LAS VEGAS – CleanSpark (NASDAQ:CLSK), Inc., a sustainable bitcoin mining company, has expanded its operations with the acquisition of three new data centers in Mississippi, effective February 26. This move has increased the firm's operating hash rate to over 15 exahashes per second (EH/s), a significant milestone for the NASDAQ-listed company (NASDAQ: CLSK).
The acquisition aligns with CleanSpark's commitment to running data centers primarily on low-carbon power and supporting the cryptocurrency sector responsibly. The company's CEO, Zach Bradford, expressed enthusiasm about the expansion, emphasizing the positive economic impact expected for the local communities, including job creation and economic growth.
CleanSpark has a history of investing heavily in the regions where it operates. In Georgia, the company has injected over $700 million into local energy infrastructure and job creation, alongside contributing to the community through taxes and local margins on energy bills. A similar approach is anticipated for Mississippi, aiming to foster shared prosperity through bitcoin mining.
The newly acquired centers have commenced operations, with a projected hashrate of 2.4 EH/s once fully equipped with the latest mining hardware. The company's action to begin mining operations reflects its strategic approach to expansion and its role in the digital commodity market.
The information for this report is based on a press release statement from CleanSpark, Inc.
InvestingPro Insights
As CleanSpark, Inc. (NASDAQ: CLSK) takes strides in expanding its bitcoin mining operations, there are several financial metrics and analyst insights from InvestingPro that can help investors understand the company's current market position. With a substantial increase in hashrate capacity, CleanSpark has demonstrated its commitment to growth and sustainability in the cryptocurrency sector.
InvestingPro Data shows a remarkable 75.4% revenue growth over the last twelve months as of Q1 2024, indicating a strong upward trajectory for CleanSpark's financial performance. The company's market capitalization stands at $4.03 billion, reflecting investor confidence and the scale of its business operations. Despite not being profitable over the last year and operating with a negative P/E ratio of -32.96, the company's aggressive expansion strategy and recent acquisitions suggest a focus on long-term growth.
Among the InvestingPro Tips, it's noteworthy that analysts expect sales to grow in the current year, which aligns with the company's recent expansion efforts. However, the stock's high price volatility is a factor investors should consider, as it can lead to significant price swings. Additionally, the stock is currently trading near its 52-week high, which might indicate a strong market sentiment towards CleanSpark's growth potential.
For investors seeking a deeper analysis, InvestingPro offers additional tips, including insights into earnings revisions, stock price movements, and valuation multiples. Currently, there are 19 more InvestingPro Tips available for CleanSpark, which can be accessed for further guidance on the stock's performance. To take advantage of these insights, investors can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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