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© Reuters.
LAS VEGAS – CleanSpark Inc. (NASDAQ:), a US-based sustainable Bitcoin mining company, has reported significant growth in its mining activities in February 2024. The company’s hashrate, a measure of the computing power used to mine and process Bitcoin transactions, rose 60% on the month, reaching 16 exahashes per second (EH/s).
This increase in hash rate was accompanied by a 12% increase in Bitcoin production compared to the previous month, with CleanSpark mining approximately 648 Bitcoins. As a result, the company’s Bitcoin holdings have grown to 4,218 Bitcoins. Despite the increase in mining production, CleanSpark only sold 2.8 Bitcoins in February, generating around $140,000 in proceeds based on the average selling price of around $50,000 per Bitcoin.
CleanSpark attributes the hash rate growth to the deployment of a larger mining fleet, which now includes over 131,000 operational miners. The company’s efficiency also improved: fleet efficiency at the end of the month was 24.68 joules per terahash (J/Th).
The company’s operational update highlighted the progress of its recent acquisitions in Mississippi, where teams have nearly completed setting up servers in the newly acquired data centers. These facilities are almost fully operational with a current hashrate of around 1.5 EH/s and is expected to rise to 2.4 EH/s. Additionally, CleanSpark’s real estate acquisition in Dalton is progressing on schedule, with an operational target of April 2024 and an expected hashrate of 0.8 EH/s.
The information in this article is based on a press release from CleanSpark Inc.
Investing Pro Insights
CleanSpark Inc. (NASDAQ:CLSK) has demonstrated impressive operational progress in its Bitcoin mining capacity, reflected in its latest hash rate and production numbers. These operational successes are also reflected in the company’s financial data and market development. According to InvestingPro, CleanSpark’s market cap is $3.31 billion, indicating a robust market valuation.
Of particular note, the company’s revenue growth over the last twelve months from the first quarter of 2024, with a significant increase of 75.4%, demonstrates CleanSpark’s ability to effectively scale its operations. This growth is further highlighted by the quarterly revenue growth number, which is an astonishing 165.24% for the first quarter of 2024. Such metrics highlight the company’s rapid expansion and may be of interest to investors looking for high-growth opportunities in the technology sector.
Despite the lack of profitability over the last twelve months, as evidenced by a negative P/E ratio of -43.77, CleanSpark stock has posted a strong return over the last year, with a 1-year price-to-price 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 also show that analysts expect sales growth in the current year, which could further increase investor confidence.
For investors who want a more in-depth analysis, additional InvestingPro tips are available, providing insights such as the company’s liquidity position and debt levels. CleanSpark has moderate debt and its cash and cash equivalents exceed its short-term obligations, indicating a stable financial base. With 15 more InvestingPro tips ready to discover, investors can use the coupon code PRONEWS24 to get an additional 10% off an annual or two-year Pro and Pro+ subscription and gain access to these valuable insights.
As CleanSpark continues to expand its operations and consolidate its presence in the sustainable Bitcoin mining industry, these InvestingPro Data metrics and tips could give investors a more comprehensive understanding of the company’s financial health and market position.
This article was created with the assistance of AI and reviewed by an editor. More information can be found in our terms and conditions.
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