CleanSpark allocates Bitcoin profits toward AI foray

CleanSpark is channeling proceeds from its Bitcoin mining operations directly into its new artificial intelligence (AI) division.

The company used capital from over $64 million in recent sales to secure critical power and land for data centers.

On Nov. 4, Bitcoin (BTC) mining company CleanSpark announced its October operational results, revealing a new blueprint in which its crypto mining arm is now directly funding a corporate future.

The company confirmed that it sold 589 Bitcoin last month for over $64 million in proceeds, capital it is immediately deploying to secure 271 acres of land and 285 megawatts of power near Houston, Texas, for a dedicated AI data center.

“These milestones show that we’re not just talking about growth — we’re executing it. While Bitcoin remains an integral part of our business, we’re equally focused on developing large-scale data centers that will power the next generation of innovation across the digital world,” CleanSpark CEO Matt Schultz said.

Industry veteran Jeffrey Thomas is leading CleanSpark’s AI pivot. A key infrastructure partnership with immersion cooling firm Submer, according to the press release.

CleanSpark moves from Bitcoin blocks to compute power

In October, CleanSpark produced 612 bitcoin, bringing its total for the calendar year to 6,537 coins. This consistent output is supported by a deployed fleet of over 240,000 miners, achieving a peak operational hashrate of 50 exahashes per second.

The company’s efficiency remains a key advantage, with its best-performing machines operating at 16.07 joules per terahash.

Despite selling 589 bitcoin last month, CleanSpark’s total holdings still stand at a substantial 13,033 bitcoin. The sales, executed at an average price of $110,057 per BTC, provided the non-dilutive capital that CFO Gary Vecchiarelli emphasized is critical for funding new ventures without weakening shareholder equity.

Notably, CleanSpark is far from alone in this endeavor. IREN, the Australian-born miner formerly known as Iris Energy, triggered a sector-wide revaluation this year after rebranding as an AI-first infrastructure firm. Its $9.7 billion agreement with Microsoft for data center capacity, paired with a $5.8 billion GPU procurement deal with Dell, cemented the company’s pivot and sent its stock surging more than 580% year-to-date.

Competitors, including Riot Platforms, Cipher Mining, and TeraWulf, have also expanded into high-performance computing, collectively pushing Bitcoin miners into a new role of powering America’s AI ecosystem.