LAS VEGAS - CleanSpark Inc. (NASDAQ:CLSK), a U.S.-based sustainable bitcoin mining company, has reported significant growth in its mining operations for February 2024. The company's hashrate, a measure of computational power used to mine and process bitcoin transactions, surged by 60% within the month, reaching 16 exahashes per second (EH/s).
This expansion in hashrate has corresponded with a 12% increase in bitcoin production compared to the previous month, with CleanSpark mining approximately 648 bitcoins. As a result, the company's bitcoin treasury has grown to 4,218 bitcoins. Despite the increase in mining output, CleanSpark sold only 2.8 bitcoins in February, translating to proceeds of around $140,000 based on the average selling price of approximately $50,000 per bitcoin.
CleanSpark attributes the growth in hashrate to the deployment of a larger mining fleet, which now includes over 131,000 operational miners. The company's efficiency also improved, with its month-end fleet efficiency recorded at 24.68 joules per terahash (J/Th).
The company's operational update highlighted the progress of its recent acquisitions in Mississippi, where crews have nearly completed setting up servers in the newly acquired data centers. These facilities are close to full operation with a current hashrate of about 1.5 EH/s, expected to rise to 2.4 EH/s. Additionally, CleanSpark's property acquisition in Dalton is advancing on schedule, with an operational target set for April 2024 and an anticipated hashrate of 0.8 EH/s.
The information in this article is based on a press release statement from CleanSpark Inc.
InvestingPro Insights
CleanSpark Inc. (NASDAQ:CLSK) has demonstrated impressive operational advancements in its bitcoin mining capacity, as reflected in the latest hashrate and production figures. These operational successes are also echoed in the company's financial data and market performance. According to InvestingPro, CleanSpark's market capitalization stands at $3.31 billion USD, indicating a robust valuation in the market.
The company's revenue growth over the last twelve months as of Q1 2024 is particularly noteworthy, with a substantial increase of 75.4%, showcasing CleanSpark's ability to scale its operations effectively. This growth is further emphasized by the quarterly revenue growth figure, which is an astonishing 165.24% for Q1 2024. Such metrics highlight the company's rapid expansion and might be of interest to investors looking for high-growth opportunities in the tech sector.
Despite the lack of profitability in the last twelve months, as indicated by a negative P/E ratio of -43.77, CleanSpark's stock has experienced a strong return over the last year, with a 1 Year Price Total Return of 548.06%. This suggests that investors are optimistic about the company's future prospects and are willing to invest in its growth potential. The InvestingPro Tips further reveal that analysts anticipate sales growth in the current year, which may continue to fuel investor confidence.
For investors seeking more in-depth analysis, there are additional InvestingPro Tips available, which provide insights such as the company's liquidity position and debt levels. CleanSpark operates with a moderate level of debt and its liquid assets exceed short-term obligations, suggesting a stable financial footing. With 15 more InvestingPro Tips ready to explore, investors can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription and gain access to these valuable insights.
As CleanSpark continues to expand its operations and solidify its presence in the sustainable bitcoin mining industry, these InvestingPro data metrics and tips could offer investors a more comprehensive understanding of the company's financial health and market position.
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