© Reuters.
LAS VEGAS – clean spark Inc. (NASDAQ 🙂, a US-based sustainable bitcoin mining company, reported significant growth in its mining operations for February 2024. The company's hashrate, a measure of the computing power used to mine and process transactions of bitcoins, increased 60% in 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 production, CleanSpark sold only 2.8 bitcoins in February, which translated into profits of around $140,000 based on the average selling price of about $50,000 per bitcoin.
CleanSpark attributes the hashrate growth to the deployment of a larger mining fleet, which now includes more than 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 progress on its recent acquisitions in Mississippi, where teams have nearly finished installing servers in newly acquired data centers. These facilities are close to full operation with a current hash rate of approximately 1.5 EH/s, which is expected to increase to 2.4 EH/s. Additionally, CleanSpark's property acquisition in Dalton is progressing as planned, with an operational target set for April 2024 and an anticipated hash rate of 0.8 EH/s.
The information in this article is based on a press release 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 reflected in the company's financial data and market performance. According to InvestingPro, CleanSpark's market capitalization stands at $3.31 billion, indicating a strong market valuation.
The company's revenue growth over the trailing twelve months starting in the first quarter of 2024 is particularly notable, with a substantial increase of 75.4%, demonstrating 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 the first quarter of 2024. These metrics highlight the company's rapid expansion and could be of interest to investors who They seek high-growth opportunities in the technology sector.
Despite a lack of profitability over the trailing twelve months, as indicated by a negative P/E ratio of -43.77, CleanSpark shares have seen strong performance over the past year, with a total price return of 1 year of 548.06%. This suggests that investors are optimistic about the company's future prospects and are willing to invest in its growth potential. InvestingPro's advice further reveals that analysts are forecasting sales growth in the current year, which may continue to fuel investor confidence.
For investors looking for deeper analysis, additional InvestingPro tips are available, providing information 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 foundation. With 15 more InvestingPro tips ready to explore, investors can use the coupon code FORECASTS24 to get an additional 10% off an annual or bi-annual Pro and Pro+ subscription and gain access to this valuable information.
As CleanSpark continues to expand its operations and solidify its presence in the sustainable bitcoin mining industry, these metrics and data tips from InvestingPro could offer investors a more complete understanding of the company's financial health and market position .
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