Prepared remarks
Good afternoon. My name is Jeannie, and I will be your conference operator today. I would like to welcome everyone to the CleanSpark Fiscal Year Third Quarter 2025 Earnings Conference Call. Thank you. Harry, you may begin your conference.
Thanks, Jeannie, and thank you for joining us today for the Third Quarter Fiscal Year Financial Results for CleanSpark, America's Bitcoin miner, covering the period April 1, 2025, through June 30, 2025. Our press release was issued about 30 minutes ago and is available on our website at www.CleanSpark.com. Additionally, the 10-Q will be filed shortly. Today's call is also being webcast, and a replay and transcript will be available on our website. On the call with me are: Zach Bradford, our Chief Executive Officer; and Gary Vecchiarelli, our Chief Financial Officer. Keep in mind that some of the statements we make today are forward-looking and based on our best view of the world and our business as we see them today. The statements and information provided remain subject to the risk factors disclosed in our most recently filed annual report and 10-Q. We will also discuss certain non-GAAP financial measures concerning our performance during today's call. You can find the reconciliation of non-GAAP financial measures in our press release, which is available on our website. And with that, it's my pleasure to turn the call over to Zach.
Thanks, Harry, and good afternoon. I'm happy to welcome you to our call discussing CleanSpark's fiscal third quarter 2025 performance. This quarter was our most successful to date across many measures and reinforces the strength of our strategy. We are well-positioned for continued growth, backed by excellent operations, a robust balance sheet, and conducive macro and policy trends. While sustained Bitcoin performance played a role, our success is rooted in strategic discipline and the hard work of our entire team. Our record revenue and earnings per share of $0.90 are supported by billions in investments across four states, over one gigawatt of contracted power, and today's price of about $1.5 billion worth of Bitcoin. As America's Bitcoin miner, we uphold high standards and set ambitious but attainable targets. Achieving 50 exahash of operational hash rate was vital to our strong results, a milestone achieved through disciplined execution.
Our third quarter revenue was nearly $200 million, up 94% from the same period last year and more than 9% compared to the previous quarter. We posted earnings per basic share of $0.90, supported by healthy gross margins of 54.6%. Importantly, we mined 2,012 Bitcoin and our treasury value increased to approximately $1.08 billion by the end of the quarter, up more than $100 million since last quarter. This growth came from both production and Bitcoin price appreciation, all while self-funding operations, reinforcing our prudent accumulation strategy. Our total Bitcoin in treasury was 12,608 at the quarter's end, demonstrating our ability to scale without relying on equity funding since early November 2024. June 30 marked a historic high for Bitcoin's quarterly close, driven by global adoption, rising institutional investment, and the asset class's maturation. Additionally, we are the only large-scale holder to have mined every Bitcoin we have in our treasury.
We do so because we can generate Bitcoin below market prices. Our cost per Bitcoin in the third quarter was $44,806, significantly below the average spot price of about $98,500 during that time. Regarding our fully self-operated infrastructure, our team reached the 50 exahash target on June 24, making us the first publicly traded company to achieve this milestone exclusively with American infrastructure. Our fleet averaged power efficiency was just over 16 joules per terahash at the quarter's end, and we are continuously working to improve that number, solidifying our fleet as one of the most efficient in the world. Our operational scale and fleet efficiency, combined with our flexible operating model, enable us to aim for profitability rather than fixed power costs. We have over one gigawatt in our power portfolio and are currently using about 80% of that total, leaving over 200 megawatts available for immediate expansion.
In the fiscal third quarter, our all-in cost per kilowatt hour was $0.056, nearly $0.005 lower than the previous quarter, reflecting lower seasonal power prices as we moved from winter to spring. We also energized additional sites in our power portfolio, which helped lower our average power costs and showcased the advantages of our diverse and adaptable energy strategy. Our goal continues to be reducing power costs across our operations while focusing on profitability. Achieving 50 exahash in June marked an important milestone in our company's history, reflecting years of focused strategy and a commitment to the CleanSpark way. This growth was not by chance; it is the result of building and operating our infrastructure from the ground up, providing us with the control and scalability to lead the industry. We have never sought growth for its own sake; every new megawatt and exahash was developed to provide long-term shareholder value and advance our vision of being the global leader in Bitcoin mining, built in rural America.
