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Seeking Alpha 2022-09-28 05:11:50

Be Ready To Add CleanSpark When Fed Signals Pivot

SummaryOf the eight largest, listed and producing Bitcoin miners, CleanSpark is the best value from a market cap to hash rate share perspective.CleanSpark is enabling growth in its total network hash rate share through recent power supply acquisitions in Georgia, including 230 MW of capacity in Sandersville.CleanSpark has purchased some Bitmain S19 XPs, but is generally looking to acquire earlier models from the S19 Series on the spot market at depressed prices.CleanSpark has been punished for its relatively low level of retained crypto assets. This discounting is somewhat arbitrary as they also have a low level of carried debt with only $34 million in total liabilities.A recent executive branch report prepared for the White House suggested the possibility to "eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining."When doing any ground level miner comparisons, CleanSpark (CLSK) immediately jumps out for its high level of production relative to its market capitalization. Of the eight largest and producing, Nasdaq listed Bitcoin (BTC-USD) miners, CleanSpark is solidly in fourth in deployed, operational and producing hash rate. However, among these peers it is last in market capitalization, primary because it is punished for having the lowest level of retained digital assets on its balance sheet.On Tuesday, the company announced that it has now surpassed 4 EH/s of hash rate, a 30% increase in les...

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