results.

BTC

Fact Check
All key figures in the claim are directly confirmed by CleanSpark's own official investor relations press release ('CleanSpark, Inc. - CleanSpark Reports Second Fiscal Quarter 2026 Results'): the $378.3M quarterly net loss, the $224.1M accounting loss on Bitcoin holdings (confirmed by The Block), total assets of $2.9B, and the 300MW ERCOT-approved AI/HPC infrastructure in Brazoria, Texas. The Block's independent reporting corroborates every material figure. The PRNewswire release and social media posts further echo the same data. There are no conflicting figures from any source. The only minor nuance is that the claim describes the 300MW as 'advancing' AI/HPC infrastructure, which aligns with the official language of ERCOT approval and ongoing development rather than completed buildout.
Summary

CleanSpark reported a second-quarter net loss of $378.3 million for the quarter ended March 31, compared with a net loss of $138.8 million in the same period last year. The result included a $224.1 million accounting loss on its Bitcoin holdings. Earlier disclosed results also showed mining revenue fell 25% to $136.4 million, while the company held $925.2 million in Bitcoin at quarter-end and said total assets were $2.9 billion. Alongside the earnings pressure, CleanSpark said it is advancing 300MW of power generation capacity for AI and HPC infrastructure, highlighting expansion beyond core Bitcoin mining.

Terms & Concepts
  • Bitcoin holdings: Bitcoin kept on a company’s balance sheet, which can produce accounting gains or losses as market prices change.
  • Bitcoin mining: The process of using computing power to validate blockchain transactions and earn newly issued Bitcoin rewards.
  • HPC infrastructure: High-performance computing infrastructure, or large-scale computing systems designed for intensive processing workloads.