On Feb 14, the largest cryptocurrency Bitcoin (BTC) reached a milestone to close the day with more than $1 trillion in market capital, for the first time since December 2021. In intraday trading, the digital currency rose to $52,079, marking its highest level since December 2021.The cryptocurrency market started 2024 on a positive note after an impressive rally last year. The much-hyped reformation in the cryptocurrency space took place on Jan 10. The U.S. Securities and Exchange Commission (SEC) approved r ...

Crypto mining stocks were on an absolute tear on Wednesday as the value of Bitcoin (BTC 4.63%) jumped 5.9% and its market cap topped $1 trillion again. Hut 8 (HUT 16.82%) jumped as much as 19.5%, CleanSpark (CLSK 9.06%) was up 18.8%, Marathon Digital (MARA 10.40%) rose 15.6%, and Riot Platforms (RIOT 10.10%) gained 11.9% in morning trading. At 10 a.m. ET today, shares of those mining companies were up 17.8%, 10%, 11.6%, and 10.6%, respectively. The Bitcoin popBitcoin's upward momentum can't seem to stop. Ex ...

monsitj In this article I outline why I think CleanSpark, Inc (NASDAQ:CLSK) is a buy with an opportunity to almost double an investor's money. I will explain my thesis by analyzing price action, a chart pattern, momentum, volume, and relative strength all on a weekly time frame. Let’s examine the chart. Chart 1 – CleanSpark with 30-week EMA, Momentum, Volume, and Relative Strength www.stockcharts.com When I am examining a stock, I like to look at the weekly time frame. Chart 1 above shows the weekly pri ...

If you’re looking for some of the hottest opportunities on the market, consider some of the best momentum stocks to buy. After all, momentum investors try to ride the highs no matter what happens. Even when a hot stock reaches above levels the markets believe are too high, those investors continue to buy. Many times those investors are rewarded their contrarian positions with quick returns.Here are just a few of the stocks I consider to be the best momentum stocks to buy.Super Micro Computer (SMCI)Source: G ...

CleanSpark (CLSK) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, CLSK broke through the 50-day moving average, which suggests a short-term bullish trend.The 50-day simple moving average is one of three major moving averages used by traders and analysts to determine support or resistance levels for a wide range of securities. But the 50-day is considered to be more important because it's the first marker of an up or down trend.Shares of CLS ...

CleanSpark (NASDAQ:CLSK) stock is rising higher on Friday thanks to the Bitcoin (BTC-USD) mining company’s positive results in its fiscal first quarter of 2024!The good news for CLSK stock starts with its adjusted earnings per share of 14 cents. That’s a major win for investors compared to Wall Street’s estimate of -26 cents per share. It’s also a positive change compared to its adjusted EPS of -46 cents from the same period of the year prior.Adding to this victory is revenue of $73.8 million during the qua ...

Michael Colonnese - H.C. Wainwright Josh Siegler - Cantor Fitzgerald Gregory Lewis - BTIG Brian Dobson - Chardan Capital Markets Hey, thanks Greg and thank you for joining us today for our first quarter Fiscal Year Financial Results Call, covering the period October 1 through December 31, 2023. Our press release was issued about 30 minutes ago and is available on our website at cleanspark.com. Zachary Bradford underscores our position as leaders in the bitcoin mining industry and fortifies the trust that yo ...

CleanSpark is America's Bitcoin Miner™ CleanSpark is America's Bitcoin Miner™ Copyright 2024 CleanSpark | 4 FY2024 First Quarter Earnings Call Zach Bradford Chief Executive Officer 1. Includes recent purchase of 12 EH/s of S21s. 3. Unaudited, projected as of January 31, 2024. 4. As of February 08, 2024 2. Includes infrastructure and newly purchased sites in Mississippi, Dalton, and full expansion of Sandersville and Dalton. 3. Includes 60K of the purchased S21s; requires additional infrastructure to support ...

Bitcoin miner stock CleanSpark, Inc. (NASDAQ:CLSK) is of interest to investors now. The stock, up 14.66% in the past five days, has been boosted by favourable stock market news this week. Technical indicators reinforce a building bullish momentum.On price dynamics, CleanSpark is down 14.43% YTD. This should be interpreted as a correction for the stock as it has registered 172.22% gains in the past year. Simply put, the latest increases in CleanSpark are a continuation of last year’s gains.  CleanSpark is an ...

