Bitcoin Miner CleanSpark Rises Ahead of Q1 Earnings As BTC Steadies, Retail Sentiment Turns Bullish

Retail sentiment on CleanSpark turned bullish ahead of its earnings release, though some traders remain cautious about potential downside risks.

Cleanspark Inc. (CLSK) stock climbed over 3.5% in morning trade on Thursday as Bitcoin (BTC) remained steady ahead of the company's first-quarter earnings, scheduled for after the bell. 

Bitcoin edged 0.4% lower over the last 24 hours.

Analysts expect the company to report earnings of $0.28 per share on $155 million in revenue, according to Koyfin. 

The company released its January operational update on Tuesday and reported mining 626 Bitcoin, down from 668 Bitcoin mined in December.

Cleanspark is currently the fourth-largest corporate holder of Bitcoin with 10,556 BTC in its treasury valued at around $1 billion, according to BitcoinTreasuries.

The company’s average hash rate for January stood at 34.76 exahashes per second (EH/s), ending the month with an operating hash rate of 40.1 EH/s. 

In its fourth-quarter report, CleanSpark had reiterated its goal of reaching "50 EH and beyond" in 2025.

According to The Fly, Bernstein noted CleanSpark’s 400% year-over-year increase in hash rate, which now accounts for 5% of the Bitcoin network's total, surpassing Riot Platforms, Inc.

On Stocktwits, retail sentiment around Cleanspark improved to ‘bullish’ from ‘neutral’ a day ago accompanied by ‘high’ levels of chatter, ahead of the company’s earnings. 

Some users on the platform voiced concerns that while retail investors are optimistic, CleanSpark’s earnings may disappoint given its track record in recent quarters.

CleanSpark’s stock has outperformed Bitcoin this year, gaining 13% year-to-date. Over the past 12 months, the stock has risen 37%.

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