Latest news with #CleanSpark
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a day ago
- Business
- Yahoo
Why CleanSpark, Inc. (CLSK) Went Down On Wednesday
We recently published a list of . In this article, we are going to take a look at where CleanSpark, Inc. (NASDAQ:CLSK) stands against other worst-performing stocks. Shares of CleanSpark declined by 7.61 percent on Wednesday to finish at $9.11 apiece as investors sold off positions in line with the drop in Bitcoin prices. As of 6:07 PM EST, the price of Bitcoin was down by 1.43 percent at the $107,000 level, as investors continued to book profits after reaching a record high last week. The weakness dribbled into CleanSpark, Inc. (NASDAQ:CLSK), alongside its cryptocurrency mining counterparts such as Riot Platforms Inc. and MARA Holdings Inc. A hall of server racks, illuminated by blue LED lights and humming with energy. In the second quarter of fiscal year 2025, CleanSpark, Inc. (NASDAQ:CLSK) swung to a net loss attributable to shareholders of $138.8 million from a net income of $123.89 million in the same period last year. Revenues, on the other hand, increased by 62 percent to $181.7 million from $111.8 million year-on-year. Last month, CleanSpark, Inc. (NASDAQ:CLSK) was able to mine 633 Bitcoins, and sold 401.39, bringing its total holdings to 12,101 as of end-April. Overall, CLSK ranks 10th on our list of worst-performing stocks. While we acknowledge the potential of CLSK, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than CLSK and that has 10,000x upside potential, check out our report about this cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Sign in to access your portfolio
Yahoo
2 days ago
- Business
- Yahoo
Cleanspark, Inc. (CLSK) is Attracting Investor Attention: Here is What You Should Know
CleanSpark (CLSK) is one of the stocks most watched by visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock. Over the past month, shares of this company have returned +11.5%, compared to the Zacks S&P 500 composite's +6.7% change. During this period, the Zacks Financial - Miscellaneous Services industry, which CleanSpark falls in, has gained 8.6%. The key question now is: What could be the stock's future direction? While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making. Here at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock. Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements. CleanSpark is expected to post break-even earnings per share for the current quarter, representing a year-over-year change of -100%. Over the last 30 days, the Zacks Consensus Estimate has changed -100%. The consensus earnings estimate of $0.79 for the current fiscal year indicates a year-over-year change of +403.9%. This estimate has changed -127.8% over the last 30 days. For the next fiscal year, the consensus earnings estimate of $0.88 indicates a change of +11% from what CleanSpark is expected to report a year ago. Over the past month, the estimate has changed +100%. Having a strong externally audited track record, our proprietary stock rating tool, the Zacks Rank, offers a more conclusive picture of a stock's price direction in the near term, since it effectively harnesses the power of earnings estimate revisions. Due to the size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, CleanSpark is rated Zacks Rank #3 (Hold). The chart below shows the evolution of the company's forward 12-month consensus EPS estimate: Even though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial. In the case of CleanSpark, the consensus sales estimate of $200.44 million for the current quarter points to a year-over-year change of +92.5%. The $778.09 million and $1.12 billion estimates for the current and next fiscal years indicate changes of +105.3% and +44.3%, respectively. CleanSpark reported revenues of $181.71 million in the last reported quarter, representing a year-over-year change of +62.5%. EPS of -$0.02 for the same period compares with $0.13 a year ago. Compared to the Zacks Consensus Estimate of $182.77 million, the reported revenues represent a surprise of -0.58%. The EPS surprise was -166.67%. Over the last four quarters, the company surpassed EPS estimates just once. The company topped consensus revenue estimates just once over this period. Without considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects. Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is. As part of the Zacks Style Scores system, the Zacks Value Style Score (which evaluates both traditional and unconventional valuation metrics) organizes stocks into five groups ranging from A to F (A is better than B; B is better than C; and so on), making it helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued. CleanSpark is graded F on this front, indicating that it is trading at a premium to its peers. Click here to see the values of some of the valuation metrics that have driven this grade. The facts discussed here and much other information on might help determine whether or not it's worthwhile paying attention to the market buzz about CleanSpark. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Cleanspark, Inc. (CLSK) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Sign in to access your portfolio
Yahoo
2 days ago
- Business
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Why CleanSpark, Inc. (CLSK) Went Down On Wednesday
