CleanSpark (CLSK) experienced an impressive growth in its stock on Thursday, after reporting earnings of 58 cents per share, a significant improvement from a loss of 23 cents per share the previous year. The revenue also spiked by 163% to $11.8 million, surpassing analyst expectations of $10.6 million. This marks the third consecutive quarter of triple-digit revenue growth for CleanSpark.
The company’s success can be attributed to its ability to increase its operational capacity by over 60%, which contributed to the significant revenue growth. Bitcoin itself saw a slight rebound on Thursday after four consecutive days of declines, with prices trading above $62,400 late in the day. The cryptocurrency has surged by about 47% in 2024 but is down by 15% from its record high in March near $74,000.
CleanSpark announced plans to acquire two bitcoin mining locations in Wyoming with 75 megawatts of power for $18.75 million, expected to close in 45 days. Once operational, these sites will add four exahashes per second of processing power, with the possibility of expansion by an additional 55 megawatts.
In trading, CleanSpark’s stock initially surged by 6%, settling for a modest gain of just over 1% later in the day. Despite this decline from its March high of $24.72, shares are still up more than 50% year-to-date due to their strong performance throughout the past year. Overall, CleanSpark’s success is a positive sign for both investors and fans of bitcoin alike as they continue to expand their operations and grow their presence in the cryptocurrency industry.
