CleanSpark allocates Bitcoin profits toward AI foray
CleanSpark is utilizing $64 million from Bitcoin sales to fund a pivot into artificial intelligence (AI), including securing power and land for a new AI-focused data center in Texas. In October, CleanSpark sold 589 Bitcoin, produced 612 BTC, and maintained total holdings of 13,033 Bitcoin, while achieving operational efficiency with high-performing mining machines. This pivot aligns with an industry trend where competitors like IREN, Riot, and Cipher are transitioning from Bitcoin mining to AI and high-performance computing infrastructures. CleanSpark's CEO emphasized the dual focus on Bitcoin mining and developing large-scale AI data centers to fuel digital innovation.
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Transition from Bitcoin Mining to AI
CleanSpark is using proceeds from its Bitcoin mining operations to fund its new artificial intelligence (AI) division. The company generated more than $64 million in Bitcoin sales during October, which it used to acquire critical power and land resources for establishing a dedicated AI data center in Texas.
October Operational Highlights
In October, CleanSpark sold 589 Bitcoin for proceeds amounting to $64 million, which were immediately invested in acquiring 271 acres of land and 285 megawatts of power near Houston, Texas. Additionally, the company produced 612 BTC last month, bringing its total output for 2025 to an impressive 6,537 BTC. CEO Matt Schultz emphasized, 'While Bitcoin remains an integral part of our business, we’re equally focused on developing large-scale data centers to drive the next generation of digital innovation.'
Efficient Mining Operations
CleanSpark’s mining efficiency is a key strength, highlighted by a fleet of over 240,000 miners achieving a peak operational hashrate of 50 exahashes per second. The company’s best-performing machines operate at 16.07 joules per terahash, reflecting their technical efficiency. Despite selling a substantial amount of Bitcoin, CleanSpark still retains 13,033 BTC, underscoring its dominant position in the industry.
Industry-Wide Shift Toward AI
CleanSpark’s pivot mirrors similar moves within the industry. Firms like IREN, Riot Platforms, and Cipher Mining are also transitioning from Bitcoin mining to high-performance computing (HPC) and AI-focused infrastructure. For example, IREN’s rebranding as an AI-first firm involved a $9.7 billion agreement with Microsoft for data center capacity and a $5.8 billion GPU procurement deal with Dell, boosting its stock valuation by more than 580% year-to-date.
Leadership and Strategic Partnership
Under the leadership of industry veteran Jeffrey Thomas, CleanSpark is supported by a critical infrastructure partnership with immersion cooling firm Submer, which plays a vital role in its AI expansion. According to CFO Gary Vecchiarelli, the capital raised from Bitcoin sales is 'non-dilutive' and essential for funding the company’s new ventures while preserving shareholder equity.