We recently published a list of . In this article, we are going to take a look at where CleanSpark, Inc. (NASDAQ:CLSK) stands against other worst-performing stocks. Shares of CleanSpark declined by 7.61 percent on Wednesday to finish at $9.11 apiece as investors sold off positions in line with the drop in Bitcoin prices. As of 6:07 PM EST, the price of Bitcoin was down by 1.43 percent at the $107,000 level, as investors continued to book profits after reaching a record high last week. The weakness dribbled into CleanSpark, Inc. (NASDAQ:CLSK), alongside its cryptocurrency mining counterparts such as Riot Platforms Inc. and MARA Holdings Inc. A hall of server racks, illuminated by blue LED lights and humming with energy. In the second quarter of fiscal year 2025, CleanSpark, Inc. (NASDAQ:CLSK) swung to a net loss attributable to shareholders of $138.8 million from a net income of $123.89 million in the same period last year. Revenues, on the other hand, increased by 62 percent to $181.7 million from $111.8 million year-on-year. Last month, CleanSpark, Inc. (NASDAQ:CLSK) was able to mine 633 Bitcoins, and sold 401.39, bringing its total holdings to 12,101 as of end-April. Overall, CLSK ranks 10th on our list of worst-performing stocks. While we acknowledge the potential of CLSK, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than CLSK and that has 10,000x upside potential, check out our report about this cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
3 days ago
- Business
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Bitcoin mining impacts Northeast TN from Limestone to Mountain City
LIMESTONE AND MOUNTAIN CITY, Tenn. (WJHL) — Mountain City Mayor Jerry Jordan sees multiple potential benefits if a Bitcoin mine comes to his town, but says 'I don't want to get snaked' by any unexpected negatives. County commission OKs Bitcoin lawsuit settlement 'My reputation's on the line. I've lived here practically all my life, and I don't want to bring something in here that's going to be detrimental to this community and this town,' Jordan told News Channel 11 Wednesday. Early that morning, Preston Holley stood across Lola Humphreys Road from Northeast Tennessee's only active Bitcoin mine, in the New Salem community of Washington County. With a constant drone emanating from the fans that cool racks of computers — the machines that perform complex calculations to 'mine' for Bitcoin, a cryptocurrency — Holley had a suggestion for Jordan and his community. 'I would caution any community who's being told that this kind of a facility is going to be built to make sure that they (the Bitcoin company) hold themselves accountable for everything that they say they're going to do, but not to trust anything as far as the noise levels go,' Holley said. 'There will be noise no matter no matter what technology they use to dampen it.' Speaking of dampening, the company wanting to put a mine in Mountain City says it plans to use a newer cooling technology if it opens a facility there. CleanSpark, a national company that focuses specifically on mining Bitcoin, the most popular cryptocurrency, has been in talks with community leaders in Mountain City about opening a 30 megawatt mining facility just off Highway 421 south of downtown. 'We are known in the industry as innovators in immersion cooling,' CleanSpark Senior Vice President Harry Sudock told News Channel 11 in an email. 'Some deployments have significant noise mitigation benefits and those would be the designs we intend to deploy in Mountain City.' Assurances from Jordan and Mountain Electric Cooperative CEO Rodney Metcalf — the utility would sell the massive amounts of electricity needed to power the computers that race to unearth new Bitcoins or verify crytpo transactions — haven't yet put a stop to community opposition. Dozens of people turned out at a meeting earlier this month to voice concern over everything from noise and health impacts to strain on the power grid and a low number of projected jobs. 'I'm going on 16 years (as an elected town representative) and I've never seen anything like this before,' Jordan said. Holley's community was hit unawares when a company called GRIID started operating the 20MW mine just off Bailey Bridge Road in early 2021. BrightRidge, the utility selling it power from an adjacent substation, had told Washington County commissioners only that it was planning to open a 'blockchain data center' when it applied for a rezoning in 2020. Once the noise began, the community rose up. 'This was normally a quiet, peaceful place to be,' Holley said. 'You heard the birds. You heard farm sounds. Now we sound like we're on a four-lane highway. There's a constant sound of these fans running. There's no tuning it out.' Commissioners, angered at the lack of early transparency, learned that the company may have built without a permit and that became the basis for a lawsuit. GRIID settled, offering to pay fines until closing the mine no later than March 2026. Eventually, CleanSpark bought GRIID, which was heavily in debt. Mountain City's been grappling with the Bitcoin issue ahead of time. CleanSpark was open in its talks with Mountain Electric, which could use a large power customer to offset the loss of Parkdale Mills, which closed late last year. Planning commissioners discussed the proposal openly, and asked CleanSpark for more specific site plans and additional details. 'I said, you know, the one in Limestone is a disaster, and they offered I could come down there and look at (an operating facility that uses liquid cooling),' Jordan said. 'So we we took them up on their offer.' A delegation of local leaders visited a facility in Norcross, Ga. that uses liquid cooling. Jordan, who took a decibel-reading app, said he came away convinced a facility housed inside a large building and using liquid cooling could operate without reaching nuisance levels of noise. Asked whether the company could have simply dialed back the intensity of 'mining' taking place to reduce the need for cooling, Jordan admitted that was a possibility. 'They assured me they would be a good community partner, so I'll take them at their word,' Jordan said. 'We reviewed the facility and looked at it. I don't see a problem with it.' Next up is a town-funded charter bus trip June 16 so citizens themselves can check out the Norcross facility. 'We want to do our due diligence,' he said. 