Bitcoin Miner Cleanspark Posts Record $257M Profit, Faces $185M Tariff Dispute

In Q2 of 2025, U.S. bitcoin miner Cleanspark reported a revenue of $198.6 million, marking a 90% increase from $104.1 million in the same period last year.

Q2 Financial Performance

In the second quarter of this year, U.S. bitcoin miner Cleanspark’s revenue soared to $198.6 million, an increase of more than 90% from the $104.1 million recorded in the same period last year. The net income for the quarter stood at $257.4 million, or 90 cents per basic share, a stark contrast to the net loss of $236.2 million, or $1.03 per basic share, registered in 2024.

The company’s performance has been hailed as Cleanspark’s best quarter ever, a vindication of its strategy. Zach Bradford, CEO of Cleanspark, said:

“This was the most successful quarter in CleanSpark’s history, and it reflects the strength of our strategy, the discipline of our execution, and the tireless commitment of our team. We reached 50 EH/s of operational hashrate in June, becoming the first public company to do so exclusively with American infrastructure, while achieving record basic EPS of $0.90 and nearly $200 million in revenue.”

Bradford also said the value of the miner’s BTC treasury now exceeds $1 billion, a feat he said was achieved “without raising capital through equity offerings since November 2024.” He revealed that Cleanspark now manages 5.8% of global Bitcoin hashrate and has over 1 GW of power contracted.

Dispute Over a $185 Million Tariff Bill

However, despite the impressive financial performance, Cleanspark faces a tariff bill of tens of millions of dollars from U.S. Customs and Border Protection (CBP). The bill is said to relate to certain bitcoin mining rigs that the U.S. border agency has deemed to be of Chinese origin. The rigs were reportedly imported between April and June 2024.

According to a report by The Miner Mag, if the CBP’s claim prevails, it could retroactively apply duties to all miners imported from April 2024 onward. Cleanspark, which estimates its total liability, excluding statutory interest, could rise to approximately $185 million, has disputed the CBP claim.

“The Company believes the CBP allegation of Chinese origin on its imported miners to be without merit and intends to defend against these charges vigorously,” CleanSpark explained in a filing.

Besides Cleanspark, the CBP has also targeted another publicly listed miner, IREN, which faces a $100 million bill. However, IREN is similarly disputing the claim that the mining rigs it imported between April 2024 and February 2025 are of Chinese origin.