Despite reporting a record-breaking $257 million profit in Q2 2025 and achieving significant operational milestones, U.S. bitcoin miner Cleanspark is confronting a major financial hurdle: a $185 million tariff dispute with U.S. Customs and Border Protection (CBP).
Strong Financial Performance Overshadowed by Tariff Concerns
Cleanspark’s second-quarter revenue surged to nearly $199 million, a 90% increase year-over-year, while net income flipped from a $236 million loss in 2024 to a $257 million profit. The company’s CEO, Zach Bradford, hailed this as Cleanspark’s best quarter ever, underscoring their robust growth and disciplined execution. They also announced that their Bitcoin treasury valuation now exceeds $1 billion, with 5.8% of the global Bitcoin hashrate under management.
However, this strong performance is now clouded by a looming tariff bill from the CBP. The agency alleges that certain mining rigs imported between April and June 2024 are of Chinese origin, potentially subjecting Cleanspark to tens of millions in retroactive duties. The company disputes this claim and has pledged to fight the charges vigorously.
Industry-Wide Impact and Uncertainty
Cleanspark is not alone — other publicly traded miners like IREN also face similar tariff challenges, with disputes potentially amounting to hundreds of millions in additional costs. If the CBP’s claims stand, the imposition of tariffs could significantly increase operational expenses for U.S.-based miners, impacting profitability and possibly slowing the sector’s growth.
The tariff dispute introduces a layer of regulatory and financial uncertainty for mining companies relying on imported hardware. This could lead to reassessments of supply chains and investment strategies across the industry.
Looking Ahead
While Cleanspark’s management remains confident in its defense, the dispute underscores the broader geopolitical and regulatory risks that can affect crypto mining operations. Market participants will be watching closely as this situation develops, which may influence investment and expansion decisions in the sector.