Bitcoin Mining Stock CleanSpark Is Surging Tuesday: What's Fueling The Momentum?

CleanSpark Inc CLSK shares are trading higher Tuesday amid a rise in the price of Bitcoin BTC/USD. The company also provided an update on its operational hashrate.

What Happened: Bitcoin is up about 3.65% over a 24-hour period, trading around $105,460 at the time of writing. Bitcoin bounced off the $100,000 level on Monday and gained momentum heading into Tuesday, which has helped lift crypto-related stocks in Tuesday’s trading session.

CleanSpark is outpacing other Bitcoin mining stocks on Tuesday as shares appear to be getting an additional boost after the company said it achieved its mid-year target of 50 EH/s of operational hashrate.

“Reaching 50 EH/s is a major milestone … This growth didn’t happen by chance. It’s the result of building and operating our own infrastructure, often from the ground up, which has given us the control, resilience, and scalability needed to lead in this industry,” said Zach Bradford, president and CEO of CleanSpark.

CleanSpark said it has laid the foundation to achieve 60 EH/s and beyond, but it didn’t provide a specific timeline.

“This expansion capacity aligns with the Company’s broader strategy to grow with capital efficiency only possible for an operator that has achieved escape velocity,” Bradford added.

The Bitcoin mining company also said its digital asset management division continues to mature. CleanSpark noted that active management of its holdings began generating results in May through active monetization and yield incentives.

The company said earlier this month that it mined 694 Bitcoin in May, up about 10% month-over-month. CleanSpark held 12,502 Bitcoin in total at the end of the month after selling 293.5 Bitcoin during the period.

CLSK Price Action: CleanSpark shares were up 9.15% at $9.66 at the time of publication Tuesday, according to Benzinga Pro.

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