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- Cryptocurrency miner CleanSpark (NASDAQ:CLSK) surges 6.9% in early trading on Friday as most of the crypto world tops off Q4 with strong push higher.
- Still, it appears CLSK is lagging the most reliable benchmark for the crypto market, bitcoin (BTC-USD +9.8%), by 5% M/M and 303% Y/Y.
- At the end of September, the company said it has transitioned all of its BTC mining power to Foundry USA Pool, which is a step towards greater decentralization of the mining pool landscape, and ultimately the overall health of the bitcoin network.
- The company has now added computing power of more than one exahash, generated by over 10K bitcoin mining machines, to the Foundry USA Pool; it plans to continue to deploy machines to reach its goal of 2 EH/s by end of 2021 and 3.2 EH/s by fall 2022.
- Some other crypto miners that are trading in the green include: Riot Blockchain (RIOT +3.5%), Marathon Digital (MARA +5.0%), Hut 8 Mining (HUT +5.0%), Argo Blockchain (ARBK +1.3%), Canaan (CAN), Bitfarms (BITF +8.7%), Bit Digital (BTBT +3.0%), and Ebang International (EBON +2.1%).
- Previously (July 12), see why SA Contributor Moat Investing says CleanSpark is a clever way to play bitcoin as technical and valuation metrics "signal a bullish rebound is just a matter of time."
- In mid-August, CleanSpark missed EPS and revenue consensus.
