CleanSpark Inc. (NASDAQ:CLSK) reported strong performance in its mining operations and digital asset management groups on January 6. The company achieved a 10% increase in Bitcoin production compared to the previous year during December, despite network difficulties.
In December, the Bitcoin miner produced 622 Bitcoin, averaging 20.07 Bitcoin per day. This growth contributed to an annual production total of 7,746 Bitcoin at a hashrate of 150.0 EH/s. The company ended the year holding 13,099 Bitcoin, after selling 577 Bitcoin at an average price of $89,210 that month.
Alongside its mining activities, CleanSpark has expanded into artificial intelligence compute infrastructure. It acquired a 271-acre site in Texas and secured power agreements for 285 megawatts. The company's power portfolio includes 31.45 GW under contract, with 480MW currently supporting mining operations.
"Our operational strength and active monetization strategies are creating a durable foundation as we advance AI infrastructure plans in Georgia, Texas, and beyond," said Matt Schultz, CleanSpark Chief Executive Officer and Chairman. "We are making strong progress with potential tenants and will continue pursuing strategic energy opportunities to support long-term portfolio growth."
On January 8, Maxim initiated coverage of CleanSpark stock with a Buy rating and a $22 price target.
CleanSpark Inc. focuses on Bitcoin mining and developing high-performance computing infrastructure, using its energy assets and data centers for both purposes. The company builds and operates data centers, initially relying on low-cost, reliable energy to enable efficient Bitcoin mining.