CleanSpark, Inc. (CLSK) Bundle
A Brief History of CleanSpark, Inc. (CLSK)
Founding and Early Years
Founding and Early Years
CleanSpark, Inc. was founded in 2014, primarily focusing on energy solutions and blockchain technology. The company emerged from the growing need for sustainable energy sources and the increasing demand for cryptocurrency operations.
Evolution into Cryptocurrency Mining
In 2019, CleanSpark transitioned to cryptocurrency mining, significantly increasing its operational focus. The company began scaling its hash rate, leading to an operational capacity of approximately 1.0 EH/s by 2021.
Financial Performance and Growth
As of the fiscal year ending June 30, 2022, CleanSpark reported a revenue of $53 million, marking a substantial year-over-year increase of 150%. The company's total assets were recorded at approximately $208 million.
| Year | Revenue ($) | Net Income ($) | Total Assets ($) | Hash Rate (EH/s) |
|---|---|---|---|---|
| 2020 | 19 million | -2.1 million | 50 million | 0.1 |
| 2021 | 21 million | -4.5 million | 99 million | 1.0 |
| 2022 | 53 million | 6.2 million | 208 million | 1.2 |
| 2023 | Estimated 80 million | Projected 10 million | Projected 250 million | 2.5 |
Acquisitions and Expansion
In July 2020, CleanSpark acquired a Bitcoin mining operation in North Las Vegas, which bolstered its capacity. By 2021, the company continued to expand, achieving an electricity cost of approximately $0.03 per kWh, significantly enhancing profitability.
Stock Performance and Market Presence
CleanSpark went public via a reverse merger in 2020, listed on the NASDAQ under the symbol CLSK. As of October 2023, the stock price ranged between $5.00 and $7.50, reflecting market volatility and the overall cryptocurrency climate.
Environmental Commitment
CleanSpark emphasizes sustainable mining operations, with a goal of using over 90% renewable energy in its processes. The company partnered with various solar energy providers to further reduce its carbon footprint.
Future Outlook
Projected growth for CleanSpark suggests further increases in hash rate capabilities, targeting an operational capacity of around 5 EH/s by 2025. The company aims for significant engagement in ESG (Environmental, Social, and Governance) initiatives.
A Who Owns CleanSpark, Inc. (CLSK)
Institutional Ownership
As of the latest available data, CleanSpark, Inc. has a significant portion of its shares held by institutional investors. Here is a breakdown of institutional ownership:
| Institution | Shares Owned | % of Total Shares | Value $ (approx.) |
|---|---|---|---|
| The Vanguard Group, Inc. | 1,200,000 | 7.5% | 9,600,000 |
| BlackRock, Inc. | 1,150,000 | 7.2% | 9,200,000 |
| Renaissance Technologies LLC | 800,000 | 5.0% | 6,400,000 |
| Geode Capital Management, LLC | 600,000 | 3.8% | 4,800,000 |
| Other Institutions | 2,000,000 | 12.5% | 16,000,000 |
Insider Ownership
Insider ownership plays a crucial role in the governance and future direction of CleanSpark, Inc. The following details the insider ownership:
| Name | Position | Shares Owned | % of Total Shares |
|---|---|---|---|
| Zachary B. Bradford | CEO | 1,000,000 | 6.2% |
| Matthew N. Schultz | Chairman | 500,000 | 3.1% |
| Other Executives | Various | 300,000 | 1.9% |
Shareholder Composition
The shareholder composition of CleanSpark, Inc. indicates a diversified portfolio of shareholders. The composition is as follows:
- Institutional Investors: 35%
- Insiders: 11%
- Retail Investors: 54%
Recent Stock Performance
As of the last trading day, CleanSpark, Inc. (CLSK) has reported the following stock performance metrics:
| Date | Opening Price | Closing Price | % Change |
|---|---|---|---|
| October 20, 2023 | $8.50 | $8.75 | +2.94% |
| October 19, 2023 | $8.20 | $8.50 | +3.66% |
| October 18, 2023 | $8.10 | $8.20 | +1.23% |
Market Capitalization
The market capitalization of CleanSpark, Inc. is driven by the number of outstanding shares and the current share price:
Market Capitalization: $140 million
Recent Financial Metrics
CleanSpark, Inc. has reported its recent financial metrics for the latest fiscal quarter:
| Metric | Value |
|---|---|
| Revenue | $22 million |
| Net Income | $3 million |
| Total Assets | $50 million |
| Total Liabilities | $15 million |
| Equity | $35 million |
Recent Developments
Recent developments around CleanSpark, Inc. include:
- Acquisition of new mining operations.
- Partnerships with renewable energy providers.
- Expansion of cryptocurrency mining facilities.
CleanSpark, Inc. (CLSK) Mission Statement
Company Overview
CleanSpark, Inc. (CLSK) operates as a sustainable bitcoin mining company based in the United States. The company aims to provide an environmentally friendly alternative to traditional bitcoin mining practices through the use of renewable energy sources.
Mission Statement
CleanSpark’s mission is to advance the world’s transition to sustainable energy while maximizing shareholder value. The company strives to leverage renewable energy to drive the future of bitcoin mining.
Key Elements of the Mission Statement
- Sustainability: Commitment to utilizing renewable energy sources.
- Innovation: Investment in advanced mining technologies and processes.
- Community Impact: Focus on positive impact on local communities and the bitcoin ecosystem.
- Profitability: Aim to deliver strong financial performance and value to shareholders.
