CleanSpark settles credit line with an exchange, net profit margin approaches break-even point
Jinse Finance reported that CleanSpark settled all outstanding balances with a certain exchange and the two lending institutions, Two Prime, in November. The company still has approximately $400 million in undrawn borrowing capacity within its committed credit lines. CleanSpark's repayment situation highlights how the recent decline in bitcoin hash price (currently hovering around $35/PH/s) has compressed profitability across the industry. Even though the company's cash hash cost is relatively low, its net profit margin has approached the breakeven point following the recent pullback in bitcoin prices.
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