Acquisitions are expected to increase Company's operating hashrate to over 20 EH/s by month's end using already purchased hardware LAS VEGAS, June 18, 2024 /PRNewswire/ -- CleanSpark Inc. (Nasdaq: CLSK), America's Bitcoin Miner™, today announced it has entered into definitive agreements to acquire five turnkey bitcoin mining facilities in rural Georgia for a cash payment of $25.8 million. "Our acquisition of these five new mining sites marks a significant milestone in our strategic growth plan and represent ...

Industry Overview - The demand for crypto mining infrastructure is increasing as Bitcoin prices have risen to over $70,000, indicating potential for steady growth in the crypto markets [1] - Companies involved in building and operating specialized computing hardware for Bitcoin mining are positioned to benefit from this growth [2] Marathon Digital Holdings (MARA) - Marathon Digital is one of the largest publicly traded Bitcoin mining companies, utilizing high-performance computers to validate transactions and earn Bitcoin [4] - In Q1 2024, Marathon produced 2,811 bitcoins, generating revenues of $165.2 million and achieving a net income of $337.2 million, with adjusted EBITDA of $528.8 million, showing substantial growth year-over-year [5] - The company held 15,741 bitcoins valued at over $1 billion at the end of March 2024 [6] - Marathon also generates hosting revenue and has introduced new products like Slipstream and MARAFW to diversify income streams [7][15] Riot Blockchain (RIOT) - Riot Blockchain is another major player in the Bitcoin mining sector, with significant mining operations and plans to expand capacity [9] - The company currently has 11.7 EH/s of mining capacity and aims to reach 31 EH/s by the end of 2024, with a long-term goal of over 40 EH/s once the Corsicana Facility is fully operational [10] - In Q1 2024, Riot achieved total revenues of $79.3 million, with $74.6 million coming from Bitcoin mining, reflecting a 57% year-over-year growth [16] - Riot has proposed acquiring Bitfarms in a $950 million deal, which would create the largest publicly traded Bitcoin mining company [17] CleanSpark (CLSK) - CleanSpark operates sustainable data centers powered by low-carbon energy, positioning itself as a leading Bitcoin mining company [12] - The company expects to exceed a network hash rate of 20 EH/s in the first half of 2024 and plans to fund expansion through acquisitions and upgrades [13] - In Q1 2024, CleanSpark generated record revenue of $73.8 million, a 165% increase year-over-year, and posted a net income of $25.9 million, reversing a loss from the previous year [18]

Core Viewpoint - CleanSpark Inc. has reported strong performance in bitcoin mining, achieving significant production levels post-block reward halving and maintaining a focus on operational efficiency and expansion opportunities [2][4]. Group 1: Bitcoin Mining Performance - The company mined 417 bitcoin in May 2024, bringing total bitcoin holdings to 6,154 [4]. - Year-to-date bitcoin mined in 2024 stands at 3,169 [4]. - The average daily bitcoin mined in May was 13.45, with a peak of 15.0 [4]. Group 2: Operational Efficiency - CleanSpark achieved a hashrate of nearly 18 exahashes per second (EH/s) and improved fleet efficiency to 23.05 joules per terahash (J/Th) [2][4]. - The current hashrate is reported at 17.97 EH/s [4]. Group 3: Expansion and M&A Activities - The company is actively pursuing mergers and acquisitions, with plans to close on a new site in Wyoming soon [3]. - The Dalton expansion is underway, with building permits issued and expected to enhance the facility's capacity to 2.4 EH/s upon completion [5]. Group 4: Financial Aspects - In May 2024, CleanSpark sold 2.43 bitcoin at an average price of approximately $59,000 per bitcoin [4].

The recommendations of Wall Street analysts are often relied on by investors when deciding whether to buy, sell, or hold a stock. Media reports about these brokerage-firm-employed (or sell-side) analysts changing their ratings often affect a stock's price. Do they really matter, though? Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about CleanSpark (CLSK) . CleanSpark currently has an average brokerag ...

Market Overview - The cryptocurrency market experienced a significant decline in April following a strong rally over the previous 15 months, with Bitcoin (BTC) reaching an all-time high of 73,750.07 on March 14, before falling nearly 17% [1][2] - Bitcoin gained over 67% in Q1 2024 after a 157% increase in 2023, currently trading 10% below its all-time high [1][2] Factors Influencing Bitcoin Price - The recent decline in Bitcoin's price is attributed to the halving event that occurred last month, which happens every four years, and concerns over the Federal Reserve maintaining higher interest rates due to persistent inflation and a strong labor market [2] - Higher interest rates negatively impact high-growth sectors, including technology, consumer discretionary, and cryptocurrency [2] Future Price Speculation - Following the halving event, there is speculation that reduced Bitcoin supply will lead to a price increase driven by scarcity [3] - The halving reduces miners' block rewards by half, aiming to cap Bitcoin's total circulation at 21 million, which increases demand for new Bitcoins and potentially drives up prices [3] Bitcoin ETFs Impact - Since the launch of the first Bitcoin ETFs on January 11, Bitcoin has surged over 50%, providing a regulated investment avenue for both retail and institutional investors, enhancing liquidity and contributing to price stability [4] Optimistic Price Predictions - Research firms have optimistic forecasts for Bitcoin, with Standard Chartered predicting a price of $100,000 by the end of 2024, while Fundstrat estimates a range of $116,000 to $137,000 for this year [5] - Hedge fund SkyBridge anticipates Bitcoin reaching $170,000 by April 2025, and VanEck has a medium-term target of $350,000 [6] Company Highlights - Coinbase Global Inc. (COIN) is a leading provider of financial infrastructure for the crypto economy, with an expected earnings growth rate of over 100% for the current year and a Zacks Rank of 1 [8][9] - NVIDIA Corp. (NVDA), a major player in the semiconductor industry, has a strong correlation with the crypto market due to its GPU production, with an expected earnings growth rate of 87.4% [10][11] - Robinhood Markets Inc. (HOOD) offers a platform for investing in various assets, including cryptocurrencies, with an expected earnings growth rate of over 100% [12][13] - CleanSpark Inc. (CLSK) operates as a Bitcoin miner with a focus on low-carbon power, also expecting over 100% earnings growth [13][14] - Hut 8 Corp. (HUT) is involved in digital asset mining and aims to increase its total hash rate to 9.8 EH/s, with an expected earnings growth rate of over 100% [14][15]

