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I'm merely pointing out how bullish some are about the future price of bitcoin. I'm not suggesting the stock-to-flow model for bitcoin is an infallible framework. Championed by a Twitter user going by PlanB, the model projects bitcoin could be worth more than $200,000 by 2024. But many excitedly project the future value of bitcoin using something called a stock-to-flow model. Indeed, it could plummet for all we know. Just how high could bitcoin go? No one knows for sure. After all, many think bitcoin is poised to surge in 2021, which would lead to increased mining revenue for these companies. But this makes sense because CleanSpark's main business is something else.īitcoin believers obviously like to see companies investing in bitcoin mining equipment. Without diving too far in the weeds, suffice it to say that Riot Blockchain and Marathon have more than 10 times the capacity of CleanSpark. For perspective, 1 exa-hash is 1,000 peta-hashes. For its part, Riot Blockchain will have 3.8 exa-hashes per second (EH/s). To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Once it's deployed its new mining equipment, CleanSpark says its mining capacity will be 300 peta-hashes per second (PH/s). As a result, it looks like it might be a good time for investors to buy shares. The one Wall Street analyst that covers the stock is bullish on it, and the price target implies massive upside potential for the stock over the next year. Summary and ConclusionsĬLSK stock is being bolstered by strong growth and forward profitability potential, even as the share price has plunged recently due to major headwinds hitting tech, cryptocurrency, and growth stocks. Additionally, CleanSpark’s price target of $16.00 puts the upside potential at 137.4%. Wall Street’s TakeĪccording to Wall Street analysts, CLSK earns a Moderate Buy consensus rating based on just one Buy rating assigned in the past three months. Meanwhile, analysts expect revenue to increase by 295.2% in 2022 and normalized EPS to increase by 575.2% in 2022. Its forward EV/EBITDA ratio is 3.8 times compared to its historical average of 8 times, and its forward price-to-normalized-earnings ratio is 3.8 times compared to its historical average of 4.6 times. Valuation MetricsĬLSK stock looks inexpensive here as it trades well below its historical averages on a forward EV/EBITDA ratio and forward price-to-normalized-earnings basis. Additionally, the cash and cash equivalents for the year were $18 million. The loss per common share decreased from $(2.44) in 2020 to $(0.75) in 2021, stemming from a decrease in net loss, which totaled -$21.8 million in 2021. The company’s total assets were $317.47 million. The carrying value of its bitcoin also reached $23.6 million. The non-GAAP EBITDA per share increased from $(1.07) in 2020 to $0.31. Recent ResultsĪccording to the annual report for the Fiscal Year that ended in September 2021, the company’s non-GAAP adjusted EBITDA reached ~$9 million, which, in the previous year, showed a negative balance of -$10.2 million. In the software-based energy sector, CleanSpark has created a strong image, especially when compared to its competitors.īoth the customers and the shareholders are expected to increase in number as the company plans to shift its focus to becoming more adaptable, approachable, and trustworthy. Such expansions can be linked with the company’s extensive experience in the energy sector. In 2021, the company announced its plan to expand its capacity in mining facilities across the entire portfolio. In its digital currency segment, CleanSpark also saw massive growth as its hash rate increased from zero to 1.3 EH/s in less than 12 months. StrengthsĬleanSpark has had a positive outcome from acquisitions, including its ultra-successful acquisition of two data centers. I am bullish on CleanSpark as it has a very robust growth outlook, looks cheap relative to historical averages, and its price target implies massive upside over the next year. Its residential solution, mVoult, is disrupting how energy management is viewed by homeowners.
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CLSK offers commercial and residential solutions, which include energy management, microgrid services, and grid communication.
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The company only has 86 employees, however, its contributions towards supporting blockchain technologies remain unrivaled. The energy technology company also operates as a sustainable bitcoin mining firm with approximately four offices located in the country.
#Cleanspark competitors software#
CleanSpark ( CLSK) is a software company that was formed in 1987 and is currently headquartered in Nevada, U.S.