Off 17%, CleanSpark led the miners down on Thursday following its earnings announcement and substantial cut to its calendar 2023 hash rate projection. investors/company-information/presentations CleanSpark Projected Growth At Owned Locations So when one fairly adjusts market cap for cash and debt and then compares that to expected earnings, Riot and CleanSpark represent a value. Note Argo Blockchain ( OTCPK:ARBKF) and Core Scientific were excluded because of their distressed situations. The graphic uses current market data and average analyst estimates to show enterprise values sized against projected EBITDAs. As a conclusion, I will look ahead to next year and the possible peak in interest rate expectations as well a moderation in the energy crisis and growing certainty around prices.Īs a precursor to the discussion, consider the graphic below from Riot Blockchain ( RIOT) and FactSet. It also considers the company's interesting, and arguably solid, balance sheet and financing strategy. The somewhat dynamic rig and energy costs picture will be covered.

The article below details CleanSpark's production outlook, including the recent negative Lancium news. On a fundamental level CleanSpark represents a value, but macro factors, including interest rate uncertainty and the ongoing energy crisis, are confining its stock to the top of my watchlist for now. Though its Bitcoin holdings are extremely low, CleanSpark has a relatively strong balance sheet with an enviable debt-to-EBITDA ratio. Excluding the liquidity challenged Core Scientific ( CORZ ), in November CleanSpark remarkably had the highest Bitcoin production of all the large, publicly traded U.S. This is true on both a past and estimated forward basis. Put simply, the company's enterprise value is low relative to its profitable and operating share of the total Bitcoin ( BTC-USD) network hash rate. There is much to like about CleanSpark (NASDAQ: NASDAQ: CLSK).

Cleanspark atl