Bitcoin Miner CleanSpark To Report Q4 Results Monday: Retail Gears Up To Accumulate Stock

As Bitcoin ($BTC.X) miner CleanSpark, Inc. ($CLSK) prepares to announce its fiscal-year 2024 fourth-quarter results after the market closes on Monday, retail sentiment toward the stock remained upbeat.

The miner owns and operates multiple data centers, running primarily on low-carbon power, for Bitcoin mining. 

Analysts, on average, expect the company to report fourth-quarter revenue of $88.56 million, according to Yahoo Finance. This represents nearly 69% growth from the year-ago quarter’s $52.52 million but a 15% sequential decline from the $104.1 million reported for the third quarter of 2024

In September, the Las Vegas, Nevada-based company announced definitive agreements to acquire seven bitcoin mining facilities and certain associated land in Knoxville, Tennessee, for $27.5 million in cash. Citing the acquisition, the company raised its 2024 hash rate guidance to 37 EH/s (exahashes/second (EH/s). 

Hash rate refers to the computational power miners use to validate and process transactions on the Bitcoin network. It is measured in terms of calculations mining equipment can perform in a second. 

Issuing an update on the impact of Hurricane Helene, the company said in late-September that it did not incur any material losses to its mining servers or material damages to any of its site infrastructure, with hash rate trending at 22 EH/s. When fully energized, hash rates will ramp up to its standard operational rate of 28 EH/s, it said then.

Operational update issued in early November showed 655 bitcoins mined in October, bringing the calendar year 2024 number to 5,734. The hash rate improved to 29.63 EH/s. 

CleanSpark completed the acquisition of GRIID Infrastructure on Oct. 30. Following the deal, Zach Bradford, CEO of CleanSpark, said, “I'm pleased to announce the completion of our acquisition of GRIID Infrastructure Inc., a strategic move that allows us to grow our Bitcoin mining capacity in the state of Tennessee, which we intend to build to over 400 MW in the coming years.”

The company held 8,701 bitcoins at the end of the month. 

Bitcoin has been on a tear this year, benefiting early in the year from the launch of spot Bitcoin exchange-traded funds (ETFs), and subsequently on hopes of a crypto-friendly regime under the incoming Donald Trump administration. The apex crypto has gained 128% year-to-date and is inching closer to the psychological resistance of $100,000. 

CleanSpark stock ended Friday’s session up 3.54% at $14.35, having added 30% for the year.

CLSK sentiment and message volume December 1, 2024, as of 10:38 pm ET | Source: Stocktwits

Retail sentiment toward CleanSpark was ‘bullish’ (55/100) on the Stocktwits platform, although message volume remained ‘low.’

A user on the platform said he would ‘hold and accumulate,’ as they expect profitability in the next quarter.

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