HIGHBuilt-in & outside partyCustomer
single mining pool operator
“10-K Item 1: 'we obtain bitcoin as a result of our mining operations by contributing all of our computing power to a single mining pool operator, who is currently our sole customer'”
CLSK · Concentration risk · 10-K extracted
CleanSpark (CLSK) concentration risks
Updated
The most significant concentration CleanSpark discloses is single mining pool operator, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: CleanSpark’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 4 disclosed concentrations
HIGH3
MEDIUM1
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
HIGHBuilt-inCommodity
bitcoin
“10-K Item 1: 'Bitcoin mining has historically been our principal revenue generating business activity'”
HIGHBuilt-inGeographic
Georgia
“10-K Item 1: 'our Georgia facilities have a developed data center infrastructure backed by approximately 620 MW, which supports an operational hashrate of 27.02 EH/s'”
MEDIUMOutside partySupplier
Bitmain
“10-K Item 1: 'Most of the machines we purchased this year were manufactured by Bitmain Technologies Delaware Limited'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's disclosed concentrations are unusually stacked and mostly high-share. Its revenue model rests on a single activity — bitcoin mining has historically been its principal revenue-generating business — and all of its computing power is contributed to a single mining pool operator that is currently its sole customer; both are high-share, with the customer line a mixed structural-and-dependency exposure since it routes all output through one counterparty. Operationally, its data-center capacity is concentrated in Georgia facilities, another high-share, structural geographic exposure. Layered beneath these is a medium-share supplier dependency: most of the machines purchased in the year were made by Bitmain, so hardware procurement leans on one manufacturer. Netting these out, the single-customer mining-pool relationship and the all-bitcoin revenue base are the dominant, structurally high-share exposures, with the Georgia siting and the Bitmain supplier reliance compounding them. This is a concentrated, single-thesis operation whose results track bitcoin economics, pool-operator terms, and regional power availability.
For the engine’s reasoning on CLSK’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Capital Markets
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| CLSK● | CleanSpark, Inc. | 3 | 1 | 0 | 4 |
| FIGR | Figure Technology Solutions, In | 2 | 0 | 0 | 2 |
| CRCL | Circle Internet Group, Inc. | 1 | 1 | 0 | 2 |
| BMNR | BitMine Immersion Technologies, | 1 | 0 | 0 | 1 |
| BGC | BGC Group, Inc. | 0 | 0 | 0 | 0 |
| EVR | Evercore Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.