CleanSpark Boosts Bitcoin Holdings to 13,011 BTC While Facing $185M Tariff Dispute

Executive Summary

CleanSpark, a Nasdaq-listed Bitcoin miner, reported holding 13,011 Bitcoin (BTC) at the close of September 2025, valued at approximately $1.6 billion. The company produced 629 BTC during the month and sold 445 BTC for $48.7 million at an average price of $109,568. This accumulation occurs as CleanSpark faces a potential $185 million tariff liability from US Customs and Border Protection (CBP) concerning the declared origin of its mining rigs. Simultaneously, the aggregate market capitalization of 15 major publicly traded Bitcoin miners reached a record $58.1 billion in September, demonstrating robust investor interest despite emerging regulatory and operational challenges.

The Event in Detail

CleanSpark's operational highlights for September 2025 included a peak operational hashrate of 50 exahashes per second (EH/s) and an average hashrate of 45.6 EH/s, with fleet efficiency at 16.07 joules per terahash (J/TH). The company has also expanded its power portfolio, securing 1.03 gigawatts under contract and utilizing 808 megawatts. Fiscal year 2025 milestones for CleanSpark include the acquisition of GRIID Infrastructure, expansion of Bitcoin-backed credit facilities to $400 million, and a $650 million convertible note offering. These financial instruments, particularly the convertible notes, reflect a strategy to leverage traditional capital markets for growth while maintaining significant Bitcoin treasury holdings.

The tariff dispute centers on allegations by US Customs and Border Protection that certain Bitcoin mining rigs imported by CleanSpark between April and June 2024 were of Chinese origin, making them subject to punitive tariffs under Section 301 of the U.S. Trade Act. CleanSpark strongly disputes this, citing importation documentation and representations from its hardware seller confirming non-Chinese origin. Fellow public miner Iris Energy (IREN) is also contesting a separate $100 million tariff dispute with CBP for machines imported between April 2024 and February 2025 under similar allegations. Both companies assert that potential liabilities are not probable and have not recorded provisions for these charges.

Market Implications

The combined market capitalization of major publicly traded Bitcoin miners soared to an all-time high of $58.1 billion in September, a significant increase from $41.6 billion in August and more than doubling from a Q2 low of $19.9 billion in March. This rally in miner equities substantially outpaced Bitcoin's own 21% gain over the past six months. Companies like IREN, Cipher Mining (CIFR), and Applied Digital (APLD) saw triple-digit surges, reflecting strong investor confidence in the sector's growth potential, particularly those involved in high-performance computing.

Operational profitability for miners, however, faces increasing pressure. Bitcoin's mining difficulty reached a record high of 150.84 trillion on October 2, 2025, marking the seventh consecutive adjustment since July. The network's hash rate surged to 1.05 zettahashes per second (ZH/s), intensifying competition. This rising difficulty, coupled with historically low transaction fees, has compressed hashprice (revenue per unit of hashrate) to below $50 per petahash per second. This trend necessitates heightened focus on optimizing energy efficiency and securing low-cost power sources to maintain margins.

The tariff disputes underscore broader supply chain risks and could accelerate a restructuring of the mining hardware industry. Manufacturers like Bitmain are responding by planning their first US factory by early 2026 in states like Texas or Florida. This strategic shift aims to mitigate the impact of tariffs (which can be as high as 57.6% on China-made machines) and ensure faster delivery times for US customers.

Expert Commentary

Market observers note that the overlapping timelines and mounting liabilities in tariff disputes suggest a broader scrutiny by US customs authorities on the declared origin of cryptocurrency mining hardware. This reflects an ongoing enforcement of trade restrictions against Chinese goods, adding a layer of geopolitical risk to the operational landscape for miners. The increasing mining difficulty and declining hashprice, as reported by Luxor data, indicate that the industry is maturing, forcing less efficient operators to either innovate or exit the market. This dynamic could lead to further industry consolidation, centralizing mining power among a few dominant, energy-efficient players.

Broader Context

CleanSpark's strategy of accumulating Bitcoin in its treasury, now reaching 13,011 BTC, contrasts with approaches taken by other large miners, such as Riot Platforms, which reportedly sells a portion of its production to generate cash flow. CleanSpark's digital asset management strategy, which includes using derivatives to optimize treasury performance and manage volatility, positions it to potentially benefit from future Bitcoin price appreciation while mitigating some market risks. The overall growth in miner market capitalization, despite tariff challenges and rising difficulty, suggests continued institutional interest and investment in the underlying infrastructure of the Web3 ecosystem. The shift by major hardware manufacturers like Bitmain to establish production facilities in the US signals a proactive adaptation to evolving trade policies, potentially fostering domestic manufacturing capabilities and diversifying global supply chains for critical mining infrastructure."