Bitcoin Miner Cleanspark Strikes Gold, Now Owes $185M in Tariffs 🤔

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In the second act of this year’s financial drama, U.S. bitcoin miner Cleanspark emerged from the wings with a flourish, reporting a revenue of $198.6 million-a 90% increase from the rather paltry $104.1 million they managed last year. Bravo, old bean! 👏

A Quarter Fit for Royalty (or at Least a Very Wealthy Duke)

Picture it: Cleanspark-yes, Cleanspark, that industrious little purveyor of digital gold-has just posted numbers so dazzling they could blind a man at ten paces. Their net income? A cool $257.4 million, or 90 cents per basic share, which is quite the upgrade from last year’s rather gloomy loss of $236.2 million. One might say it’s like swapping a soggy biscuit for a plate of caviar and champagne.

The company’s CEO, Zach Bradford, was positively brimming with enthusiasm as he declared:

“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.”

Indeed, it seems the good folk at Cleanspark have accomplished what many thought impossible: reaching 50 EH/s of operational hashrate in June while relying solely on American infrastructure. If that doesn’t warrant a ticker-tape parade down Wall Street, I don’t know what does. 🎉 And let us not forget their BTC treasury, now tipping the scales at over $1 billion-all achieved without diluting equity since November 2024. Truly, these are the stuff of legends.

A Tariff Tiff That Could Ruffle Feathers

But alas, dear reader, no tale of triumph is complete without a dash of intrigue-or, in this case, a whopping $185 million tariff dispute with U.S. Customs and Border Protection (CBP). It appears that certain bitcoin mining rigs imported between April and June 2024 have been flagged as being of Chinese origin. The CBP, ever the stickler for rules, demands payment forthwith.

According to a report by The Miner Mag, should the CBP prevail, duties may be retroactively slapped onto all miners imported since April 2024. Cleanspark, however, remains undeterred, insisting that the allegation is as baseless as a gossip column in a society rag. “The Company believes the CBP allegation… to be without merit,” they stated, adding that they intend to defend themselves “vigorously.” One imagines barristers sharpening their quills already. ✍️

And Cleanspark isn’t alone in this pickle. Fellow miner IREN finds itself in similarly hot water, facing a $100 million bill under identical circumstances. Both companies are digging in their heels, presumably hoping the whole affair will blow over like a summer storm. Let us hope their optimism proves well-founded, lest they find themselves up to their necks in legal quicksand. 😅

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2025-08-10 09:58