CleanSpark Stock (CLSK): Why The Price Went Up Today

By Amit Chowdhry ● Jan 24, 2022
  • The stock price of CleanSpark Inc (NASDAQ: CLSK) increased 2.97% today. This is why it happened.

The stock price of CleanSpark Inc (NASDAQ: CLSK) – a sustainable bitcoin mining and energy technology company – increased 2.97% today. Investors are responding positively to CleanSpark announcing that its hashrate has recently exceeded 2 exahashes per second (EH/s), doubling over the past 3 months.

Hashrate (or the computing power to mine a cryptocurrency) is one of the most important metrics for evaluating publicly traded bitcoin miners because it determines how many bitcoins a miner is producing on a regular basis. And at 2 EH/s hashrate, CleanSpark now sustainably produces around 10 bitcoins a day and has an installed production capacity that puts it among the top of publicly-traded North American miners.

As a sustainable company, CleanSpark operates at top mining and energy efficiency levels, which is particularly important given that mining difficulty is growing along with global hashrate. And one way CleanSpark achieves that is through the adoption of next-generation green technologies like immersion cooling. Plus CleanSpark is also preparing to install a solar array at its Norcross, GA, facility for sun-powered mining.

KEY QUOTES:

“We have more capacity coming, in terms of both machines and access to additional energy. In fact, we believe we are one of the most efficient miners in terms of hashrate per megawatt and we are on track to maintain that.”

— Zach Bradford, CEO

“Given how much network difficulty is increasing, if you’re not growing, you’re regressing. Our accelerated growth is the direct result of our teams’ hard work and dedication to the Bitcoin network.”

— Matt Schultz, executive chairman

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.