What's Going On With Bitcoin Mining Stock CleanSpark Thursday?

CleanSpark Inc CLSK shares are trading higher Thursday alongside several other crypto-linked stocks amid a rebound in the price of Bitcoin BTC/USD.

What To Know: Bitcoin continues to climb back from Monday’s meltdown that saw the world’s largest crypto fall nearly 20% and several other cryptos record even bigger losses.

An unexpected interest rate hike from the Bank of Japan (BOJ) put significant pressure on global markets, but most assets quickly recovered after BOJ Deputy Governor Shinichi Uchida pledged to hold off on hiking interest rates further while markets are volatile.

Bitcoin is also rising alongside broader markets Thursday after initial jobless claims fell to 233,000 for the week ending Aug. 2, down from an upwardly revised 250,000 in the previous week. The data appears to be helping ease recession fears.

CleanSpark is due to report earnings for its fiscal third quarter after the market close on Thursday. The Bitcoin mining company is expected to report a loss of 4 cents per share on revenue of $110.881 million, according to estimates from Benzinga Pro.

Last week, CleanSpark announced that it executed 75 MW of power contracts and completed the acquisition of its first Bitcoin mining site in Wyoming. The company noted that the first site is expected to add over 2 exahashes per second (EH/s) to CleanSpark's hashrate once operational.

CleanSpark also reported mining metrics for July last week. The company said it mined 494 Bitcoin last month, bringing its total Bitcoin holdings up to 7,082. CleanSpark ended the month with an operating hashrate of 21.2 EH/s.

“We’re continuing our trajectory of growth as we progress towards our target of 32 EH/s by the end of the year,” CEO Zach Bradford said.

See Also: Short-Term Bitcoin Holders Down To Largest Unrealized Losses Since FTX Collapsed: Glassnode

CLSK Price Action: CleanSpark shares were up 7.31% at $11.90 at the time of publication, according to Benzinga Pro.

Photo: Benjamin Nelan from Pixabay.