CleanSpark Inc. (NASDAQ: NASDAQ:CLSK), a sustainable bitcoin mining company, said it mined 494 bitcoins in July while marking an expansion of its operations into Wyoming and Tennessee.
According to the company's unaudited report, CleanSpark has increased its bitcoin treasury by 567% compared to the same period last year.
In July, the company mined an average of 15.94 bitcoins per day, with a single-day high of 16.55 bitcoins. The company sold a total of 2.54 bitcoins in July at an average price of approximately $62,070 each.
The expansion into new states is marked by securing power agreements for 75 megawatts (MW) in Wyoming and the closing of its first mining site there. In Tennessee, the company began operations under agreements with GRIID Infrastructure Inc., adding 1 exahash per second (EH/s) of hashrate in July.
The company's month-end operating hashrate stood at 21.2 EH/s, with an average hashrate of 20.07 EH/s throughout July. CleanSpark's deployed mining fleet consists of 160,900 units, operating with a fleet efficiency of 22.89 joules per terahash (J/Th).
Further growth is anticipated with approximately 50 MW of power currently available in Tennessee and an expected increase in hashrate by the end of the current week. In Wyoming, the first 30 MW site, which will be immersion-cooled, is projected to add approximately 2 EH/s to the company's hashrate before year's end. Another site in Wyoming is expected to close in the coming weeks.
Additionally, an expansion in Dalton is underway, with a 15 MW expansion expected to be operational by early September 2024, potentially increasing hashrate by approximately 0.9 EH/s.
CleanSpark's Q2 revenue for fiscal year 2024 reached a record-breaking $111.8 million, a 163% increase from the previous year, with an adjusted EBITDA of $181.8 million. The company also reported a net income of $126.7 million for the recent quarter, a substantial turnaround from the net loss of $18.5 million from the previous year.
InvestingPro Insights
CleanSpark Inc. (NASDAQ:CLSK) has been making strides in its operational capabilities, as reflected in its impressive bitcoin mining achievements and expansion efforts. The InvestingPro data provides a deeper financial perspective on the company's performance and potential.
With a market capitalization of $3.51 billion, CleanSpark is trading at a price-to-earnings (P/E) ratio of 40.68, which indicates investor confidence in its earnings potential. The company's revenue growth is particularly noteworthy, with a surge of 122.34% over the last twelve months as of Q2 2024, signaling strong sales performance and market demand for its services.
InvestingPro Tips highlight that CleanSpark holds more cash than debt on its balance sheet, which is a positive sign of financial health and stability. This is crucial for the company as it continues to expand and invest in new mining operations. Additionally, analysts predict that the company will be profitable this year, which is an important consideration for investors looking at the company's future prospects.
Investors seeking more in-depth analysis can find additional InvestingPro Tips for CleanSpark at https://www.investing.com/pro/CLSK, including insights on earnings revisions, stock price volatility, and valuation multiples.
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