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LAS VEGAS - CleanSpark, Inc. (NASDAQ:CLSK), a dedicated bitcoin mining company with a market capitalization of $2.18 billion, has announced its latest operational achievements, including a significant increase in its bitcoin treasury and advancements in its mining capabilities. The company, which has achieved remarkable revenue growth of 118% over the last twelve months, mined 624 bitcoins in February, augmenting its total holdings to 11,177 bitcoins, marking a nearly 6% increase from the previous month. According to InvestingPro, analysts expect continued sales growth this year, with 10+ additional exclusive insights available to subscribers.
The company’s end-of-month operating hashrate reached 40.7 exahashes per second (EH/s), with 915 megawatts (MW) of power under contract. CleanSpark’s average fleet efficiency improved to 17.07 joules per terahash (J/Th), and the company also reported an average daily mining of 22.30 bitcoins throughout February. The peak fleet efficiency for the month was 16.82 J/Th. With a strong current ratio of 12.67, InvestingPro data shows the company maintains robust liquidity to support its operations.
Despite the short month, CleanSpark’s CEO Zach Bradford highlighted the company’s operational excellence and the strides made across all facilities. The company has ended its operations at Coinmint in New York, transitioning to a portfolio that is fully owned and operated. With nearly 1 gigawatt (GW) of power under contract, CleanSpark is well-positioned to reach its target of 50 EH/s by June 30, 2025, and is also preparing for future expansion to 60 EH/s.
Additionally, CleanSpark sold 2.73 bitcoins in February at an average price of approximately $95,695 per bitcoin. The company’s expansion efforts include several projects in Georgia to add more immersion deployments, a 35 MW increase in power contracts in Cheyenne, Wyoming, and the construction of a 48 MW facility in Jackson, Tennessee, which is expected to contribute significantly to the company’s hashrate in the next quarter.
CleanSpark, self-identified as America’s Bitcoin Miner®, owns and operates mining facilities across the United States, leveraging globally competitive energy prices to optimize mining operations and provide returns to shareholders. This press release statement contains forward-looking projections about the company’s growth and operational goals, which are subject to various risks and uncertainties.
The information presented is based on a press release statement and reflects the company’s performance and plans as of the end of February 2025. InvestingPro analysis indicates the stock is currently undervalued, with analyst price targets ranging from $17 to $30 per share. Discover comprehensive insights and access the detailed Pro Research Report, available exclusively to subscribers, covering this and 1,400+ other US stocks.
In other recent news, CleanSpark, Inc. reported impressive first-quarter earnings results that exceeded analyst expectations. The company posted an earnings per share (EPS) of $0.83, significantly higher than the forecasted $0.17, and reported revenue of $162.3 million, surpassing the anticipated $153.06 million. This reflects a 120% year-over-year increase in revenue, driven by enhanced operational efficiency and a reduction in the cost to mine Bitcoin. Additionally, CleanSpark’s net income reached $246.8 million, marking a substantial improvement from the previous year.
In terms of strategic moves, CleanSpark’s shareholders recently elected six directors and approved executive compensation at the company’s Annual Meeting. The meeting also saw the ratification of BDO USA, P.C. as the independent accounting firm for the fiscal year ending September 30, 2025. Furthermore, the company’s strong financial position was bolstered by a $650 million convertible bond and the conclusion of an at-the-market offering program, contributing to its nearly $2.8 billion in assets and $1.2 billion in liquidity.
Analyst feedback from H.C. Wainwright highlighted CleanSpark’s operational improvements, including a 42% increase in deployed hash rate and a 20% improvement in fleet efficiency. The company also achieved a 6% reduction in the marginal cost to mine Bitcoin. These developments reflect CleanSpark’s robust performance and strategic growth trajectory in the competitive Bitcoin mining industry.
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