Consider the speed of our achievements. At the end of fiscal 2024, our operational hash rate was 27.6 exahash. In only nine months, we nearly doubled that figure to 50 while improving our fleet efficiency and overall performance. Here's how we accomplished this: Tennessee became our second-largest source of hash rates, thanks to two acquisitions and a 60-megawatt greenfield development, marking the fastest state-level ramp-up in our history. Our growth in Tennessee illustrates our land and expand strategy. We also opened two new sites in Wyoming, which offers low-cost, reliable energy and supportive local, state, and federal leadership. Though our Wyoming operations are currently smaller than those in Georgia and Tennessee, the region presents an opportunity for future megawatt evaluations. We continue to optimize and expand our operations in Mississippi and Georgia, with Georgia significantly contributing to our 50 exahash milestone.
I want to highlight our rapid execution with a recent example: we closed on land in rural Georgia in mid-May, and just five weeks later, we had immersion-cooled mining operating on-site. This kind of speed is made possible by strong collaboration among our construction, deployment, operations, and growth teams. This project exemplifies our commitment to expedited revenue generation, reflecting how we set industry standards daily and embody the mission of CleanSpark. This is CleanSpark at its core—disciplined, fast, and unified. Our team is our greatest strength, and when they follow our established playbook, we have a formidable advantage. Looking ahead, we will leverage our experience to drive our next phase of mining and power expansion. As mentioned on our last call, we have shifted away from time-based exahash guidance. We are now focused on capturing a larger share of the global hash rate as a key metric, which we believe indicates our market competitiveness.
At the end of fiscal 2024, we held 4.3% of the global hash rate with 27.6 exahash. Reaching 50 in June increased our share to 5.6%, demonstrating our ability to exceed the broader mining landscape and generate more Bitcoin over time. We are not slowing down; we are actively working to deliver another 10 exahash of operational hash rate efficiently. All miners necessary for this growth have been secured, nearly half of the required infrastructure is ready, and we are finalizing the plans for the rest. At today’s difficulty, this expansion would equate to approximately a 1% increase in global hash rate, which would further bolster our competitive position and demonstrate our ongoing execution at scale. A core principle of Bitcoin is its decentralized nature, which ensures that no single entity dominates the network's hash rate. With our 5.8% share of the global hash rate at 50 exahash, CleanSpark stands among the largest miners globally, an advantageous position for us and a positive sign for the Bitcoin ecosystem.
We have significant growth potential while remaining appropriately sized within the decentralized framework. Bitcoin's scarcity is also intentional, with a limited amount available to miners each day. This underscores why we focus on responsibly contributing the necessary proof of work to expand our network share on behalf of our shareholders. We have multiple proven strategies to capture additional market share, develop new power pipeline capacity for our infrastructure, optimize our mining fleet for greater hash rate efficiency, create new sites through greenfield developments, and pursue capacity through strategic acquisitions. These strategies are not just theoretical; we have executed them effectively at scale. They form the foundation of our growth playbook as we work to deliver long-term value. Our aim has always been to be the best pure-play vertically integrated Bitcoin mining company in the industry.
While other computational models like AI and HPC have garnered interest, repurposing mining infrastructure for such uses is more complex than it seems. Operators face higher capital intensity, uncertain customer demand, and rapidly changing hardware that can jeopardize project returns. In contrast, Bitcoin mining remains a tested and scalable model, especially in today’s favorable market conditions that we have optimized better than anyone else. This focus places CleanSpark in a unique position as the only large-scale pure-play Bitcoin miner with entirely self-operated infrastructure, a status achieved through careful strategy rather than rigid adherence to ideology. We have followed this path because we believe our power contracts and land assets are utilized most effectively in our mining efforts. However, we recognize that power has value regardless of its application. We consider our real estate portfolio, power agreements, and geographic positioning as valuable assets independent of their use for Bitcoin mining.