Financial Performance
As of the latest financial report, CleanSpark, Inc. reported the following statistics:
| Metric | Q4 2023 | Q3 2023 | Q4 2022 |
|---|---|---|---|
| Total Revenue | $25.4 million | $21.3 million | $18.5 million |
| Net Income | $5.2 million | $3.5 million | $2.1 million |
| EBITDA | $8.9 million | $6.7 million | $4.8 million |
| Bitcoin Mined | 1,400 BTC | 1,200 BTC | 1,000 BTC |
| Energy Costs | $2.1 million | $1.8 million | $1.5 million |
| Average Energy Price | $0.02/kWh | $0.027/kWh | $0.03/kWh |
Renewable Energy Usage
CleanSpark prioritizes renewable energy sources in its mining operations. The company sources approximately 90% of its energy from renewable resources including solar and wind.
Community Engagement Initiatives
- Local Partnerships: Collaborations with local governments and organizations.
- Job Creation: Over 300 jobs created in the communities where operations are based.
- Education Programs: Initiatives to educate the public on sustainable practices in technology and energy.
Future Goals
Looking ahead, CleanSpark aims to:
- Increase bitcoin production by 30% over the next year.
- Expand renewable energy capacity by 25%.
- Enhance community involvement through new programs.
Recent Developments
In August 2023, CleanSpark announced the acquisition of new mining equipment worth $10 million, which is expected to increase operational efficiency and output.
Market Position
CleanSpark is currently positioned among the top publicly traded bitcoin mining companies in the U.S. with a market capitalization of approximately $300 million.
How CleanSpark, Inc. (CLSK) Works
Business Model
Business Model
CleanSpark, Inc. operates primarily in the cryptocurrency mining sector. The company focuses on developing and managing energy-efficient Bitcoin mining operations.
Energy Strategy
CleanSpark emphasizes renewable energy sources for its mining activities. The company aims to reduce its carbon footprint and is involved in purchasing energy at a lower cost to enhance profitability.
Financial Overview
As of the latest financial results for Q3 2023, CleanSpark reported:
| Metric | Value |
|---|---|
| Total Revenue | $16.2 million |
| Net Income | $5.3 million |
| Adjusted EBITDA | $7.4 million |
| Bitcoin Mined | 1,223 BTC |
| Total Mining Hashrate | 2.9 EH/s |
Operational Facilities
CleanSpark owns and operates several mining facilities, strategically located to take advantage of low-cost energy:
| Facility Location | Capacity (MW) | Operating Status |
|---|---|---|
| Las Vegas, NV | 20 MW | Operational |
| Norcross, GA | 30 MW | Operational |
| Washington, TX | 50 MW | In Development |
Recent Developments
In 2023, CleanSpark completed the acquisition of additional mining equipment valued at $10 million, which is expected to increase their hashing power by 30%.
Market Position
CleanSpark is positioned as one of the leading companies in the Bitcoin mining sector, with a focus on sustainable practices. As of October 2023, the company holds approximately 1,900 BTC in its reserves.
Stock Performance
As of October 2023, the stock price of CleanSpark, Inc. (CLSK) is trading at approximately $5.25 per share. The market capitalization is estimated at $250 million.
Future Outlook
Analysts predict growth in CleanSpark's revenue driven by increasing Bitcoin prices and expanded mining operations. The company targets an increase in its annual Bitcoin production to 5,000 BTC by the end of 2024.
How CleanSpark, Inc. (CLSK) Makes Money
Mining Operations
CleanSpark, Inc. primarily generates revenue through its cryptocurrency mining operations. The company focuses on mining Bitcoin, leveraging proprietary mining technologies and efficient operations. As of Q3 2023, CleanSpark holds approximately 2,100 BTC.
Hash Rate Capacity
As of October 2023, CleanSpark operates a hash rate capacity of about 5.3 EH/s (exahashes per second). This capacity allows the company to efficiently mine Bitcoin and optimize profitability.
Electricity Costs
Electricity costs are a significant factor in mining profitability. CleanSpark reports an average electricity cost of approximately $0.028 per kWh, which enables them to maintain a competitive edge in the market.
Revenue from Mining
The total revenue generated by CleanSpark from mining operations for the fiscal year 2023 was reported to be $46.7 million. This revenue is influenced by the Bitcoin market price, which fluctuated around $29,000 during the year.
Collaboration and Partnerships
CleanSpark has entered into strategic collaborations with energy providers to secure favorable energy rates and promote sustainable mining practices. The company aims to utilize renewable energy sources, which contributes to profitability.
Financial Performance
In the latest financial report for Q3 2023, CleanSpark posted a gross profit of $16.2 million, representing a gross margin of approximately 34.7%.
| Financial Metric | Q3 2023 Amount | FY 2023 Amount |
|---|---|---|
| BTC Mined | 500 BTC | 1,800 BTC |
| Total Revenue | $16.7 million | $46.7 million |
| Gross Profit | $5.5 million | $16.2 million |
| Operating Income | ($1.2 million) | ($2.4 million) |
| Net Income | ($2.3 million) | ($4.5 million) |
Market Trends and Adaptability
CleanSpark closely monitors market trends in cryptocurrency and adjusts its mining strategy accordingly. The company's adaptability in response to Bitcoin's price fluctuations has been critical to its operational success.
Innovative Mining Technology
Investments in cutting-edge mining hardware, such as the Antminer S19, have enhanced CleanSpark's mining efficiency. The company continually upgrades its fleet to maintain competitive advantage.
Future Growth Plans
CleanSpark aims to expand its mining operations and increase hash rate capacity to 10 EH/s by the end of 2024. This growth is projected to lead to a revenue increase of up to 75% year-over-year, assuming stable market conditions.
Conclusion of Financial Strategy
CleanSpark's financial strategy focuses on operational efficiency and leveraging favorable market conditions to maximize profits. The commitment to sustainable energy sources further bolsters its financial and operational viability in the competitive landscape of cryptocurrency mining.
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