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CleanSpark Adds 2,250 Bitcoin Miners; Shares Rise 5.8%

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Shares of CleanSpark, Inc. (CLSK) gained 5.8% on Wednesday and a further 1.9% at the time of writing after the company announced that it had purchased another 2,250 units of the Antminer S19j pro bitcoin (BTC) mining machine.

CleanSpark is a sustainable bitcoin mining and energy technology company that is focused on solving modern energy challenges. (See CleanSpark stock charts on TipRanks)

The company anticipates its sustainable bitcoin mining capacity to increase by 225 PH/s. CleanSpark expects to have data center space for the machines ready to plug and play in time for each consecutive delivery.

At present, CleanSpark already operates more than 10,000 miners. Furthermore, it informed that the total number of miners slated for delivery over the next 12 months stands at 26,830. The company used its BTC holdings toward the purchase of 4,500 units and intends to execute a similar strategy for future payments of these units. (See Insiders’ Hot Stocks on TipRanks)

Two months ago, H.C. Wainwright analyst Amit Dayal maintained a Buy rating on CleanSpark with a price target of $50 (183.1% upside potential from current levels).

The rest of the Street is cautiously optimistic about the stock and has a Moderate Buy consensus rating based on 2 Buys. The average CleanSpark price target of $42.50 implies 140.7% upside potential.

Investors should always be aware of the risks involved in any stock. According to the new TipRanks’ Risk Factors tool, CLSK is at risk mainly from one factor: Finance and Corporate, which accounts for 54% of the total 26 risks identified for the stock. Under the Finance and Corporate risk category, CleanSpark has 14 risks, details of which can be found on the TipRanks website.

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