CleanSpark settles Coinbase credit line, net profit margin close to breakeven point

According to theminermag, CleanSpark has settled all outstanding balances with credit institutions Coinbase and Two Prime as of November. The company still has approximately $400 million in undrawn borrowing capacity within its committed credit lines.

The report states that CleanSpark's repayment situation highlights how the recent decline in Bitcoin hash rate prices (currently hovering around $35/PH/s) has compressed profitability across the industry. Even though the company's cash hash rate costs are relatively low, its net profit margin has approached the breakeven point following the recent pullback in Bitcoin prices.