Shares of CleanSpark fell as much as 6% on Tuesday, 12 May, after the Bitcoin miner reported second-quarter results that missed analyst estimates due to the drop in price of the largest cryptocurrency.
CleanSpark Shares Fall as Bitcoin's Drop Leads to Earnings Miss
12 May 2026 - 17:24 CEST
By Jona Jaupi
CleanSpark's shares traded around $13.70 on Tuesday morning after closing at $14.30 in the previous session, bringing the company's market capitalization to around $3.5bn.
The move came after CleanSpark reported second-quarter revenue of $136.4mn, below analyst estimates of roughly $144.8mn and down 25% from a year earlier.
The company also posted a net loss of $378.3mn, or $1.52 per share, compared with analyst expectations for a loss of about $0.18 per share.
The Bitcoin effect
The wider-than-expected loss was mainly due to declines in the value of the company’s Bitcoin holdings. CleanSpark recorded a $224.1mn loss related to Bitcoin pricing during the quarter. It also recorded a $38.8mn loss tied to Bitcoin-backed collateral.
Bitcoin (BTC) is currently trading at $80,740, down 8% year-to-date, according to CoinGecko data. In October 2025, the price of Bitcoin hit an all-time high of more than $126,000. The decline in the price of the cryptocurrency has dragged down the broader Bitcoin mining sector, which also moved lower on Tuesday.
Shares of Bitcoin miner MARA Holdings stock (MARA) are currently down more than 10% on the day, with others, including Riot Platforms, Core Scientific, and Hut 8, also dropping, posting losses of 7%, 4%, and 3%, respectively.
Push into AI
Looking forward, CleanSpark said it will continue expanding its infrastructure business as it pushes into artificial intelligence (AI) and high-performance computing (HPC).
The move reflects a broader shift across the mining industry, with more firms turning to AI and data centre infrastructure as Bitcoin mining profits come under pressure.
Core Scientific, which reported earnings last week, also expanded on its plans for building AI-focused infrastructure, pivoting away from Bitcoin mining.
Bitcoin’s hashprice – a measure of mining profitability – currently sits around $38.50 per PH/s, according to Hashrate Index data. That is down sharply from peak levels above $3,400 during the 2017 Bitcoin bull market.
