CleanSpark Boosts Bitcoin Mining Capacity to 16 EH/s
Impressive Growth in CleanSpark’s Bitcoin Mining Operations
CleanSpark Inc. has reported significant growth in its mining operations for February 2024, with a 60% surge in hashrate reaching 16 exahashes per second (EH/s). This expansion led to a 12% increase in bitcoin production, mining approximately 648 bitcoins and growing its bitcoin treasury to 4,218 bitcoins.
Deployment of a Larger Mining Fleet
CleanSpark attributes the growth in hashrate to the deployment of over 131,000 operational miners, resulting in improved efficiency with a recorded fleet efficiency of 24.68 joules per terahash (J/Th). The company’s recent acquisitions in Mississippi and Dalton are progressing as planned, with substantial hashrates expected upon full operation.
Financial and Market Performance Insights
CleanSpark’s market capitalization stands at $3.31 billion USD, reflecting robust valuation. Despite a negative P/E ratio, the company’s stock has shown a strong return of 548.06% over the last year. The impressive revenue growth of 75.4% over the last twelve months showcases CleanSpark’s effective scaling capabilities.
InvestingPro Tips for Investors
Analysts anticipate sales growth in the current year, fueling investor confidence in CleanSpark’s future prospects. With a moderate level of debt and strong liquidity position, the company stands on a stable financial footing. Investors can access valuable insights through InvestingPro Tips to gain a deeper understanding of CleanSpark’s financial health and market position.
Future Outlook for CleanSpark
As CleanSpark continues to expand its operations and strengthen its presence in the sustainable bitcoin mining sector, potential investors can leverage InvestingPro metrics and tips for a comprehensive evaluation of the company’s growth trajectory and market standing.
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