Cash and Cash Equivalents - Cash and cash equivalents increased to $48.458 million as of December 31, 2023, compared to $29.215 million as of September 30, 2023[24] - Cash and cash equivalents totaled $48.46 million as of December 31, 2023[62] - Cash balances in excess of FDIC limits were $36,484 and $28,965 as of December 31, 2023, and September 30, 2023, respectively[81] Bitcoin Holdings - Bitcoin holdings significantly increased to $126.951 million as of December 31, 2023, from $56.241 million as of September 30, 2023[24] - Bitcoin holdings measured at fair value were $126.95 million as of December 31, 2023[62] - Bitcoin custodian accounts totaled $126,951 and $56,241 as of December 31, 2023, and September 30, 2023, respectively, with no reported losses[81] - Bitcoin holdings of $126.95 million were classified as Level 1 assets under fair value hierarchy as of December 31, 2023[95] - As of December 31, 2023, the company held 3,002 bitcoins with a fair value of $126.95 million[146] - The company held approximately 3,002 bitcoins as of December 31, 2023, with a fair value of $127 million, based on a single bitcoin price of $42,290[193] Total Assets and Liabilities - Total current assets rose to $181.705 million as of December 31, 2023, up from $102.172 million as of September 30, 2023[24] - Total current assets as of December 31, 2023, were $181,705, with working capital of $139,312[180] - Total liabilities decreased to $52.170 million as of December 31, 2023, down from $84.351 million as of September 30, 2023[24] - Accounts payable and accrued liabilities decreased to $33.415 million as of December 31, 2023, from $65.577 million as of September 30, 2023[24] Property and Equipment - Property and equipment, net, increased to $637.481 million as of December 31, 2023, compared to $564.395 million as of September 30, 2023[24] - Property and equipment increased to $830.8 million as of December 31, 2023, up from $734.9 million as of September 30, 2023, primarily due to an increase in miners valued at $634.1 million[195] - The company placed $120.7 million of property and equipment into service during Q4 2023, including $114.0 million in miners[196] - Construction in progress for expanding mining operations in Georgia totaled $64.8 million as of December 31, 2023[195][198] Bitcoin Mining Revenue and Operations - Bitcoin mining revenue increased to $73.8 million in Q4 2023, up from $27.7 million in Q4 2022, representing a 166% year-over-year growth[29] - Total revenues for Q4 2023 reached $73.8 million, compared to $27.8 million in Q4 2022, a 165% increase[29] - Bitcoin mining revenue increased by 166% to $73.8 million in Q4 2023 compared to $27.7 million in Q4 2022, driven by a 32% increase in bitcoin mined (2,020 vs. 1,530) and a 102% increase in average bitcoin price ($36,535 vs. $18,129)[159] - The company's operating hashrate reached 10.0 EH/s as of December 31, 2023, representing 1.80% of the global hashrate, up from 6.2 EH/s and 2.26% in 2022[150] - Miner efficiency improved to 26.4 w/th in Q4 2023 from 31.7 w/th in Q4 2022, while the global hashrate nearly doubled to 558.4 EH/s from 274.2 EH/s[150] - The company mined approximately 15-17 bitcoin per day in Q4 2023, excluding transaction fees, representing 1.80% of global blockchain rewards[151] - Energy costs per bitcoin mined at owned facilities decreased to $12,808 in Q4 2023 from $13,047 in Q4 2022, while hosting fees per bitcoin increased to $22,621 from $13,565[154] - Total energy expense at owned facilities increased by 65% to $21.9 million in Q4 2023, representing 35.0% of bitcoin mining revenue, down from 71.8% in Q4 2022[155] - The company's total miner count increased by 39% to 88,500 as of December 31, 2023, compared to 63,700 in 2022[159] - Weighted average cost of mining one bitcoin increased to $14,308 in Q4 2023 from $13,221 in Q4 2022, representing 39.2% of average bitcoin mining revenue, down from 72.9%[157] - The company curtailed 15% of its mining fleet in Q4 2022 due to energy price spikes but had no significant curtailment in Q4 2023[156] Net Income and Earnings - Net income attributable to common shareholders was $25.3 million in Q4 2023, a significant improvement from a net loss of $29.0 million in Q4 2022[29] - Net income from continuing operations for the three months ended December 31, 2023, was $25.9 million, compared to a net loss of $29.0 million in the same period in 2022[48] - Income