Some sites in our existing operational area and our pipeline could deliver superior value through alternative use cases. Therefore, we remain flexible in exploring monetization opportunities that enhance shareholder value when certain sites offer more lucrative options due to their location or infrastructure. Currently, CleanSpark has a substantial power pipeline that can sustain ongoing growth. We are assessing around 1.2 gigawatts of potential short-term power opportunities, primarily in areas where we have experience operating or with trusted partners we have collaborated with successfully in the past. The value that we provide to utilities in these regions is clear; in tight power markets, adaptable clients like us help manage demand and bolster grid stability. In addition to our near-term pipeline, we are considering an extra 1.7 gigawatts of long-term power possibilities. These longer-term projects will necessitate utility-level investments in infrastructure.
This layered pipeline ensures we maintain long-term access to scalable, low-cost power and enables us to execute with precision, speed, and efficient capital usage when the time is right. As we move from evaluating projects to implementation, we will carry out our growth strategies to best utilize these opportunities for operational excellence throughout the growth cycle. Our record speaks for itself; we are adept at identifying and seizing high-return opportunities. This discipline allows us to grow swiftly and efficiently while keeping capital management at the forefront of all our decisions. The good news for us and the entire Bitcoin ecosystem is that we are now experiencing substantial regulatory support, both in Washington, D.C. and in various state capitals across the country. On July 18, I was proud to be present at a White House event where President Trump enacted the GENIUS Act.
This legislation, led by Senator Bill Hagerty of Tennessee, establishes a clear regulatory framework for U.S. dollar-backed stablecoins, which is anticipated to boost demand for both U.S. treasuries and Bitcoin. Earlier that week, the U.S. House of Representatives approved another significant bill, the Clarity Act, which aims to establish a comprehensive federal framework for non-stablecoin digital assets like Bitcoin, further affirming Bitcoin's classification as a commodity. This could unlock trillions in capital flows and foster greater integration with mainstream financial markets. Additionally, progress is also being made at the state level. Senator Cynthia Lummis of Wyoming remains a staunch advocate for our industry, pushing for a federal strategic Bitcoin reserve. States like Texas and New Hampshire have taken steps toward creating similar reserves. We also saw a recent executive order making Bitcoin a qualified asset in 401(k) accounts.
Collectively, these developments signify increasing acknowledgment of Bitcoin's significance in U.S. innovation, energy policy, and monetary resilience, representing true advantages for CleanSpark's continued development. Progress in this domain extends beyond Washington as Wall Street and capital markets increasingly bolster Bitcoin adoption. One emerging trend to monitor is the rise of Bitcoin treasury companies, which consist of public entities accumulating Bitcoin on their balance sheets through direct purchases instead of production. These companies represent a growing segment of capital activity vying for a limited resource, pushing spot prices higher. As this landscape evolves, CleanSpark's model becomes even more advantageous; we create Bitcoin at lower market rates through our mining operations and, unlike treasury companies, do not compete for coins in the open market—we mine efficiently ourselves.
In a race to accumulate Bitcoin that is picking up speed, we believe mining remains the most strategic and scalable route to long-term value. Moreover, Bitcoin is not merely a passive asset on our balance sheet. We have a dedicated digital asset management team operating an institutional-grade trading desk to supplement our operations and generate responsible risk-adjusted yields. Since our inception, our approach has been measured and prudent. In late May, our team executed our first derivatives trade. June marked the first full month of trading activity, which we treated as a proof of concept focused on execution quality, counterparty vetting, and operational security. This gradual approach is designed to establish a sustainable strategy that responsibly capitalizes on Bitcoin's natural volatility while safeguarding our capital and protecting shareholder value. While the program is still in its early phases, I am happy to report that our initial outcomes have been strong and in line with our expectations.
