CleanSpark Q1 Earnings Preview: Anticipated Updates on Bitcoin Mining and Holdings
CleanSpark, Inc. will report its first-quarter earnings soon, focusing on hash rate, Bitcoin mined, and holdings. In January, the company mined 626 Bitcoin, with a rising hash rate of 40.1 EH/s. CleanSpark now holds over 10,000 self-mined Bitcoin, marking a significant increase. Analyst projections suggest earnings of 21 cents per share, with shares seeing a premarket rise of 2.72%.
CleanSpark, Inc. (NASDAQ: CLSK) is poised to announce its first-quarter earnings on Thursday post-market hours. Investors are particularly interested in updates regarding the company’s hash rate, the total Bitcoin mined, and Bitcoin holdings. In a recently released operational update for January, CleanSpark reported mining 626 Bitcoin, a decrease from December’s total of 668 Bitcoin. The average hash rate throughout January was recorded at 34.76 EH/s, concluding the month with an operational hash rate of 40.1 EH/s. CleanSpark aims to achieve a hash rate of 50 EH/s and beyond by 2025, as noted in their fourth-quarter report.
According to a recent Bernstein report, CleanSpark has achieved an impressive 400% year-over-year increase in its hash rate, now representing 5% of the total network’s hash rate, which positions it ahead of Riot Platforms, Inc. In January, CleanSpark also disclosed that it possesses over 10,000 self-mined Bitcoin in its treasury, marking a 236% year-over-year increase in Bitcoin holdings. This substantial achievement reflects the success of the company’s financial strategy and operational advancements since their inception of Bitcoin mining in December 2021.
Gary Vecchiarelli, CFO of CleanSpark, stated, “This achievement is not just about a number; it is a direct reflection of the success of our financial strategy and how far our industry-leading operations have come.” Additionally, HC Wainwright & Co. analyst Mike Colonnese has maintained a Buy rating for CleanSpark, projecting a $27 price target for the stock. Analysts expect CleanSpark to report earnings of 21 cents per share, with anticipated revenues of approximately $150.87 million following the earnings release on Thursday.
As of the most recent market data from Benzinga Pro, CleanSpark shares experienced a 2.72% increase, reaching $10.59 in premarket trading. Investors are advised to stay informed regarding market movements and stock performance.
CleanSpark, Inc. is a publicly traded Bitcoin mining company situated in North America. As cryptocurrency markets continue to evolve, mining operations and the efficiency of hash rates have become critical indicators of performance. This financial report will provide insights into CleanSpark’s operational efficiency and strategic growth, especially as the company aims for significant expansions in its capabilities and holdings. The context of the report will further reflect market trends and investor interest in cryptocurrency holdings, particularly Bitcoin.
In summary, CleanSpark, Inc. is preparing to report its first-quarter earnings, with significant focus on its mining capabilities, Bitcoin holdings, and overall financial performance. The anticipated increase in hash rate and Bitcoin treasury highlights the firm’s operational growth and strategic direction. With continued investor interest and promising analyst ratings, CleanSpark remains a noteworthy player in the cryptocurrency mining industry.
Original Source: in.benzinga.com
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