CleanSpark sells off 97% of monthly Bitcoin production, miner liquidation accelerates spreading

Nasdaq-listed Bitcoin miner CleanSpark’s latest monthly operations report shows that in February, the company produced 568 Bitcoins, of which 553 were sold for approximately $36.6 million, representing a sell-through rate of 97%, nearly clearing out all of that month’s production. As of the end of February, CleanSpark held 13,363 Bitcoins, including 1,086 pledged as collateral or related to derivative transactions.

CleanSpark February Core Operating Data

While nearly clearing out its monthly Bitcoin production, CleanSpark continues to advance its infrastructure expansion. By the end of February, the company had deployed 235,588 mining machines; its peak hash rate was 50 EH/s, with an average of 43.2 EH/s; contracted power capacity was 1.8 gigawatts (GW), with current utilization at 808 megawatts (MW). To date this year, CleanSpark has mined a total of 1,141 Bitcoins.

In terms of infrastructure, CleanSpark completed the delivery of its second Texas facility, adding 300 MW of ERCOT (Electric Reliability Council of Texas) approved power capacity. Additionally, the company stated it is adjusting some infrastructure to support artificial intelligence (AI) and high-performance computing (HPC) workloads, aligning with industry trends where Bitcoin miners seek diversified high-power-density data center capacity for monetization.

Miner Liquidation Wave: Industry-Wide Shift Rather Than Isolated Case

CleanSpark’s near-complete sell-off of its monthly production is not an isolated example. Several publicly listed miners have begun various scales of Bitcoin liquidation plans:

Riot Platforms: Sold 1,818 Bitcoins in December 2024, cashing out approximately $161.6 million, redirecting funds toward monetizing power and data center infrastructure, including shifting toward AI workloads.

Bitdeer: Liquidated all of its Bitcoin reserves in February, selling all 189.8 mined Bitcoins, and additionally sold 943.1 Bitcoins from existing reserves.

Core Scientific: Sold about 1,900 Bitcoins in January, realizing approximately $175 million, reducing holdings to less than 1,000 Bitcoins; also announced a $500 million credit facility from Morgan Stanley, dedicated to AI and HPC infrastructure.

MARA Holdings: Market rumors suggest a possible reserve sale, but Vice President of Investor Relations Robert Samuels explicitly denied any change in the company’s core financial strategy on the X platform. Currently, MARA holds 53,822 Bitcoins, making it the second-largest corporate Bitcoin treasury globally.

AI Transformation: The Business Logic Behind the Miner Liquidation Wave

The capital flows behind this wave of miner liquidations reveal a clear industry trend—miners are converting Bitcoin proceeds into investments in AI and HPC infrastructure. The high-power-density infrastructure of Bitcoin mining farms (large-scale power, cooling, and hardware management capabilities) overlaps significantly with the data center infrastructure needed for AI model training and inference, providing miners with a natural foundation for business transformation.

CleanSpark, Core Scientific, and Riot Platforms have all explicitly announced their AI transformation directions. This trend indicates that Bitcoin miners are redefining their business positioning—from solely producing cryptocurrencies to becoming high-power-density computational service providers.

Frequently Asked Questions

Q: Why did CleanSpark sell 97% of its February Bitcoin production?
In the context of Bitcoin price corrections and the reduced mining profitability following the 2024 halving, CleanSpark chose to monetize nearly all of its monthly output to fund the expansion of power capacity at its new Texas facility and to invest in AI/HPC business transformation. This aligns with the broader industry shift from “holding coins” to “liquidating holdings.”

Q: What does the 6.4% drop in the CoinShares Bitcoin Mining ETF on the same day indicate?
The ETF tracks the overall performance of publicly listed Bitcoin miners. The 6.4% decline reflects widespread investor concern over miners’ large-scale liquidations and the continued narrowing of industry profit margins, as well as the high sensitivity of miner stocks to Bitcoin price declines.

Q: Will MARA Holdings become the next major miner to liquidate?
There is no official basis for this speculation. Vice President of Investor Relations Robert Samuels has explicitly denied any change in the company’s core financial strategy on the X platform. MARA holds 53,822 Bitcoins, making it the second-largest corporate Bitcoin treasury globally, and maintains its current holding strategy.