We will measure success across quarters and cycles, not merely on a monthly basis, while maintaining feedback loops to promote continuous learning and improvement. Before turning the call over to Gary, I want to emphasize a few foundational concepts that continue to drive our performance and define our identity. Our four strategic pillars—energy, Bitcoin, operational excellence, and capital stewardship—anchor everything we do. We focus on key performance indicators that truly matter, such as global hash rate percentage, operational hash rate, fleet efficiency, marginal mining costs, uptime, and Bitcoin in treasury. These metrics are the actual drivers of scale, performance, and long-term business health. We call this disciplined approach the CleanSpark Way, executed through our team's daily diligence. It goes beyond philosophy; it is ingrained in our operations and our successes. This quarter, the combination of strategy, execution, and culture came together to produce record-setting results—our strongest quarter in company history.
I want to express my gratitude to every team member for fully embracing this vision and propelling CleanSpark to its position as the leading publicly traded Bitcoin miner globally. Now, I will hand the call to our CFO, Gary Vecchiarelli, for a deeper dive into the financials. Gary, it’s over to you.
Thank you, Zach. As we've mentioned, our fiscal third quarter was record-setting in so many ways. But as we dive into the numbers, please keep in mind that our success this quarter has been the logical result of our focus on bringing traditional bottom-line business discipline to one of the newest and most innovative industries in the world. Our revenues for the third quarter were approximately $199 million, an increase of $95 million or 91% over the same quarter last year. We produced 2,012 Bitcoin for the quarter, 436 more than the same quarter last year or an increase of 28%. Notably, this was also a few Bitcoins shy of our all-time high production of 2,031 Bitcoin in fiscal Q2 '24, which immediately preceded the halving event. This is representative of the significant growth we've achieved in a short 15-month time frame and especially impressive given the impact of the mid-April 2024 halving.
Our average revenue recognized per Bitcoin produced in Q3 was approximately $99,000 each, which is an increase of approximately $33,000 or 50% over the same quarter last year. Looking at our margins, our gross profit increased by approximately $50 million year-over-year with a profit margin of 55% for this quarter. When compared to the immediately preceding second quarter, our gross profit increased $12 million or 13% during the period. This quarter's increase in gross profit was primarily due to the combination of greater Bitcoin production at higher Bitcoin prices and lower energy costs, significantly outpacing difficulty. This quarter, we recognized net income of approximately $257 million. Our adjusted EBITDA was $378 million for the quarter. On a normalized basis, when taking out non-cash items, it was $78 million, which represents the cash generated from our mining operations net of all cash expenses.
Notably, our marginal cost per coin was $44,806, which represents an increase of only 5% over the immediately preceding second quarter. The slight increase in our marginal cost per coin is primarily attributed to an increase in mining difficulty. However, it is important to note that we have made investments in acquiring and maintaining one of the world's most efficient mining fleets, for which we have seen an increase in efficiency and corresponding decrease in energy usage per terahash. Prioritizing fleet efficiency has always been a core strategic theme for CleanSpark, and it is one of the reasons why we have been so successful at driving shareholder value through counter-cyclical investment. Our all-in cost per kilowatt hour decreased during the quarter to $0.056. As we have mentioned on prior calls, we intentionally manage to profitability rather than to a specific cost per kilowatt hour.
This maximizes our Bitcoin production numbers and may result in us occasionally mining Bitcoin at higher prices per kilowatt hour. Looking at our overhead and expenses, our total cash overhead, which we consider to be professional fees, salaries and wages, and G&A expenses less stock-based compensation, increased approximately $4.6 million or 17% over Q2. This was primarily driven by an accrual due to a true-up on our local property taxes and property and casualty insurance policy. I've spoken on prior calls about our risk-averse approach to safeguarding our assets. As a result, ensuring our top-of-the-line fleet comes at a cost. And since we have significantly grown the value of our miners, mining equipment, and infrastructure by approximately $420 million since last fiscal year-end, we have chosen to also right-size the insurance policy to protect our investment in miners and infrastructure, which now stands at well over $1.3 billion in fair value.
