[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  Frans Bakker [@FransBakker9812](/creator/twitter/FransBakker9812) on x 7080 followers Created: 2025-06-20 10:16:45 UTC $IREN a measured and clean response Profitability I completely agree with the take that @IREN_Ltd is the only actually profitable Bitcoin miner right now. It’s not even really up for debate — the numbers are what they are. Let’s look at $CLSK (Cleanspark) first, excluding any gains or losses from fair value revaluation of their Bitcoin stack: - Dec 31, 2024 quarter: -$8.23M operating loss - Mar 31, 2025 quarter: -$10.373M operating loss Now compare that to $IREN over the same periods: - Dec 31, 2024 quarter: $31.099M operating profit - Mar 31, 2025 quarter: $35.527M operating profit Big difference. This is real operating profit — not just paper gains from holding Bitcoin. Because at the end of the day, mining is a real business: it takes energy, labor, infrastructure, and capital — and you either make money doing it or you don’t. @CleanSpark_Inc recently declared “escape velocity,” saying they’re now selling some of their mined coins to fund expenses. They’re positioning this as a way to avoid shareholder dilution and keep growing organically. Fair enough. But let’s be real — they’re trying to walk the line between a Bitcoin miner and a Bitcoin treasury company. As someone who’s a big fan (and shareholder) of @Metaplanet_JP — 2024’s best-performing stock globally and a pure BTC accumulation play — I actually welcome dilution, especially when it's done smartly with high mNAV and moving-strike warrants. That’s how you build BTC leverage. But Cleanspark? They’re not a treasury company. They’re a miner. And yet they rely heavily on BTC revaluation to boost their numbers. This quarter might again hand them a nice $23K–$25K gain per coin on paper thanks to FASB fair value rules. That could make them look profitable on the surface — but operationally? Still unlikely. Even with their aggressive 3-year depreciation schedule, they’re underperforming $IREN, which uses a more conservative 4-year schedule. That tells you something about efficiency and cost control. I’m not going to dedicate this entire post to bashing Cleanspark, but let’s call it like it is: $IREN is way ahead of $CLSK when it comes to profitable Bitcoin mining. Sure, $CLSK might get a boost if BTC keeps climbing, but should the market really reward a business that’s so dependent on price tailwinds just to stay afloat? Their last two quarters showed declining operating results QoQ. Meanwhile, IREN posted growth QoQ — that’s real operating leverage in action. Like I’ve said before: You either go full-on Bitcoin treasury mode, diluting as needed to stack more BTC and compound your holdings… OR you mine Bitcoin as a real business, reinvesting profits to hit scale and generate real free cash flow. Cleanspark tries to do both — and ends up being kind of neither. Not terrible, but not particularly great either. The stock’s been acting accordingly. IREN, on the other hand, treats mining as a stepping stone. The co-CEOs are real Bitcoiners (Dan’s ETH phase aside), but they don’t see BTC as a balance sheet asset — they’ve been clear that shareholders should hold Bitcoin themselves if they want that exposure. Now that they’ve paused EH/s expansion, it’s clear we’re entering Act II: AI + HPC infrastructure for co-location. And this pivot will end up being far more profitable and valuable, than anything we have seen so far. XXXXXX engagements  **Related Topics** [money](/topic/money) [mining](/topic/mining) [investment](/topic/investment) [$823m](/topic/$823m) [dec](/topic/dec) [stack](/topic/stack) [losses](/topic/losses) [bitcoin mining](/topic/bitcoin-mining) [Post Link](https://x.com/FransBakker9812/status/1936005291977707537)
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Frans Bakker @FransBakker9812 on x 7080 followers
Created: 2025-06-20 10:16:45 UTC
$IREN a measured and clean response
Profitability I completely agree with the take that @IREN_Ltd is the only actually profitable Bitcoin miner right now. It’s not even really up for debate — the numbers are what they are.
Let’s look at $CLSK (Cleanspark) first, excluding any gains or losses from fair value revaluation of their Bitcoin stack:
- Dec 31, 2024 quarter: -$8.23M operating loss
- Mar 31, 2025 quarter: -$10.373M operating loss
Now compare that to $IREN over the same periods:
- Dec 31, 2024 quarter: $31.099M operating profit
- Mar 31, 2025 quarter: $35.527M operating profit
Big difference. This is real operating profit — not just paper gains from holding Bitcoin. Because at the end of the day, mining is a real business: it takes energy, labor, infrastructure, and capital — and you either make money doing it or you don’t.
@CleanSpark_Inc recently declared “escape velocity,” saying they’re now selling some of their mined coins to fund expenses. They’re positioning this as a way to avoid shareholder dilution and keep growing organically.
Fair enough. But let’s be real — they’re trying to walk the line between a Bitcoin miner and a Bitcoin treasury company.
As someone who’s a big fan (and shareholder) of @Metaplanet_JP — 2024’s best-performing stock globally and a pure BTC accumulation play — I actually welcome dilution, especially when it's done smartly with high mNAV and moving-strike warrants. That’s how you build BTC leverage.
But Cleanspark? They’re not a treasury company. They’re a miner. And yet they rely heavily on BTC revaluation to boost their numbers. This quarter might again hand them a nice $23K–$25K gain per coin on paper thanks to FASB fair value rules. That could make them look profitable on the surface — but operationally? Still unlikely.
Even with their aggressive 3-year depreciation schedule, they’re underperforming $IREN, which uses a more conservative 4-year schedule. That tells you something about efficiency and cost control.
I’m not going to dedicate this entire post to bashing Cleanspark, but let’s call it like it is: $IREN is way ahead of $CLSK when it comes to profitable Bitcoin mining. Sure, $CLSK might get a boost if BTC keeps climbing, but should the market really reward a business that’s so dependent on price tailwinds just to stay afloat?
Their last two quarters showed declining operating results QoQ. Meanwhile, IREN posted growth QoQ — that’s real operating leverage in action.
Like I’ve said before: You either go full-on Bitcoin treasury mode, diluting as needed to stack more BTC and compound your holdings… OR you mine Bitcoin as a real business, reinvesting profits to hit scale and generate real free cash flow.
Cleanspark tries to do both — and ends up being kind of neither. Not terrible, but not particularly great either. The stock’s been acting accordingly.
IREN, on the other hand, treats mining as a stepping stone. The co-CEOs are real Bitcoiners (Dan’s ETH phase aside), but they don’t see BTC as a balance sheet asset — they’ve been clear that shareholders should hold Bitcoin themselves if they want that exposure.
Now that they’ve paused EH/s expansion, it’s clear we’re entering Act II: AI + HPC infrastructure for co-location. And this pivot will end up being far more profitable and valuable, than anything we have seen so far.
XXXXXX engagements
Related Topics money mining investment $823m dec stack losses bitcoin mining