CleanSpark (CLSK) Jones Healthcare and Technology Innovation Conference summary

Company evolution and differentiation

• Originated as an energy company with expertise in distributed energy resource management and control systems, later pivoting to Bitcoin mining leveraging energy sector knowledge.

• Built microgrids for military and commercial clients, focusing on resiliency and cost efficiency.

• Differentiation stems from energy-first approach and operational expertise, not just digital asset focus.

• Achieved milestones such as NASDAQ listing and S&P SmallCap 600 Index inclusion.

Industry outlook and market dynamics

• Aggregate mining revenue has grown since 2023 but remains below 2021 peak; long-term growth tied to adoption, regulatory environment, and energy relationships.

• Increasing network difficulty is expected to force less efficient miners offline, organically increasing market share for efficient operators.

• Bitcoin is showing signs of becoming a risk-on asset, outperforming other groups during recent global financial volatility.

• Hash price declines with each halving; efficiency and scale are key to maintaining profitability.

Operational strategy and efficiency

• Focus on maintaining top-tier uptime, fleet efficiency, and liquidity, rather than being number one in every metric.

• Operates 31 data centers with nearly a gigawatt of power and a lean workforce, emphasizing operational flexibility and real-time energy management.

• Majority of future growth is immersion-cooled, with supply chain secured for this technology.

• Maintains one of the lowest SG&A ratios in the industry, with disciplined cost management and non-dilutive capital strategies.