We are taking steps to minimize costs related to our insurance program, which I expect to be realized in the coming quarters. The other increases were largely seasonal or related to growth. We ended the quarter with $35 million in cash and over 12,600 Bitcoin representing a fair value of approximately $1 billion. In total, the company had more than $1 billion of liquidity at the end of Q3. I'll have more to share about our Bitcoin treasury activities in a few moments. Total debt as of the end of the quarter stands at approximately $820 million. Note that this amount is net debt issuance costs of approximately $16 million, which were incurred as part of the company's $650 million convertible transaction in December. As a reminder, this issuance has a 0% coupon and an effective conversion price of $24.66 per share. When it comes to our Bitcoin treasury, you've heard us talk about our efforts, which internally we refer to as the digital asset management team.
I am pleased to report that in the third quarter, we onboarded several high-quality counterparties and completed our first derivative transaction at the end of May. We have previously discussed our conservative approach and strategy to monetizing our HODL balance, which we describe as a crawl, walk, run strategy. We're currently in the crawl phase. And while the volume of the derivative transactions is still ramping up, we are happy to see the proof of concept come to life. These results are just as good, if not better, than what we had initially projected. We completed a number of derivative transactions through our selected partners, solely comprising the writing of covered calls. While the total dollar value of these premiums aren't large enough to separately present on the income statement, I will tell you, on a risk-adjusted basis, the cash-on-cash returns look quite promising. For example, we have written and we will continue to write short-term calls slightly out of the money.
If these get called away, great. We use the proceeds to fund our operating expenses, and we likely sold at amounts greater than what we would have sold at spot at the time we wrote the calls. They expire out of the money, we keep the premium and roll the strategy forward. Additionally, we are writing low delta calls also on a short or midterm basis, which have a low likelihood of expiring in the money. These premiums are used to generate the yield we set out to achieve. We expect to use approximately 40% of our HODL balance to generate a target yield of 4% on the entire Bitcoin treasury. We also expect the volume and complexity of our strategies to increase as time goes on. I also want to point out that we feel very comfortable with the risk-reward relationship of our derivative strategies. However, we are not comfortable with lending out our Bitcoin, a practice some of our peers engage in.
We find that lending out Bitcoin is typically on an unsecured basis and often only borrowed for speculative purposes. We have internalized the lessons learned from stories such as FTX, Three Arrows, and Celsius and have incorporated risk management best practices as part of our institutional-grade efforts. More importantly, the yield generated from derivative strategies appears to be greater than lending activities and on a risk-adjusted basis performs far better. We will continue to have a conservative yet opportunistic approach for our Bitcoin treasury and believe our strategy will generate appropriate returns for the risk we take. Bringing my comments regarding our treasury function to a close, I want to drive home an important point. We have a structural advantage due to two factors: One, we have reliable Bitcoin production operations; and two, our capital strategy, which includes funding operational expenditures with production.
This gives us a unique strategic advantage amongst our peers, where we can achieve a better risk-adjusted portfolio yield while transferring fewer Bitcoin to counterparties using derivative products versus lending. Looking deeper into our balance sheet, there are some other deals I would like to highlight. We have the ability to self-fund operations and grow our Bitcoin balance while enhancing shareholder value. In April, we were proud to expand our relationship with Coinbase through their Bitcoin collateralized lending program as part of our broader strategic approach to capital management and increasing our line of credit with Coinbase Prime to $200 million. Given our clean balance sheet and conservative approach to debt, we have significant additional capacity to raise cost-effective and non-dilutive capital. Our current Bitcoin holdings of over 12,700 are valued at approximately $1.5 billion at today's spot price, representing a source of liquidity and opportunity.
