• Earlier this month, CleanSpark reported unaudited October and November 2025 production of 587 and then 587 Bitcoins, respectively, with November output slipping 4% as Bitcoin miners faced pressure from renewed crackdowns in China and a weaker crypto market backdrop.

• At the same time, CleanSpark is trying to broaden its identity beyond Bitcoin mining by raising US$1.15 billion through zero‑coupon convertible notes to fund data center, power infrastructure, and AI-focused high-performance computing capacity while conducting a sizable share repurchase.

• We’ll now explore how CleanSpark’s production dip and pivot toward AI-oriented infrastructure reshape the existing investment narrative around the stock.

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To own CleanSpark, you have to believe that its low cost bitcoin mining platform can stay profitable through crypto volatility while its push into AI and HPC gradually adds a second leg to the story. The recent 4% production dip and share price drop mainly reinforce the key short term catalyst and risk: bitcoin price sensitivity remains front and center, and any prolonged crypto weakness could matter more than incremental operational noise.

The most relevant recent move here is CleanSpark’s US$1.15 billion zero coupon convertible notes deal paired with a US$460 million buyback, which funded both AI oriented infrastructure expansion and a large reduction in share count. This significantly increases financial leverage at a time when investors are already focused on bitcoin price swings and AI related spending, sharpening the trade off between growth in data centers and the risk profile of the balance sheet.

Yet investors should be aware that if bitcoin prices stay weak for longer, CleanSpark’s heavier debt load and ongoing capex commitments could…

Read the full narrative on CleanSpark (it’s free!)

CleanSpark’s narrative projects $1.5 billion revenue and $319.0 million earnings by 2028.

Uncover how CleanSpark’s forecasts yield a $23.16 fair value, a 94% upside to its current price.

Nineteen fair value estimates from the Simply Wall St Community span roughly US$5.15 to US$29.26, showing how differently people are thinking about CleanSpark. You can set these views against the company’s heavy dependence on sustained bitcoin economics, which shapes both its earnings resilience and how the recent production and funding news might matter over time.