Bitcoin Miners Surge: CleanSpark Breaks Records as Others Dive into AI & HPC

CleanSpark: Record Production and Strong Bitcoin Reserves

According to Finanztrends, CleanSpark, one of the most well-known publicly traded Bitcoin miners in the US, has achieved a record production of 706 Bitcoins in March, marking an increase of about 10% compared to previous months. The company, based in Henderson, Nevada, focuses on sustainable Bitcoin mining using low-cost energy sources and has steadily expanded its production despite significant fluctuations in the Bitcoin price.

CleanSpark has also managed to significantly reduce its cost per Bitcoin. In the last quarter, the average production price was only $34,000 per coin, an improvement from $36,250 in the previous quarter. The company rarely sells its mined Bitcoins; in March, only 14 coins were sold out of 706 produced. As a result, CleanSpark's Bitcoin treasury has grown to 11,869 coins, valued at over $1 billion at the current price.

Metric	Value
March Production	706 BTC
Average Production Cost (Q1)	$34,000/BTC
Bitcoin Treasury	11,869 BTC (~$1.11 billion)
Enterprise Value (EV)	$2.84 billion
Adjusted EV (incl. BTC reserves)	$1.79 billion
Expected EBITDA	$372 million

Despite the risks associated with Bitcoin price volatility, CleanSpark is considered attractively valued. If the Bitcoin price were to drop to $76,000, CleanSpark would lose about 40% of its EBITDA potential. However, the company plans to increase its production capacity by another 18% this year, which could further boost profits if Bitcoin prices rise.

Record production and cost reduction strengthen CleanSpark's position.
Large Bitcoin reserves provide significant liquidity and value.
Risks remain due to Bitcoin price volatility, but operational efficiency offers resilience.

Infobox: CleanSpark's strategy of holding Bitcoin and reducing production costs positions it as a strong leveraged alternative for medium- to long-term Bitcoin believers. (Source: Finanztrends)

Iris Energy (IREN Limited): Dual Strategy in Mining and AI Cloud

Börse Express reports that IREN Limited, formerly known as Iris Energy, is at a strategic crossroads. The company continues to expand its Bitcoin mining activities, currently operating at 40 EH/s with a goal to reach 50 EH/s by mid-2025. Despite a recent share price decline, IREN is positioning itself as one of the sector's lowest-cost producers.

The real surprise is IREN's strategic pivot: the company is building a new business in AI cloud services and data centers, leveraging significant power capacities in West Texas. This dual approach aims to offset the volatile revenues from Bitcoin mining with potentially more stable income from AI services.

Current mining capacity: 40 EH/s
Target capacity by mid-2025: 50 EH/s
Expansion into AI cloud and data center business

Analysts are divided: some see potential in the dual strategy, while others point to ongoing challenges in profitability and cash flow. The company's success depends on whether the new AI business can compensate for the volatility in mining revenues.

Infobox: IREN Limited is taking a risky but potentially rewarding path by combining Bitcoin mining with AI cloud services, aiming to stabilize its business model. (Source: Börse Express)

Bitcoin Mining: Opportunities for Renewable Energy and Grid Stability

According to it boltwise, Bitcoin mining is often criticized for its high energy consumption, accounting for about 0.4% of global electricity use. Most of this energy comes from fossil fuels, contributing to pollution and climate change. However, new studies suggest that Bitcoin mining could also have positive effects on the energy sector.

Experts argue that Bitcoin mining can support the adoption of renewable energy sources like solar and wind by increasing their economic viability. Miners can use surplus energy from renewable plants that would otherwise go unused, improving profitability and helping stabilize power grids by absorbing peak loads. Additionally, the heat generated by mining can be repurposed for heating buildings or pools, as already practiced in a New York City spa.

Bitcoin mining uses about 0.4% of global electricity.
Potential to utilize surplus renewable energy and stabilize grids.
Innovative use of mining heat for secondary purposes (e.g., heating).

Some companies are already working with grid operators to run mining machines only when there is excess energy, helping to smooth out grid fluctuations and reduce reliance on fossil fuels. The challenge remains to increase energy efficiency and the share of renewables in mining operations.

Infobox: While Bitcoin mining poses environmental challenges, it also offers opportunities for the energy sector, especially through integration with renewables and innovative heat utilization. (Source: it boltwise)

Cipher Mining: Riding the Bitcoin Rally, Facing Mixed Analyst Views

Börse Express highlights that Cipher Mining, a major US Bitcoin miner, has seen its stock surge nearly 30% in a week, with a 3% jump on Friday alone. The company operates 75,000 active mining rigs with a hash rate of 13.5 EH/s and produced around 210 Bitcoins in March, including joint venture earnings. The "Black Pearl" project, a key construction in West Texas, is reportedly ahead of schedule.

Metric	Value
Active Mining Rigs	75,000
Hashrate	13.5 EH/s
March Production	210 BTC
2024 Loss	$44.6 million
Average Analyst Price Target	$8.13

Analyst opinions are split. Canaccord Genuity maintains a "Buy" rating with a target of $8, while the average consensus is $8.13, representing over 160% upside from the current price. However, some warn about ongoing losses, with Cipher Mining posting a $44.6 million loss in 2024. Institutional investors like Barclays and Geode Capital have significantly increased their positions.

Strong production and capacity expansion
High volatility: annualized at 123%
Upcoming quarterly results on May 13 are highly anticipated

Infobox: Cipher Mining is a high-risk, high-reward play directly tied to Bitcoin's price, with significant institutional backing and upcoming key financial disclosures. (Source: Börse Express)

Cipher Mining: Diversification into High-Performance Computing

Another report from Börse Express details Cipher Mining's efforts to diversify by entering the high-performance computing (HPC) market alongside its core Bitcoin mining business. The company is building the 300-megawatt Black Pearl data center in West Texas, set to go online in mid-2025, which will serve both Bitcoin mining and AI applications.

As of March 2025, Cipher Mining holds 1,034 BTC (some pledged as loan collateral) and operates 75,000 mining devices. The company produced around 210 Bitcoins in March. Analyst opinions vary widely: Clear Street has a $6 price target and a "Buy" rating, expecting significant revenue growth by 2027, while JPMorgan recently downgraded to "Neutral." Cantor Fitzgerald lowered its target from $11 to $10 but maintains an "Overweight" rating, citing the HPC potential as a "free option" for added value.

Black Pearl data center: 300 MW, operational mid-2025
Bitcoin holdings: 1,034 BTC
March production: 210 BTC
Mixed analyst ratings, reflecting both optimism and caution

The company's stock has risen nearly 29% in the past week but is still down over 36% year-to-date and nearly 60% from its all-time high in November 2024. The main risk remains Cipher Mining's heavy dependence on Bitcoin prices, but the HPC expansion could provide a more stable revenue stream if successful.

Infobox: Cipher Mining is betting on diversification into HPC to reduce its reliance on volatile Bitcoin revenues, but the outcome remains uncertain amid mixed analyst sentiment. (Source: Börse Express)

Sources: