Bitcoin miner CleanSpark saw an increase in its stock on Thursday after beating its earnings estimates for the quarter, fueled by the rising prices of bitcoin. Bitcoin itself saw a slight rebound on Thursday after four consecutive days of declines.
CleanSpark (CLSK) reported earnings of 58 cents per share, a significant improvement from a loss of 23 cents per share the previous year. The revenue also spiked by 163% to $11.8 million, surpassing analyst expectations of $10.6 million. This marks the third consecutive quarter of triple-digit revenue growth for CleanSpark.
During the quarter, CleanSpark increased its operational capacity by over 60%, which contributed to the significant revenue growth. CEO Zach Bradford attributed the growth to the rise in bitcoin prices. The company also listed $358 million in bitcoin and $323.1 million in cash at the end of the quarter.
CleanSpark announced plans to acquire two bitcoin mining locations in Wyoming with 75 megawatts of power for $18.75 million, expected to close in 45 days. Once operational, these sites will add four exahashes per second of processing power, with the possibility of expansion by an additional 55 megawatts.
The stock for CleanSpark initially surged by 6% in trading, settling for a 1.3% gain later in the day. The shares are still up more than 50% year-to-date despite a decline from its March high of $24.72.
Bitcoin itself rose by 1.2% in the last 24 hours, trading above $62,400 late Thursday. Although the cryptocurrency has surged by about 47% in 2024, it is down by 15% from its record high in March near $74,000.