CleanSpark ($CLSK) has rebranded itself from an energy-solutions firm into a fast-scaling Bitcoin miner with a twist: it leverages decades of power and microgrid know-how to run low-cost, low-carbon data centers. In this episode, we trace its dramatic pivots—from an alternative-energy background to acquiring mining assets and slashing operating costs through superior energy management—and its latest move to broaden into AI and high-performance compute. That energy-first approach gives CleanSpark an edge in efficiency and has driven rapid growth, but the business is tightly tied to Bitcoin’s price swings, crypto regulation, and the capital-intensive nature of scaling compute infrastructure. Add fierce competition among miners and the uncertainties of branching into AI, and you’ve got a high-risk, potentially high-reward story. Is CleanSpark a durable infrastructure play that can straddle Bitcoin and AI, or a trend-chaser stretched across too many fronts?

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