Shares of CleanSpark (NASDAQ:CLSK) gained over 1% in today’s trading after the Bitcoin (BTC-USD) miner announced the acquisition of five Bitcoin mining facilities in rural Georgia for $25.8 million. This deal is expected to close immediately and bring the combined operating hashrate of these sites to over 3.7 exahashes per second (EH/s) once the latest generation S21 pro miners are fully installed.
CEO Zach Bradford believes that this acquisition is a key step in CleanSpark’s growth strategy of reaching a mid-year target of 20 EH/s in operating hashrate. The five sites range from 8 MW to 15 MW for a total of 60 MW and include power purchase agreements (PPAs) that provide load-balancing benefits to local power grids.
With this expansion, CleanSpark will operate over 400 MW of infrastructure in Georgia, adding to their existing operations in Mississippi and New York and their announced locations in Wyoming.
Is CLSK Stock a Buy?
Turning to Wall Street, analysts have a Strong Buy consensus rating on CLSK stock based on three Buys, one Hold, and zero Sells assigned in the past three months, as indicated by the graphic below. After a 342% rally in its share price over the past year, the average CLSK price target of $22.13 per share implies 13.6% upside potential.
Is Bitcoin a Good Investment?
Using TipRanks’ technical analysis tool, the indicators seem to point to a neutral outlook. Indeed, the summary section pictured below shows that nine indicators are Bullish, compared to two Neutral and 11 Bearish indicators.
