CleanSpark, Inc. (CLSK) is a sustainable bitcoin (BTC-USD) mining and energy technology company. The company uses a sustainable energy mix including nuclear, hydroelectric, solar, and wind power for bitcoin mining. So far this year, CLSK stock has lost 57.7%, amid plunging cryptocurrency prices.
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Robust Hashrate and Bitcoin Mining Statistics for August
CleanSpark mined 395 bitcoins in August 2022, jumping 109% over August 2021. The average daily bitcoin mining in August reached a high of 13.39. Similarly, year-to-date bitcoin mining totaled 2,642 bitcoin.
Notably, the company’s hashrate tripled over the last year to cross 3 EH/s (exahashes per second) in August. CleanSpark reached a record hashrate of 3.4 EH/s in August, jumping 19% from July 2022 and skyrocketing 331% over August 2021 figures. This was achieved by a fleet of over 36,800 latest-generation bitcoin miners.
Hashrate refers to a measure of the computational power per second used when mining. Simply put, it is the machine’s speed of mining and is measured in units of hash/second. The higher the hashrate, the better it is. A high hashrate implies that a machine can process more data in a single second.
As of August 31, CleanSpark had total BTC holdings of 526. The company sold 388 bitcoins for growth and operations in August, down 9% from July 2022. However, the average sale price of $23,088 per BTC was 11% higher than July’s average price per BTC. CleanSpark generated proceeds of approximately $8.9 million from the sale of BTC in August.
CleanSpark Posts Poor Q3 Results
In its latest results for the third quarter ending in Fiscal 2022, CleanSpark missed both earnings and revenue expectations. The adjusted loss of $0.39 per share came in much higher than the analyst’s estimated loss of $0.15 per share. However, the loss was lower than the comparative prior year’s loss of $0.41 per share.
Similarly, the revenue of $31.03 million came in lower than analysts’ estimate of $34.5 million. Nonetheless, the revenue increased significantly from $9.1 million in Q2FY21. Moreover, the company increased its full-year 2023 hashrate guidance to 22.4 EH/s.
CleanSpark Adds the Third Facility in Georgia
On August 19, CLSK completed the acquisition of an active bitcoin mining site in Washington, Georgia. Once all the 86MW of carbon-free power is fully operational at the site in 2023, it is expected to add 2.6 EH/s to CleanSpark’s hashrate. With its latest acquisition, CleanSpark now has three fully owned and operated facilities.
Is CleanSpark a Good Stock to Buy?
Analysts are highly optimistic about CleanSpark. On TipRanks, CLSK stock has a Strong Buy consensus rating based on three unanimous Buys. The average CleanSpark price forecast of $10.33 implies a massive 154.4% upside potential to current levels.
On the other hand, retail investors are cautious about buying CleanSpark stock amid the uncertainty revolving around the bitcoin market. TipRanks’ Stock Investors tool shows that investor sentiment is currently Neutral on CleanSpark, with 0.4% of portfolios tracked by TipRanks increasing their exposure to CLSK stock in the past seven days.
Ending Thoughts
CleanSpark is ranked among the top five publicly traded bitcoin miners in North America. The August bitcoin mining numbers prove that the company is making positive efforts to increase its hashrate and bitcoin mining capacity.
With a regulation for cryptocurrency markets coming into effect sooner or later, the volatility in the crypto market is expected to stabilize. Also, the regulations will ensure that investors’ interests are protected and less fraud and manipulation occur. All these add to the long-term growth potential for bitcoin miners, including CleanSpark.