In order to see if CLSK is a promising momentum pick, let's examine some Momentum Style elements to see if this company holds up. A good momentum benchmark for a stock is to look at its short-term price activity, as this can reflect both current interest and if buyers or sellers currently have the upper hand. It is also useful to compare a security to its industry, as this can help investors pinpoint the top companies in a particular area. Momentum investing revolves around the idea of following a stock's r ...

Lesser-known high-potential tech stocks are a great way to invest in a growing stock market powered by Nvidia (NASDAQ:NVDA). The chip giant is a big reason why the three major stock indices ended the first quarter with five months of gains in a row. With three potential rate cuts, expect the fun to continue. After the market closed on Wednesday, the tech giant posted better-than-expected earnings for the fiscal first quarter, which sent the stock up by 7% to over $1,000, with the 10-for-1 stock split and th ...

Core Insights - The Russell 2000 index, which includes 2000 top American small-cap stocks, is essential for a comprehensive view of the US stock market [1] - Stanley Druckenmiller has taken a bullish position in IWM call options valued at $664 million, indicating confidence in small-cap growth [2] Company Summaries Super Micro Computer Inc (SMCI) - SMCI has seen a remarkable 211% return for shareholders in 2024, driven by demand for AI chips and infrastructure [4] - The stock trades at 4.3x sales and 24.5x forward earnings, with an average price target of $1,057.46, suggesting a near 20% upside [3][4] - The company has achieved a net income CAGR of 70% over five years and 126% over three years, indicating strong growth potential [4] CleanSpark (CLSK) - CleanSpark is positioned to benefit from the ongoing crypto bull run, with analysts projecting a price target range of $20.00 to $30.00, representing potential upsides of 25% to nearly 100% [8] - The company has made strides in sustainable mining, with 90% of its operations powered by carbon-free sources [9] - CLSK trades at 9.2x sales and 30.8x forward earnings, aligning with other Bitcoin miners, while Bitcoin's potential rise to $100,000 could enhance its attractiveness [9] Magnite (MGNI) - Magnite is currently undervalued, with price targets ranging from $13.00 to $20.00, indicating potential upsides of 10% to over 60% [11] - The company recently exceeded revenue estimates and formed an exclusive partnership with Netflix, expected to become its largest customer by 2025 [12] - MGNI trades at 2.5x sales and 11x forward earnings, with a strong revenue CAGR of 37%, presenting a buying opportunity before anticipated growth [13]

The cryptocurrency market suffered a severe blow in April after a strong rally in the previous 15 months. On Mar 14, the largest cryptocurrency, Bitcoin (BTC), recorded an all-time high of 73,750.07. However, it has fallen nearly 15% thereafter. Bitcoin gained more than 67% in first-quarter 2024 after jumping 157% in 2023. At present, Bitcoin is 9.3% below its all-time high. One of the major reasons for the decline in Bitcoin price was the halving event that took place last month. The Bitcoin halving event ...

Market Overview - Broad stock market indexes have reached new all-time highs, confirming the current bull market [1] - The S&P 500 experienced a ~6% pullback in April, which was seen as a typical correction before the strong recovery to new highs [1] Bitcoin and Correlation with Stocks - Bitcoin has been acting as a proxy for risk, showing a strong correlation with US equities, particularly technology stocks, with Bitcoin potentially gaining 3-5% for every 1% increase in stocks [3] - Bitcoin's price recently broke out from a bullish wedge/flag pattern, marking the third breakout since October [4] Coinbase Global (COIN) - Coinbase Global is the leading cryptocurrency brokerage in the US, benefiting from increased trading activity in Bitcoin and other cryptocurrencies [6] - Earnings estimates for Coinbase have significantly increased, with FY24 estimates rising from $1.57 to $7.18 per share, earning a Zacks Rank 1 (Strong Buy) [7] - The stock is forming a descending wedge pattern, with a breakout above $220 signaling potential new highs [8] Cleanspark (CLSK) - Cleanspark is a cryptocurrency miner showing strong performance compared to other miners like Marathon Digital and Riot Platforms, being the only one with positive returns year-to-date [12] - FY25 earnings estimates for Cleanspark have been revised from $0.04 to $1.86 per share, a remarkable increase of 4,550%, earning a Zacks Rank 2 (Buy) [13] - Cleanspark is also building a bullish technical pattern, with a breakout level at $17.70 [16] iShares Bitcoin Trust (IBIT) - The iShares Bitcoin Trust ETF offers direct exposure to Bitcoin with lower fees compared to Grayscale Bitcoin Trust ETF, making it an attractive option for investors [17] Investment Considerations - For investors seeking high-growth stocks and willing to accept volatility, Bitcoin and related stocks present a timely investment opportunity due to significant upgrades in brokerage and mining stocks, along with bullish chart setups [18]