These are top 10 stocks traded on the Robinhood UK platform in July
LAS VEGAS - CleanSpark , Inc. (NASDAQ: NASDAQ:CLSK), a U.S.-based Bitcoin mining company with a market capitalization of $2.97 billion, has announced an operational milestone, surpassing 40 exahashes per second (EH/s) in its mining hashrate, as per its unaudited update for January 2025. The company also reported mining 626 bitcoins and holding over 10,500 bitcoins in its treasury by the end of January. According to InvestingPro, CleanSpark has demonstrated remarkable revenue growth of 125% over the last twelve months, making it one of the fastest-growing players in the mining sector.
In January, CleanSpark achieved a month-end fleet efficiency of 16.15 joules per terahash (J/Th), reflecting an over 8% improvement in efficiency compared to the previous month. The company’s average daily mining rate was 20.19 bitcoins, with a single-day high of 22.89 bitcoins.
Despite facing extreme cold weather events, which impacted operations across several regions, CleanSpark managed to curtail only portions of its portfolio, maintaining limited interruptions. The company attributes this resilience to its broad regional portfolio strategy and its interruptible power contracts, which support utility and community partners during peak demand.
CleanSpark’s CEO, Zach Bradford, highlighted the company’s progress and its focus on reaching a 50 EH/s target. He also mentioned ongoing construction in Tennessee, Georgia, and Wyoming, which is expected to contribute to the company’s midyear goals.
The company sold 22.47 bitcoins in January at an average price of approximately $100,412 per bitcoin. The current operational capacity includes 873 megawatts (MW) under contract, excluding capacity through hosting agreements and non-binding arrangements. With a strong current ratio of 3.75 and moderate debt levels, InvestingPro analysis suggests the company is well-positioned financially. Investors should note that CleanSpark’s stock trades near its Fair Value, with detailed valuation metrics and 10+ additional ProTips available through InvestingPro’s comprehensive research platform.
Recent updates include the near-completion of a new 12 MW site in Twin City, Georgia, which is expected to add 0.7 EH/s to CleanSpark’s operating hashrate. In Cheyenne, Wyoming, the company is deploying its latest generation S21 XP (NASDAQ:XP) Immersion (NASDAQ:IMMR) machines, with full deployment anticipated to contribute an additional 5 EH/s to the hashrate.
CleanSpark, self-styled as America’s Bitcoin Miner®, operates a portfolio of mining facilities across the United States, leveraging competitive energy prices to optimize its mining operations. The company’s strategic focus on Bitcoin mining, energy, operational excellence, and capital stewardship aims to deliver value to shareholders. With analysts projecting profitability this year and the company’s next earnings report due on February 6, 2025, investors can access detailed financial analysis and expert insights through InvestingPro’s comprehensive research reports, available for over 1,400 US stocks.
This news article is based on a press release statement from CleanSpark, Inc. and contains no endorsements of claims.
In other recent news, Bitcoin mining company CleanSpark has been making significant moves in the financial sector. The firm recently held an investor day event at the Nasdaq in New York City, where it highlighted its evolution into a top-tier Bitcoin miner. According to H.C. Wainwright, which maintains a Buy rating and $27 target on CleanSpark, the company’s strategy of investing during bear markets and expanding in rural U.S. communities with access to low-cost power has been successful.
In financial developments, CleanSpark has announced the pricing of a private offering of $550 million in convertible bonds with a 0% interest rate, maturing in June 2030. The initial conversion price for these bonds is set at $14.80, a 20% premium over the stock’s last closing price. The proceeds from this offering are expected to be used to fund capped call transactions, repurchase common stock, and fully repay amounts outstanding under its line of credit with the cryptocurrency exchange Coinbase (NASDAQ:COIN).
Despite these positive developments, CleanSpark and other companies with significant cryptocurrency exposure have experienced a downturn in trading sessions due to cooling off in the crypto market. This shift in investor sentiment has been influenced by the Federal Reserve’s recent signals of interest rate caution and a significant pullback in Bitcoin’s value from its record highs. Nonetheless, H.C. Wainwright analysts remain firm on CleanSpark as their top pick for the year, citing the stock’s potential to capitalize on Bitcoin’s upside.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.