CleanSpark (NASDAQ: CLSK) will report Q1 earnings on Thursday, with analysts forecasting 21 cents EPS and $150.87 million in revenue. The company has increased its Bitcoin treasury to over 10,000, marking a 236% year-over-year growth, and maintains a competitive hash rate of 34.76 EH/s. HC Wainwright & Co. continues to support CleanSpark, issuing a Buy rating and $27 price target.

CleanSpark, Inc. (NASDAQ: CLSK) is poised to announce its first-quarter earnings results on Thursday, with analysts predicting an earnings per share (EPS) of 21 cents and revenues reaching $150.87 million. Investors are particularly interested in updates regarding the company’s average hash rate, total Bitcoin mined, and Bitcoin holdings. In January, CleanSpark mined 626 Bitcoin, a decrease from the previous month’s 668 Bitcoin, and reported an average hash rate of 34.76 EH/s, concluding the month with an operating hash rate of 40.1 EH/s.

A recent Bernstein report emphasized CleanSpark’s impressive 400% year-over-year increase in hash rate, positioning it to hold 5% of the entire network’s hash rate, surpassing Riot Platforms, Inc. Additionally, the company announced that it holds over 10,000 self-mined Bitcoins in treasury, representing a remarkable 236% year-over-year growth. Gary Vecchiarelli, CleanSpark’s CFO, remarked on this milestone, noting it reflects the efficacy of the company’s financial strategy.

As CleanSpark approaches its earnings report, HC Wainwright & Co. analyst Mike Colonnese has reaffirmed a Buy rating for the company, establishing a price target of $27. In premarket trading, CleanSpark shares have increased by 2.72% to $10.59, indicating investor optimism ahead of the earnings release. Market analysts highlight the significance of the company’s mining activities and Bitcoin holdings for the future trajectory of CleanSpark.

CleanSpark, established as a key player in the Bitcoin mining sector, is closely monitored by investors for its operational updates and financial performance. The company’s ability to increase both its Bitcoin holdings and hash rate is critical in a competitive landscape. In particular, the annual growth in mined Bitcoin and hash rate are important metrics indicating operational efficiency and market strength.

In summary, CleanSpark is preparing to report its first-quarter earnings, with strong projections from analysts and noteworthy increases in both hash rate and Bitcoin holdings. The company demonstrates significant growth in its operational metrics, positioning it favorably in the Bitcoin mining market. Continued investor interest and ratings suggest a positive outlook for CleanSpark’s future performance.

Original Source: www.benzinga.com

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