CleanSpark is a U.S.-based bitcoin mining company that owns and operates 33 data center sites across Georgia, Tennessee, Mississippi, and Wyoming, with roughly 1,027 MW of contracted power capacity. CleanSpark runs ASIC miners that validate Bitcoin transactions, earning newly minted bitcoin and transaction fees in return. CleanSpark operates entirely on its own infrastructure — it does not host third-party miners — and contributes all of its hashrate to a single mining pool, which is effectively its sole customer. Revenue is driven by three factors: hashrate deployed (CleanSpark holds roughly 5-6% of global hashrate at 45.6 EH/s), bitcoin's spot price, and mining efficiency. Electricity is the largest cost, and CleanSpark's fleet efficiency of 16.7 W/TH is among the most competitive at scale. Beyond mining and selling bitcoin, CleanSpark retains a portion of mined bitcoin on its balance sheet, using it as collateral for borrowing and writing covered calls against it to generate additional income. CleanSpark is also developing an AI and HPC data center business, leveraging its existing power infrastructure and land portfolio. Key development sites include Sandersville, Georgia (250 MW, being repositioned from bitcoin mining) and Sealy, Texas (285 MW, a purpose-built AI campus targeted for H1 2027 energization). For AI/HPC, CleanSpark is targeting long-term leases with hyperscalers and large AI companies, funded through project financing against contracted lease revenue.