CleanSpark mined 587 Bitcoin in November, marking an 11% increase from October, even as market conditions remain tough for crypto miners. At the same time, the company expanded its contracted power capacity to more than 1.4 gigawatts, signaling a continued focus on scale and efficiency.
The miner said its power footprint grew by roughly 11% during the month. This capacity represents electricity secured for future operations, giving CleanSpark the flexibility to deploy more machines and increase production over time as conditions stabilize.
CEO Matt Schultz highlighted the company’s $1.15 billion zero-coupon convertible note offering, which provides long-term financing without interest costs. The capital is earmarked to strengthen the balance sheet, expand infrastructure, and support a share repurchase program.
The update follows CleanSpark’s fiscal 2025 results, which showed revenue more than doubling year over year to $766.3 million. The company now holds over 13,000 Bitcoin on its balance sheet, placing it among the larger public holders of BTC in the mining sector.
CleanSpark’s expansion comes during a period of intense pressure across the industry. In November, Bitcoin’s price fell more than 36% from its mid-October peak, compressing miner margins and accelerating financial stress for high-cost operators.
Data from the period shows a widening gap between average miners and the most efficient players. Scale, energy pricing, and balance sheet strength are becoming the deciding factors for survival as the sector enters one of its deepest economic contractions.
Mining stocks have reflected that stress. Shares of MARA Holdings, Riot Platforms, and HIVE Digital Technologies have all dropped sharply as investors reassess valuations in a lower-margin environment.
Despite continuing to operate through the downturn, CleanSpark shares are down more than 30% since mid-October. The decline mirrors broader sector weakness, as markets balance short-term mining economics against long-term infrastructure investments that may only pay off in the next cycle.
