Why Bitcoin- And Ethereum-Related Stock CleanSpark Is Rising

CleanSpark Inc CLSK shares are trading higher by 14.8% at $9.57 Thursday afternoon after the company reported first-quarter earnings results.

CleanSpark reported quarterly earnings of 36 cents per share which missed the analyst consensus estimate of 37 cents. The company also reported quarterly sales of $41.24 million which missed the analyst consensus estimate of $41.35 million.

“December 16th marked our one-year anniversary of sustainable bitcoin mining and since then we have brought the Company to record revenues and profit,” said Zach Bradford, CleanSpark’s Chief Executive Officer. “As of the date of this release, we have 20,900 machines in operation with a total hashrate exceeding 2.1 EH/s and producing approximately 10 bitcoin per day."

“Given our success with bitcoin mining,” Bradford continued, “CleanSpark is considering strategic alternatives for our legacy energy business. Focusing our efforts on our bitcoin mining segment allows the Company to capitalize on the tremendous opportunity bitcoin presents. We look forward to sharing our corporate vision on our first quarter earnings call and discussing the strategic pillars we believe are crucial to our long-term success.”

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CleanSpark has a 52-week high of $40.50 and a 52-week low of $5.47.