'We want people to see what we saw.' CleanSpark's Sudock said the company 'understand(s) that past experiences have created community concerns, and that's why we are committed to transparency and education around how our facilities are designed.' He said the company 'conducts comprehensive sound studies' to determine potential impacts and ultimately 'design facilities that integrate seamlessly into the community and support a peaceful, low-impact environment.' He said CleanSpark is continuing to engage with the Mountain City and hopes to share more about operations and the company's track record 'to help address concerns and build understanding.' He said the company's approach 'has always been to listen first and proceed only where there's mutual interest.' Concerns about stress on the power grid have been expressed across the country where Bitcoin mining is concerned — as well as data centers that support artificial intelligence — and that's no different in Mountain City. Sudock said CleanSpark facilities can easily ramp down during peak demand 'to support the broader system,' and in fact did so during recent hurricanes in Georgia. He said in the Tennessee Valley Authority region, CleanSpark is among the largest participants in TVA's 'Powerflex' program, which he said directly benefits all ratepayers. BrightRidge offered Bitcoin mine operator $100,000 incentive, said noise wouldn't be issue 'In addition, we contribute meaningfully to local tax bases, provide steady revenue to local utilities which helps stabilize household energy costs, and we are proud to support community programs through donations and sponsorships,' Sudock said. Jordan said he reckons the personal property tax from an eight-figure investment in equipment is likely to bring more than $100,000 to town coffers, and even more to Johnson County. While the number of jobs created isn't high, Jordan thinks the wages will be very competitive — and he'd like to see conditions requiring most of those jobs go to local people. 'If the noise isn't an issue and it's safe and it only creates 12 jobs, those are 12 jobs we don't have and they will be good wages,' Jordan said. The preliminary site plan calls for a building about 400 by 60 feet (roughly 24,000 square feet). The earliest a Planning Commission okay could come would be June 27, more than a week after the public trip to Norcross. In Limestone, Holley is looking forward to the mine's closure in less than a year — even though that means the free fiber internet BrightRidge has provided as part of the settlement won't be free anymore. But BrightRidge recently placed a moratorium on new data centers (including Bitcoin mines) after an outcry in Johnson City, where residents feared CleanSpark was planning to build a replacement for the Limestone mine. Holley said he hopes that doesn't create a temptation for BrightRidge and CleanSpark to keep the current mine open past next March. 'The other communities where they're wanting to put these facilities are also in opposition to them and understandably so,' Holley said. 'So if that slows down the process, yeah, I wouldn't like that. But at the same time, I don't want this on any community.' For Holley, it's all going to come down to whether CleanSpark stands by its claims of wanting to be a positive impact on the communities where it operates. Much of that, he said, revolves around noise. Sudock said the company is investing in 'advanced noise mitigation technologies, including immersion cooling, site design enhancements, and emerging acoustic cancellation tools.' He called those efforts 'a core part of our engineering process, not an afterthought' due to the company's desire for its facilities 'to blend into the community.' Holley said if he were a Mountain City resident with a chance to visit a facility and talk to company representatives, 'I'd sure like to to know more about it.' But he said a company-arranged trip to another Bitcoin mine site would only be 'a nice start.' 'Seeing one might tell us a little bit, but I'd like to talk to the community members and people around there to find out, 'how exactly has this affected you?' Because, you know, (CleanSpark's) side is one thing. I'd like to hear from the people who have to be there every day.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
22-05-2025
- Business
- Yahoo
Bitcoin Miners Sold Record Amount of BTC Ahead of May's Price Surge
Bitcoin BTC notched a new all-time high of $109,000 on Wednesday, but that's small consolation for bitcoin miners, who last month were forced to cash in a record number of their BTC reserves, according to mining news outlet TheMinerMag. The firm's latest research report reveals that public miners sold 115% of their bitcoin production in April — meaning they sold more than they produced. That is the highest ratio since the tail end of the 2022 bear market. Even today, with bitcoin breaking to a new record high above $109,000, hashprice (what miners earn per unit of computational power) has failed to follow suit. It stands at just $55 per petahash per second (PH/s), well below the $63/PH/s level it briefly reached the last time bitcoin crossed $100,000 in December. Elevated network difficulty and weak transaction fees have kept revenues under pressure. Top players in the mining space are expanding regardless. CleanSpark's (CLSK) hashrate surpassed 40 EH/s, and IREN (IREN), which recently overtook Riot Platforms (RIOT) as the third largest public miner in terms of realized hashrate, posted a 25% jump in hash power and is now targeting a total of 50 EH/s by June. Cango (CANG), meanwhile, is eyeing another 18 EH/s by July. MARA Holdings' (MARA) installed hashrate is still the highest at 57.3 EH/s, according to a Tuesday report by investment bank Jefferies. IREN had the highest implied uptime at around 97%, followed by HIVE Digital Technologies (HIVE) at about 96%, the report added. Meanwhile, a shift is taking place in how miners are securing new hardware. Several public firms have inked deals with Bitmain that allow them to pay for mining rigs in bitcoin while retaining the right to repurchase their coins at a predetermined price — a hedge against further price rallies. Mining stocks, battered in the first quarter, have bounced back — some by more than 60% in April alone — though most remain down year-to-date. Only CleanSpark and MARA Holdings are in positive territory for the year. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
