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LAS VEGAS - CleanSpark Inc. (NASDAQ:CLSK), known as America's Bitcoin Miner®, announced in its unaudited monthly update that it mined 478 bitcoins in August. The company also conveyed its operational advancements, including an increase in its total operating hashrate by 1.4 EH/s during the same period.
The company's CEO, Zach Bradford, stated their team is focused on enhancing fleet efficiency and hashrate as they near the end of the fiscal year. With a fleet upgrade in progress, CleanSpark is preparing to bring 65 MW of data center capacity online in September, which is expected to significantly boost operating hashrate and bitcoin production.
According to the update, CleanSpark sold 2.5 bitcoins in August at an average price of approximately $56,729 per bitcoin. The average hashrate throughout August was 21.3 EH/s, with an average daily mining yield of 15.43 bitcoins and a peak single-day high of 17.88 bitcoins.
As for growth, the company detailed the Dalton Expansion, expecting 15 MW of additional data center capacity to be operational within the next week. The Sandersville Expansion will add 50 MW and is scheduled to be fully hashing by mid-month. In Wyoming, CleanSpark is progressing with its initial 30 MW immersion-cooled facility and is finalizing a land purchase for a second site, having secured power agreements for a total of 75 MW in July. In Tennessee, the company is utilizing about 50 MW of infrastructure under a hosting agreement, with an additional 80 MW under construction.
CleanSpark operates data centers primarily using low-carbon power sources and emphasizes its commitment to trust and transparency within its operational communities.
This press release also included forward-looking statements, which involve risks and uncertainties that could cause actual results to differ materially from those projected. These include the completion of acquisitions, operational results of expansions, and anticipated additions to the company's hashrate.
The information provided in this article is based on a press release statement from CleanSpark Inc.
In other recent news, CleanSpark has been making significant strides in its operations. The company's Q2 revenue for fiscal year 2024 reached a record-breaking $111.8 million, a 163% increase from the previous year, with adjusted EBITDA of $181.8 million and a net income of $126.7 million. This is a substantial turnaround from the net loss of $18.5 million from the previous year.
CleanSpark has also been active in mergers and acquisitions, with plans to expand its operations into Wyoming and Tennessee. The company has secured power agreements for 75 megawatts in Wyoming and has begun operations in Tennessee under agreements with GRIID Infrastructure Inc.
In addition, CleanSpark recently appointed BDO USA, P.C. as its new independent registered public accounting firm, replacing MaloneBailey, LLP. This change was approved by the Audit Committee of CleanSpark's Board of Directors.
Cantor Fitzgerald has adjusted its price target on CleanSpark to $24.00 from the previous $28.00, while maintaining an Overweight rating. The firm highlighted the company's efficient mining fleet and strong liquidity position.
These are recent developments, reflecting CleanSpark's ongoing growth and operational enhancements.
InvestingPro Insights
CleanSpark Inc. (NASDAQ:CLSK) has demonstrated a significant commitment to growth and operational efficiency, which is reflected not only in their recent bitcoin mining achievements but also in the company's financial health and market expectations. With a market capitalization of approximately $2.68 billion, CleanSpark stands out with a notable revenue growth of 140.89% over the last twelve months as of Q3 2024, a testament to their expanding operational capacity.
InvestingPro Tips highlight that CleanSpark holds more cash than debt on its balance sheet, which could offer them a strategic advantage in pursuing further growth or weathering market volatility. Furthermore, analysts are optimistic about CleanSpark's future, predicting a net income growth and anticipating sales growth in the current year. These projections align with the company's recent performance metrics, including a robust gross profit margin of 59.45% over the last twelve months as of Q3 2024. This financial stability is critical for the company as it scales operations and invests in new technologies.
While the stock has experienced significant price fluctuations over the past months, with a 6-month price total return of -40.15%, it's important to note that the 1-year price total return stands at an impressive 133.92%, highlighting the potential long-term gains for investors who can withstand short-term market movements. Investors can find additional insights and over a dozen more InvestingPro Tips for CleanSpark at https://www.investing.com/pro/CLSK, which may offer further guidance on the stock's potential trajectory.
CleanSpark's forward-looking statements indicate a strong focus on expansion and operational improvements. The company's commitment to low-carbon power sources and transparent community relations further adds to its investment appeal, particularly for those interested in environmentally conscious and sustainable practices within the cryptocurrency mining industry.
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