And we believe this quarter was the right time to evolve from a nearly 100% HODL strategy. We have been long on the record that the 100% HODL strategy was not sustainable for the long term, and our current capital strategy is rooted in business fundamentals and with the intention of limiting dilution as much as possible. We view our approach as deliberately strategic rather than ideological, particularly now that we've reached our current scale and escape velocity. While we remain committed to Bitcoin as a long-term hardened asset, we believe a more effective way to increase shareholder value is through a balanced approach between monetizing new production and growing and monetizing our treasury. As a part of this strategy, we intend to further diversify our capital stack. As we have consistently emphasized, our focus is on ROI and our ability to make real-time decisions in the market. Given today's market environment, we view the revolving line of credit as the most efficient and responsible path to supporting accretive growth.
Our strong balance sheet positions us to take full advantage of that opportunity and others. It's our intention to continue to use proceeds from the revolver for accretive CapEx purposes and intend to manage the business on a net debt basis to ensure proper liquidity to cover all debt obligations. I want to take a moment to discuss our investment in growth past 50 exahash. We have approximately 20,000 of the latest generation immersion units paid for and in hand, which represents six exahash of compute. We have over one gigawatt under contract and a little over 800 megawatts currently operational, which equates to over 200 megawatts contracted and not yet energized or operating. For these 200 megawatts, as of today, we have approximately $75 million of CapEx cash needs left to build out all 200 megawatts, which we expect could come over the next six months. Additionally, as we have discussed on prior calls, we have historically been successful in rolling our contracted options for machines with Bitmain into the latest generation machines.
We have approximately $17 million on deposit with Bitmain as of today and have received an extension on the option as we negotiate what the size and terms of the next order are. Looking ahead, we remain confident in CleanSpark's ability to lead through innovation, discipline, and scale. As we chart our path forward, we are energized by the opportunities in front of us and remain committed to creating lasting value for our shareholders, our partners, and the communities we serve. With that, I'll turn the call back over to Harry to open the floor for questions. Harry?
Thank you, Gary, for that detailed financial overview. We will now open the floor to questions from the analyst community. Operator, please provide instructions and manage the queue for the Q&A session.
Questions and answers
And your first question comes from Mike Colonnese with H.C. Wainwright.
Congrats on a really strong quarter here. First one for me, Zach, you mentioned that you have over 200 megawatts of additional contracted power available in the existing pipeline. Could you just unpack that a bit and speak to how you envision bringing those megawatts online over the coming quarters?
Yes, absolutely. Mike, thanks again for joining the call. I appreciate your support. Yes, that 200 megawatts is in areas that we operate in. Some of these contracts come as a result of expanding on existing operations or getting something nearby. How we're looking at that from a rollout is, our first focus is going to be on that 10 exahash. We have some optionality beyond that. So we really only require a portion of the 200 megawatts to roll out this next piece of infrastructure, leaving 100 megawatts of optionality in addition to the pipeline. We are still really building on what that's going to look like after that. Again, the focus is on maintaining and outpacing difficulty while acquiring additional market share from a percentage of global hash rate. So I do expect the next 10 exahash to come up quickly, and we will have more news on the balance of that in the near term.
Great. Appreciate the color there, Zach. And obviously, some really good organic growth opportunities over the near term here. But just curious to get your views on the current M&A landscape and your appetite for potential deals here.
Yes. We're still seeing a very robust pipeline in the private space in particular. And frankly, we think that there's opportunity elsewhere, too, as miners rotate out of mining into HPC and they evaluate the assets they have on hand. Many miners are going to be faced with the decision of going all in one direction or the other. And we are ready and willing to be the first call that comes in. So I'd say it's very robust. There's great opportunity in the M&A landscape, and we look forward to hopefully taking advantage of some of that in the future.
