Is CleanSpark Stock Halal?

July 15, 2021

Table of Contents

How much of CleanSpark’s revenue comes from haram?

CleanSpark provides microgrid design, engineering, and consulting solutions, renewable energy generation and management software, and technology solutions that help solve modern energy challenges.

In addition, CleanSpark acquired ATL Data Centers in December 2020 inorder to start Bitcoin mining.

Practical Islamic Finance concludes:

None of CleanSpark’s revenue comes from anything inherently haram.

Does CleanSpark rely on interest to operate?

	Year to Date for the period ending March 31, 2021	Fiscal year ended September 30, 2020	Fiscal year ended September 30, 2019
Interest Income (net)	$72,742	–	–
Total Revenue	$10,377,258	$10,028,701	$4,532,782
Interest Expense (net)	$3,987	$10,449,946	$9,483,662
Total Expenses	$19,044,328	$25,171,817	$21,146,627
Interest Income (net) / Revenue	0.70%	–	–
Interest Expense (net) / Total Expense	0.02%	41.51%	44.85%

Practical Islamic Finance concludes:

Riba, while used extensively in the past, is currently not relied upon in CleanSpark’s operations.

What is CleanSpark’s Environmental, Social, and Governance (ESG) impact?

Environment

CleanSpark utilizes renewable energy sources in its Bitcoin mining operations.

In addition, CleanSpark intends to incorporate its microgrid technologies and software into other digital currency mining operations to reduce their energy costs.

CleanSpark recently announced a partnership with Coinmint, the largest digital currency data center in the world, to support the company in achieving its goal of 100% carbon-free operations.

Social

CleanSpark has a slightly above average Glassdoor rating of 3.6 out of 5.0 from current and previous employees compared to a 3.3 average for all other Glassdoor rated companies.

Governance

No notable governance highlights.

Practical Islamic Finance concludes:

CleanSpark has a net positive ESG impact.