Key Points
- CleanSpark is considered a top choice for investors in 2022 by H.C. Wainwright & Co.
- The Bitcoin mining company aims to reach a hash rate of 50 EH/s by mid-2025.
CleanSpark, a company dedicated to Bitcoin (BTC) mining, recently celebrated its fifth year on the Nasdaq by hosting an investor day in New York City on January 27.
Since its entry into the Bitcoin mining sector in December 2020, the company has quickly established itself as a significant player in the industry.
Strategy and Growth
CleanSpark’s strategy for success was outlined during the event by the company’s management team.
Their approach includes a counter-cyclical investment strategy, which involves expanding during market downturns, and a focus on rural communities with access to low-cost energy.
At present, CleanSpark operates 31 data centers, boasting over 900 megawatts of contracted power and a deployed hash rate of 39 exahashes per second (EH/s), a key measure of Bitcoin mining capacity.
In terms of hash rate, Bitcoin production, and operational efficiency, CleanSpark is ranked among the top three in comparison to its peers.
Future Goals and Investor Appeal
The company has reiterated its ambition to achieve a hash rate of 50 EH/s by mid-2025, a feat only accomplished by one other publicly-traded North American miner.
Steps towards meeting this target have been highlighted by CleanSpark’s leadership, including recent funding through a $650 million convertible note issuance, development projects in Tennessee and Wyoming, and favorable deals for mining equipment.
With a stock price target of $27, analysts view CleanSpark as a strong option for investors seeking exposure to Bitcoin’s potential upside.
At the time of writing, CleanSpark’s stock is trading at $10.25.