Cleanspark nasdaq Clsk Stock Rises Post May 2024 Bitcoin Mining Update

CleanSpark (NASDAQ: CLSK) Stock Rises Post May 2024 Bitcoin Mining Update

CleanSpark (NASDAQ: CLSK) stock rises during pre-market trading Monday following the release of its May 2024 Bitcoin mining update.

CleanSpark recently released its Bitcoin mining update for May, showcasing impressive results that surpassed industry expectations.

According to the update, CleanSpark mined 417 bitcoins in May, boosting its total Bitcoin holdings to 6,154 as of May 31.

Zach Bradford, CEO of CleanSpark, expressed pride in the company’s achievements, stating, 

“We have outperformed industry expectations as well as our peers in our first full month of production after the block reward halving. Remarkably, our post-halving production has also outpaced what some of our peers achieved before the halving.”

CleanSpark also reported reaching a new high in mining capacity, reaching nearly 18 exahashes per second while improving efficiency to 23.05 joules per terahash. This advancement positions CleanSpark as a leader in the Bitcoin mining sector, demonstrating its ability to maintain high production levels and efficiency even after the halving event.

Beyond mining operations, CleanSpark has been actively pursuing mergers and acquisitions, with plans to finalize the acquisition of a site in Wyoming soon. The company also hosted its first retail investor day at its facility in Norcross, Georgia, emphasizing its dedication to transparency and stakeholder engagement.

Additionally, CleanSpark disclosed the sale of 2.43 bitcoins at an average price of approximately $59,000 per bitcoin in May. The company now boasts a total deployed fleet of 134,464 miners and ended the month with a hash rate of 17.97 EH/s.

On the infrastructure front, CleanSpark is progressing with its Dalton expansion, having completed grading, received building permits, and initiated concrete form installations. Once operational, the company expects the Dalton campus to operate at a capacity of 2.4 EH/s.

CleanSpark (NASDAQ: CLSK) Stock Price Action

As of 07:57 a.m. (Eastern Time) Monday, CLSK stock traded at $15.84, marking a 1.67% increase compared to the previous trading session.