![]() ![]() Our patience has paid off.īack in February, CleanSpark purchased 20,000 S19j Pro machines at a 25% discount. We have chosen other units such as the S19j Pro+ over the S19 XP in the past because we believed the gap would close on the delta between the ROI of other units and the XP. CLSK's CEO Zach Bradford noted the XP prices had been expensive relative to the S19j Pro machines for quite some time: ![]() The company is projecting the full order to be online and operational by the end of the year. This latest round of rigs purchase will see 25k machines delivered in August and with the remaining 20k delivered by the end of September. On Tuesday, the company announced the purchase of 45,000 additional S19 XP machines that will boost CleanSpark's total production rate by over 6.3 EH/s once the rigs are deployed. Exahash GrowthĬleanSpark has been guiding for 16 EH/s by the end of 2023 and recent mining machine acquisitions put that figure well on track: While stock-based compensation more than tripling from $8.5 million in 2021 to $31.5 million last year is definitely a concern long term investors should consider, until CleanSpark management misses on exahash guidance, I think CLSK is a ticker that will reward more medium term stock buyers well in a rising BTC price environment. Here we can see CleanSpark has been one of the bigger dilution offenders after having gone from 41.5 million common shares outstanding at the end of December 2021 to 71.7 million common shares outstanding at the end of December 2022. This lower-debt approach has been more conservative from a balance sheet liabilities standpoint but it has come at the expense of long term shareholders through dilution: For CleanSpark, this was not necessarily the case as the company has one of the lowest debt to equity ratios in the industry: Selling down BTC in 2022 was not an uncommon action for the public bitcoin miners and we saw that when miners with large debt loads sold BTC, it was generally a sign of problems ahead. ![]() When I last covered CleanSpark ( NASDAQ: CLSK) in December it was on the heels of a fairly large reduction in the company's Bitcoin ( BTC-USD) holdings. ![]()
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