Bitcoin Mining Stock CleanSpark Is Rising Again: What's Going On?

CleanSpark Inc CLSK shares continue to rally Thursday amid strength in the price of Bitcoin BTC/USD and the broader crypto space. The company also announced that it completed the first 100 MW expansion at its Georgia facility.

What Happened: Shares of Bitcoin miner CleanSpark sprung to new 52-week highs on Wednesday as Bitcoin continued its climb. The world’s largest crypto crossed the $50,000 level this week for the first time in two years and has continued to trend higher. It reached a market capitalization of more than $1 trillion on Wednesday for the first time since late 2021. At last check, Bitcoin was up 1.94% over a 24-hour period at $52,807.

Bitcoin miner CleanSpark has outpaced peers in recent trading sessions. The company reported fiscal first-quarter earnings at the end of last week that topped analyst expectations.

On Thursday, CleanSpark announced that it finished energizing the first 100 MW of its expansion in Sandersville, Georgia, increasing its operating hashrate to over 14 exahashes per second.

“I believe we have likely set an industry record for speed of machine deployment, thanks to the extraordinary grit and resolve exhibited by our teams and partners in Sandersville,” said Zach Bradford, CEO of CleanSpark.

“I’m also pleased to report that our teams have already been deployed to Mississippi to begin transitioning these sites into the CleanSpark portfolio.”

CleanSpark is an energy company that transitioned its expertise to focus on Bitcoin mining in 2020. The company owns and operates data centers that primarily run on low-carbon power.

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CLSK Price Action: CleanSpark shares are making new 52-week highs again on Thursday. The stock was up 6.38% at $19.03 at the time of publication, according to Benzinga Pro.

Photo: Eivind Pedersen from Pixabay.