from continuing operations for Q4 2023 was $25.9 million, compared to a loss of $30.5 million in Q4 2022[86] - Basic and diluted income per share from continuing operations for Q4 2023 was $0.14, compared to a loss of $0.46 per share in Q4 2022[86] - Net income from continuing operations for Q4 2023 was $25,909, compared to a net loss of $30,488 in Q4 2022[173] - Non-GAAP adjusted EBITDA for Q4 2023 was $69,090, compared to a loss of $1,971 in Q4 2022[178] Stockholders' Equity and Share Issuance - Total stockholders' equity grew to $810.6 million as of December 31, 2023, up from $677.2 million as of September 30, 2023[36] - Additional paid-in capital increased to $1.11 billion as of December 31, 2023, up from $1.01 billion as of September 30, 2023[36] - Weighted average common shares outstanding (diluted) increased to 180.8 million in Q4 2023, compared to 66.4 million in Q4 2022, reflecting equity offerings[40] - Weighted-average common shares outstanding increased to 178.8 million in Q4 2023 from 66.4 million in Q4 2022[86] - The company issued 14,481,208 shares of common stock under its 2021 ATM Agreement, resulting in net proceeds of $41.344 million during the three months ended December 31, 2022[105] - As of December 31, 2023, the company had 10,025,740 shares available and authorized for issuance under its stock-based incentive compensation plan[110] - The company issued 12,457,651 shares under its 2024 ATM offering facility, resulting in net proceeds of approximately $122 million[134] Stock-Based Compensation - The company granted 65,000 stock options with a total fair value of $388,000 during the three months ended December 31, 2023[112] - The company recognized stock-based compensation expense of $8.141 million related to restricted stock units for the three months ended December 31, 2023[116] - Payroll expenses increased by 56% to $15.3 million in Q4 2023, driven by a 37% increase in employee headcount and a 69% increase in stock-based compensation[165] Depreciation and Amortization - Depreciation and amortization expenses increased to $29.8 million in Q4 2023, compared to $19.3 million in Q4 2022, due to expanded mining infrastructure[29] - Depreciation and amortization expense increased by $10,518 (54%) to $29,847 in Q4 2023, primarily due to increased mining equipment deployment[171] - Depreciation expense for Q4 2023 was $29.3 million, compared to $18.8 million in Q4 2022[195] - Amortization expense for intangible assets is projected to total $4.1 million over the next five years, with $1.5 million expected in 2024[202] Bitcoin Sales and Fair Value - The company reported a gain on fair value of bitcoin of $36.0 million in Q4 2023, compared to no such gain in Q4 2022[29] - Bitcoin sales generated $43.04 million in proceeds during the quarter ended December 31, 2023[62] - Bitcoin fair value gain for Q4 2023 is $36,041, driven by the adoption of ASC 350-60, which measures crypto assets at fair value[167] - Bitcoin is now measured at fair value each reporting period following adoption of ASC 350-60 in October 2023[90] - Bitcoin impairment expense was $83 in Q4 2022, with no impairment recognized in Q4 2023 due to the adoption of ASC 350-60[169] Operating and Investing Activities - Cash outflows from operating activities from continuing operations were $39.63 million for the three months ended December 31, 2023[62] - Operating activities used $39,626 in cash for Q4 2023, primarily due to bitcoin mining costs of $73,786[187] - Cash outflows from investing activities from continuing operations were $32.82 million for the three months ended December 31, 2023[48] - Investing activities used $32,818 in Q4 2023, mainly for miner payments ($48,858) and fixed asset purchases ($27,503)[188] - Financing activities generated $92,095 in Q4 2023, primarily from an underwritten offering of $99,336[189] Legal and Regulatory Risks - The company faces risks related to high volatility in the value attributable to its business and the rapidly changing regulatory and legal environment[10] - The company is dependent on continued growth in blockchain and bitcoin usage, and faces security and cybersecurity threats[10] - The company is defending against a class action lawsuit alleging material misstatements and omissions regarding its acquisition of ATL and bitcoin mining operations expansion[121] Mining Equipment and Infrastructure - Deposits on miners and mining equipment