What's Going On With Shares Of Bitcoin Miner CleanSpark?

CleanSpark Inc CLSK shares are trading lower. The company on Monday released a bitcoin mining update for March.

What Happened: CleanSpark said it mined 806 bitcoin in March, up 24% from February. The company’s total bitcoin holdings have now grown to 5,021 as of March 31.

Daily bitcoin mined was 26 on average last month and reached a high of 28.14. CleanSpark said it sold 3.37 bitcoin last month at an average of approximately $58,800 per bitcoin. 

CleanSpark also noted that construction of its recent Dalton acquisition is nearing completion. 15 megawatts of power are scheduled to be turned on early this week, which will set the stage for the company to begin racking miners. Once miners are racked, the site is expected to bring CleanSpark’s operating hashrate to over 17 EH/s.

“With the capital on hand we have now fully funded the remaining payments of all 160,000 S21s that we announced in January. We are prepared to thrive post-halving. We are now looking beyond halving and expect to be highly active over the coming months given that we have the balance sheet and capital tools to make us one of the most aggressive acquirers in the industry,” said Zach Bradford, CEO of CleanSpark.

“Being prepared to act on the opportunities that meet the CleanSpark standard will be our focus for the balance of the year. We now have all the tools in place to be best positioned for action.”

See Also: $150,000 Bitcoin Boom Expected In 2024, Says Hedge Fund Manager: ‘Bitcoin Is The King, It Is The Dominant Token’

How To Buy CLSK Stock

By now you're likely curious about how to participate in the market for CleanSpark – be it to purchase shares, or even attempt to bet against the company.

Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy ‘fractional shares,' which allows you to own portions of stock without buying an entire share. In the case of CleanSpark, which is trading at $19.1 as of publishing time, $100 would buy you 5.24 shares of stock.

If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to ‘go short' a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.

CLSK Price Action: CleanSpark shares were down 9.34% at $19.20 at the time of publication, according to Benzinga Pro.

Photo: Eivind Pedersen from Pixabay.