Latest news with #CleanSpark
Yahoo
a day ago
- Business
- Yahoo
BTIG Reiterates a Buy Rating on CleanSpark (NASDAQ:CLSK), Sets a $22 PT
CleanSpark, Inc. (NASDAQ:CLSK) is one of the 13 Crypto Stocks with the Highest Upside Potential. In a report released on June 13, Gregory Lewis from BTIG reiterated a Buy rating on CleanSpark, Inc. (NASDAQ:CLSK) with a price target of $22.00. The analyst reasoned that while other companies pursued high-performance computing opportunities, CleanSpark, Inc. (NASDAQ:CLSK) 'quietly' became the second largest US-listed bitcoin miner by hash capacity, standing behind Mara Holdings. A hall of server racks, illuminated by blue LED lights and humming with energy. He further told investors in a research note that the company has outgrown a majority of the competition since the end of 2023, experiencing a notable hash capacity growth of 350%. Management stated that CleanSpark, Inc.'s (NASDAQ:CLSK) existing infrastructure footprint holds the capacity to support over 60 EH of capacity. The firm also said that CleanSpark, Inc. (NASDAQ:CLSK) owns around 12,500 bitcoins, which is the third-highest number of bitcoins owned by miners. Since the company's management is focusing on mining, BTIG anticipates it to gain hash capacity market share as other miners pause mining growth for HPC. CleanSpark, Inc. (NASDAQ:CLSK) is a Bitcoin mining company that independently owns and operates data centers across the US, with locations in Georgia, Mississippi, Tennessee, and Wyoming. While we acknowledge the potential of CLSK as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: The Best and Worst Dow Stocks for the Next 12 Months and 10 Unstoppable Stocks That Could Double Your Money. Disclosure: None. 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
Yahoo
4 days ago
- Business
- Yahoo
Bitcoin Mining Costs Soar as Hashrate Hits Records: TheMinerMag
Bitcoin BTC miners are facing mounting pressure as the network's hashrate and difficulty continue to climb, tightening margins even as bitcoin's price holds steady, according to TheMinerMag's monthly report. The network's mining difficulty hit a record 126.98 trillion, propelled by a 14-day average hashrate of 913.54 exahashes per second (EH/s). Transaction fees in June fell below 1% of block rewards, and hashprice dropped to $52 per PH/s before rebounding slightly. Escalating competition and energy costs are expected to drive production expenses above $70,000 per BTC, up from $64,000 in the first quarter of the year, the report said. To remain competitive, public miners like MARA Holdings (MARA), CleanSpark (CLSK), Riot Platforms (RIOT), and IREN (IREN) are accelerating buildouts. MARA grew its hashrate by 30% in May, while HIVE (HIVE) added 32% after energizing a new facility in Paraguay. Cipher Mining (CIFR) is targeting a 70% boost by expanding its Texas operation. Top-tier ASICs now cost between $10 and $30 per terahash, the report said, with operational payback periods stretching as long as two years. That's assuming a $0.06/kWh electricity rate — already out of reach for some. Terawulf, for instance, paid $0.081/kWh in the first quarter, pushing its fleet hashcost up by over 25%. Meanwhile, mining equities are decoupling from bitcoin's price performance. IREN, Core Scientific (CORZ), and Bit Digital (BTBD) were all in the green over the last month, while Canaan (CAN) and Bitfarms (BITF) were both down double digits during the same time period. The shift suggests that investors are paying closer attention to business models rather than just Bitcoin's price action. 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
Yahoo
4 days ago
- Business
- Yahoo
U.S.-Listed Bitcoin Miners' Share of Network Hashrate Hit Record High in June: JPMorgan
The total hashrate of the 13 U.S.-listed bitcoin BTC miners tracked by JPMorgan (JPM) now accounts for around 31.5% of the global network, the highest level on record, the bank said in a research report on Monday. These miners added 11 exahashes per second (EH/s) of capacity since April, led by CleanSpark (CLSK), Hive Technologies (HIVE) and Riot Platforms (RIOT), the report said. The hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain, and is a proxy for competition in the industry and mining difficulty. The miners' aggregate hashrate has risen 99% year-on-year versus a 55% y/y increase in the network hashrate. The network hashrate fell about 10 EH/s to an average of 890 EH/s in the first two weeks of June, a development the bank said was "somewhat surprising." Still, it remains up over 50% year-on-year. The hash price, a measure of daily mining profitability, dropped 2% from the end of May, the report noted. The total market cap of the 13 companies rose 10%, or $2.4 billion, in the first two weeks of the month, the bank said. Riot outperformed the group with a 20% gain, while Bitfarms (BITFU) underperformed with a 9% decline, the report added. 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
Yahoo
7 days ago
- Business
- Yahoo
Bitcoin Miners Just Had One of Their Best Quarters on Record, JPMorgan Says
The first quarter of 2025 was one of the best periods on record for U.S.-listed bitcoin BTC mining companies, Wall Street bank JPMorgan (JPM) said in a research report Friday. "Four of the five operators in our coverage reported record revenue and profits," analysts Reginald Smith and Charles Pearce wrote. In aggregate, the miners earned gross profit of about $2.0 billion with gross margins of 53%. Those figures compare with $1.7 billion and 50% in the previous quarter, the bank said. MARA Holdings (MARA) mined the most bitcoin in the bank's coverage universe for the ninth quarter in a row, the report said. IREN (IREN) earned the most gross profit of the group for the first time, the bank noted. The miner also recorded the "lowest all-in cash cost per coin at just ~$36,400." Conversely, MARA posted the highest cost per coin of around $72,600, the bank said. The five mining companies that the bank tracks issued only $310 million of equity in the quarter, a drop of $1 billion from the fourth quarter last year. CleanSpark (CLSK) did not raise any equity in the period, the bank noted. The bank estimated the companies spent $1.8 billion in total on power, $50 million more than in the previous quarter. The bank has an overweight rating on CleanSpark, IREN and Riot Platforms (RIOT), and a neutral rating for Cipher Mining (CIFR) and in to access your portfolio
Yahoo
13-06-2025
- Business
- Yahoo
Bitcoin Miner Price Targets Raised to Reflect Improved Industry Economics: JPMorgan
JPMorgan (JPM) raised its price targets for a number of bitcoin BTC mining companies to reflect first-quarter results and changes to the bitcoin price and the network hashrate, the bank said in a report Friday. The bank lifted its CleanSpark (CLSK) price target to $14 from $12, its Riot Platforms (RIOT) objective to $14 from $13 and its MARA Holdings (MARA) target to $19 from $18. "Our price targets generally increased due to higher bitcoin prices and improving mining profitability," analysts Reginald Smith and Charles Pearce wrote. JPMorgan said it tweaked the price targets to reflect a 24% increase in the bank's spot bitcoin assumption and a 9% increase to its network hashrate estimate. The hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain, and is a proxy for competition in the industry and mining difficulty. JPMorgan reiterated its overweight rating on CleanSpark, IREN (IREN) and Riot, and its neutral rating for Cipher Mining (CIFR) and 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
