What's Going On With Bitcoin Mining Stock CleanSpark?

CleanSpark Inc CLSK shares continue to trade lower Tuesday after falling close to 8% to start the week. Here’s a look at what you need to know.

What Happened: CleanSpark shares traded lower on Monday as Bitcoin BTC/USD pulled back from a recent move higher that had been buoyed by several consecutive days of positive fund flows for spot Bitcoin ETFs.

CleanSpark also released an update on Hurricane Helene impacts Monday afternoon. The company said it shut down 365 MW at its Southeast Georgia sites as the hurricane began impacting the region. CleanSpark noted that it was able to maintain approximately 10.5 EH/s at its mining sites throughout the storm.

CleanSpark said it was able to bring its hashrate up to 17.5 EH/s within 24 hours. As of Monday, the company had brought 200 MW back online. CleanSpark noted that it expects to bring the remaining 165 MW back online “in the coming week.” The majority of the power waiting to come back online is expected to be restored no later than Oct. 4.

CleanSpark is currently operating with a hashrate of approximately 22 EH/s and expects to reach approximately 28 EH/s when sites are fully reenergized. CleanSpark noted that it experienced no material damage to its site infrastructure and is not aware of any material losses related to mining servers.

CleanSpark reports mining metrics on a monthly basis and is expected to report numbers for September this week. Last month, CleanSpark said it mined 478 Bitcoin with an operating hash rate of 22.6 EH/s.

Check This Out: Bitcoin Miner CleanSpark Bets Big On Bull Market: ‘We Could See Bitcoin Peak Just Under $200K,’ Says CEO

CLSK Price Action: CleanSpark shares closed Monday down 5.51% at $8.82. The stock was down 3.22% Tuesday at $9.05 at the time of publication, according to Benzinga Pro.

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