Share this article
Bitcoin Miner CleanSpark Cuts 2023 Hashrate Outlook by Nearly 30%
The miner cited delays in building out a mining facility by one of its partners, Lancium.
By Aoyon Ashraf
Updated May 9, 2023, 4:04 a.m. Published Dec 14, 2022, 10:07 p.m.
Bitcoin miner CleanSpark (CLSK), lowered its year-end 2023 hashrate or computing power guidance to 16 exahash per second (EH/s), from 22.4 EH/s previously, citing delays in building a mining facility by one of its partners, Lancium.
The miner announced a partnership with energy technology company Lancium earlier this year for an initial 200 megawatts (MW) of power capacity in west Texas, which translates to 6.6 EH/s of hashrate, with an option for an additional 300MW in the future.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
However, Lancium informed CleanSpark that capital constraints have affected its ability to meet its commitments, according to a statement. The expected completion dates have been pushed into late 2023 or even later, which led to the guidance cut by the miner.
Crypto miners have been severely affected by the current crypto winter as the price of bitcoin has slumped, killing their revenue. Meanwhile, energy prices have soared, increasing their costs. This has resulted in one of the biggest mining data center operators in the U.S., Compute North, filing for Chapter 11 bankruptcy protection in September, while big players such as Core Scientific (CORZ), Argo Blockchain (ARBK) and Greenidge Generation (GREE) have all said they are experiencing a liquidity crunch.
In addition to the guidance cut, CleanSpark said that its fourth-quarter revenue rose 235% compared to the same period last year. Meanwhile, its net loss widened by 683% year over year, mainly due to the impairment of goodwill and bitcoin balances as well as non-cash charges due to modification of equity instruments, the company said in the statement.
Shares of the miner have fallen 12% on Thursday, while the price of bitcoin also declined about 2%. CleanSpark's shares have fared slightly better than most peers, falling about 79% this year, compared to other miners such as Core Scientific (CORZ) and Marathon Digital (MARA), whose shares have declined more than 80% this year.
Read more: Bitcoin Miner Core Scientific's Lender Wants to Give Miner $72M to Avoid Bankruptcy
UPDATE (Dec. 15, 16:09 UTC): Updates share price performance in the last paragraph.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Stablecoin Adoption Is ‘Exploding' — Here's Why Wall Street Is Going All-In
Alchemy co-founder and president Joe Lau said stablecoin adoption is exploding as banks, fintechs and payment platforms push beyond the USDT/USDC exchange era.
What to know:
- Stablecoin usage is quickly broadening from crypto-native exchanges into payments, payroll and treasury as companies chase 24/7, digital-native settlement, according to Alchemy Co-founder and President Joe Lau.
- Banks are pushing tokenized deposits as a regulated, bank-native alternative that delivers stablecoin-like benefits for institutional clients.
- The endgame is a two-track system — stablecoins for open, two-party settlement; deposit tokens for bank ecosystems, until scale forces convergence and competition, Lau said.
Top Stories
