CleanSpark Surges in Q4 Earnings, Acquires Two New Bitcoin Mining Locations as Prices Rebound

CleanSpark (CLSK) reported a significant increase in its stock on Thursday after beating its earnings estimates for the quarter. This growth was fueled by the rise in bitcoin prices, which saw a slight rebound on Thursday after four consecutive days of declines.

CleanSpark’s revenue spiked by 163% to $11.8 million, surpassing analyst expectations of $10.6 million. The company’s CEO, Zach Bradford, attributed this growth to the surge in bitcoin prices. CleanSpark also listed $358 million in bitcoin and $323.1 million in cash at the end of the quarter.

The company 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. These sites will add four exahashes per second of processing power, with the possibility of expansion by an additional 55 megawatts.

Bitcoin itself rose by 1.2% in the last 24 hours, trading above $62,400 late Thursday. Despite surging by about 47% year-to-date, it is down by 15% from its record high near $74,000.