"Our high efficiency measures and low power rates have made meaningful contributions to our margins this month even as difficulty has substantially increased,” said Zach Bradford, CEO.
#Cleanspark revenue update#
(Nasdaq: CLSK), America’s Bitcoin Miner™, today released its unaudited bitcoin mining and operations update for the month ending April 30, 2023. LAS VEGAS, (GLOBE NEWSWIRE) - CleanSpark, Inc. The chart below shows the growing level of institutional share ownership over time vs the CLSK share price.Company mined 524 bitcoin in April Increased bitcoin holdings 60% to 313 This has been described by a bullish Fintel Fund Sentiment Score of 78.28 which ranks CLSK in the top 20% out of 36,206 globally screened securities.
One positive about CLSK revealed by research on the Fintel platform has been the growing level of institutional interest in the stock. The firm maintained its bullish stance on the stock with its ‘overweight’ call and target price which increased to $6 from $5.įintel’s consensus target price of $7.65 suggests CLSK’s share price could rally almost 150% over the next year.Īnalysts forecast a strong trajectory of revenue growth over the next three-plus years as shown in the chart above. The analyst thinks that CLSK will become a Top Two vertically-integrated miner by scale. The company's ability to make timely purchases based on ROI metrics is due to a capital strategy that maintains flexibility as its core tenant, allowing it to capitalize on accretive opportunities in the marketplace.ĬleanSpark's CFO also stated that securing the XP rigs at these prices means the company has one less variable in its capital expenditure equation, putting the company well on its way to achieving its year-end guidance.Ĭantor Fitzgerald analyst Josh Siegler thinks that CleanSpark’s management has "negotiated a best-in-class deal" with attractive prices for highly efficient mining rigs. The chart shows that CLSK currently has the second-highest hashrate in the market.Īccording to Gary Vecchiarelli, CleanSpark's CFO, the recent mining rig acquisition is an important step toward the company's target of 16 EH/s by year-end. The chart below shows the Bitcoin hashrate realization by companies for March. The company's proprietary mining model has allowed it to achieve one of the highest hashrate realization rates among its peers since January 2022. Bradford also stated that the company's technical expertise, operational efficiency, and treasury management strategy will be critical in achieving this objective.ĬleanSpark mines Bitcoin predominantly with low-carbon energy sources, which account for over 90% of its energy mix, and continues to follow a balanced capital management strategy by selling a portion of its mined Bitcoins to reinvest in growth. CleanSpark expects the mining machines to be fully operational before the end of 2023.Īccording to CleanSpark's CEO, Zach Bradford, the Antminer S19 XP is the most power-efficient Bitcoin mining machine available in the market today and will play a crucial role in solidifying CleanSpark's position among the top Bitcoin mining companies in America. The acquisition of the 45,000 Antminers will be deployed at its Bitcoin mining facility in Sandersville, Georgia, which is currently undergoing a planned 150 MW expansion. The exahash rate is a key metric in understanding the competitiveness of the Bitcoin mining industry and the level of difficulty of mining new Bitcoin blocks.Īs a result, companies like CleanSpark are working to increase their exahashes per second to remain competitive and profitable in the Bitcoin mining industry. The more exahashes per second a Bitcoin miner has, the higher its chances of successfully mining a block and earning Bitcoin rewards. One exahash is equivalent to one quintillion hashes per second, and it represents an enormous amount of processing power.
Exahashes per second (EH/s) is a unit of measurement used to indicate the total computational power being used to mine Bitcoin.
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