Your next question comes from the line of Nick Giles with B. Riley Securities.
Nice job here. My first question was just on the Digital Asset Management side. I mean, when would you expect to reach targeted run rates? Or maybe in your words, Gary, when would you expect to be kind of fully running here? I just want to kind of make sure I understand the cadence of this new strategy.
Nick, thanks for the question. So we expect it's going to ramp in the coming quarters. As you can probably respect, there's a lot to consider when you're establishing an institutional-grade desk such as what we're doing, right? And we want to make sure that the trades that we're doing, not only the strategies are coming out the way we expect, but there's a lot of financial reporting, internal control, and tax considerations as well. And so far, everything is going just as good, if not better, than what we expected. So for us, we, again, are taking a very measured approach to this. And as we start to onboard additional counterparties and look at more complex strategies, I'd expect that we'll probably ramp to that really over the next year.
Got it. That's helpful. My next question was about the growth pipeline. You have relied on building strong relationships with your utility partners, so I was wondering how those conversations are going today. Have lead times for interconnect shifted at all? Are you competing with HPC sites to any extent? Any insights on this would be great.
Thank you for the question. It's essential to consider the context. When we engage with a utility, we focus on being a flexible load, which is a significant asset. Utilities only reach peak capacity for a limited number of hours each year, which can lead to the need for curtailments. Being positioned early as a curtailable option distinguishes us from other data centers that typically require consistent, firm loads for their large sites. Data centers tend to prefer running at full capacity whenever possible, so they are generally not inclined to identify themselves as flexible loads. While there is competition regarding capacity and availability, we maintain a positive relationship within the market. This positions us well, and we see considerable opportunities ahead. I previously mentioned our pipeline, which comprises several gigawatts. We believe these are with utilities where we can move forward actively and quickly, thanks in large part to our flexible approach.
Your next question comes from the line of Brian Dobson with Clear Street.
So you spoke in pretty great detail about yield generation. Just a follow-up question there. So 4% on your HODL would do a lot to cover operating expenses. Would you give us just a little bit of color on what percentage of your HODL you're thinking about putting to work? And the time frame that, that percentage of the HODL might be out so we can kind of back into what types of returns you're looking at on a short-term basis?
Thank you for the question. In my comments, I mentioned that we plan to use 40% of the HODL balance for yield generation. If you consider a 4% return on the entire HODL balance, that’s likely closer to 10%, which we think is reasonable and achievable, and possibly a figure we can exceed based on the limited data we have from June. Regarding the ramp, we plan to expand the team and increase the complexity and volume of transactions, aiming to achieve a growth target of 2% to 4% within the next year.
Yes. Excellent. So at the beginning of your prepared remarks, you also kind of opened the door for selling power assets. Are you encouraged by recent M&A that we've seen? And I know it's early days, but how do you view demand for those assets?
Yes, I'll elaborate on that. The assets we possess, along with our power contracts, provide us with valuable control, regardless of whether they are used for Bitcoin mining or not. We are always open to exploring various use cases. However, we strongly believe, and our numbers support this, that the returns we achieve through using our infrastructure and power for Bitcoin mining are surpassing any alternative uses available. If the situation changes in the future, we will reconsider our options. The locations of many of our sites give us a strategic advantage, but we remain focused on the cash-on-cash returns these assets can generate in any context. Therefore, we are not looking to downsize, exit, trade, or transition, but rather to maximize the potential uses of our assets.
If I could add one more thing. I think the point to drive home here is that the value of our assets on our balance sheet is not reflective of fair value. The fair value of those assets and access to energy is far greater than that. And I think that's something that may not be accounted for in the current valuation.
There are no further questions at this time. Harry, I turn the call back over to you.
Thank you again for joining today's earnings call. We look forward to staying in touch and sharing future results with you in the coming quarters. Stay tuned for more groundbreaking achievements from CleanSpark, America's Bitcoin miner.
This concludes today's conference call. You may now disconnect.