decreased to $25.048 million as of December 31, 2023, from $75.959 million as of September 30, 2023[24] - The company has a developed capacity of 230 MW across five data centers in Georgia, with an additional 150 MW under development in Sandersville, GA[54] - The company acquired two bitcoin mining facilities in Dalton, GA for $9.39 million in June 2023, adding 6,000 miners and 20 megawatts of power capacity[99] - The purchase price allocation for the Dalton acquisition included $1.33 million for buildings and $8.06 million for infrastructure[100] - The company entered into an agreement with Bitmain Technologies Delaware Limited to purchase up to 160,000 Bitmain S21 miners, with a net purchase price of $193.2 million for 60,000 miners and an option to purchase an additional 100,000 miners for $320 million[135][136] - The company's operating mining units were capable of producing over 10.0 exahash per second (EH/s) of computing power as of December 31, 2023, and increased to 12.5 EH/s by February 8, 2024[141] - The company owns approximately 146,000 miners as of December 31, 2023, with 88,500 in service and the remainder ready for installation in the Sandersville, GA expansion[142] - The company's miners have an average energy efficiency of 26.4 watts per terahash (w/th) as of December 31, 2023[143] - The company has $37.044 million in open purchase commitments for bitcoin mining equipment as of December 31, 2023[117] - Outstanding deposits for miners and mining equipment decreased to $25.0 million as of December 31, 2023, from $76.0 million as of September 30, 2023[200] Discontinued Operations - Data center services were discontinued as of September 30, 2023, with no external customer services provided thereafter[69] - The company reclassified its energy operations as discontinued operations to focus on bitcoin mining, selling most related assets[98][101] - Discontinued operations reported total current assets held for sale of $384 million as of December 31, 2023, compared to $445 million as of September 30, 2023[102] - Net income attributable to common shareholders from discontinued operations was $1.457 billion for the three months ended December 31, 2022[102] Other Financial Metrics - Cost of revenues (excluding depreciation and amortization) rose to $28.9 million in Q4 2023, up from $20.4 million in Q4 2022, reflecting increased mining operations[29] - Interest expense decreased by $343 to $546 in Q4 2023 due to lower average debt balances[172] - Operating lease costs for Q4 2023 were $46,000, down from $113,000 in Q4 2022[203] - Cash outflows for operating leases in Q4 2023 were $60,000, compared to $34,000 in Q4 2022[203] - Intangible assets totaled $10.3 million as of December 31, 2023, with net intangible assets of $4.1 million after amortization[201] - The company held $0.05 in USDC, a digital currency pegged 1:1 to the U.S. dollar, as of December 31, 2023[146] - Restricted cash of $1,716 was held as collateral for utility bonds as of December 31, 2023[78] - Inventory balances for bitcoin mining supplies were $732 and $809 as of December 31, 2023, and September 30, 2023, respectively[73] - Total contractual future payments as of December 31, 2023, amount to $60.815 million, including $38.754 million due in 2024[118] Revenue Recognition and Mining Pool - Revenue from Bitcoin mining is recognized based on the Full-Pay-Per-Share (FPPS) payout method, with mining pool fees at 0.19% of total daily bitcoin mined[65] - The company's bitcoin mining revenue is calculated daily from midnight-to-midnight UTC, with earnings credited at 1:00 AM UTC[68] - The company has one mining pool operator, Foundry Digital, which represented 100% of revenue for the three months ended December 31, 2023 and 2022[126] Internal Controls and Financial Reporting - The company is working to remediate a material weakness identified in its internal control over financial reporting[10] - The company early adopted ASC 350-60, resulting in a $4.18 million cumulative-effect adjustment to bitcoin holdings as of October 1, 2023[58] Acquisitions and Expansion - The company acquired land and assets in Dalton, GA for a combined purchase price of approximately $3.5 million with an additional $3.4 million of expected build-out costs[130] - The company entered into an agreement to acquire assets in three separate locations within Mississippi for a combined purchase price of $19.8 million[131]