CleanSpark's 9.6% Hash Rate Boost Drives B. Riley Buy Rating

B. Riley has initiated coverage on CleanSpark (CLSK.US), a prominent Bitcoin mining company, assigning it a "buy" rating with a target price of $16. This evaluation is based on the firm's confidence in CleanSpark's ability to achieve its growth targets over the next 12 months.

CleanSpark has demonstrated its commitment to expansion by achieving its 50EH/s mid-year operational hash rate target ahead of schedule on June 24. This milestone makes CleanSpark the first publicly listed Bitcoin miner to operate entirely independently and reach this scale. The company's operational hash rate increased by 9.6% compared to the previous month, enhancing the energy efficiency of its fleet to 16.15J/Th.

CleanSpark operates independently owned and managed data centers across the United States, with locations in Georgia, Mississippi, Tennessee, and Wyoming. These strategic locations allow the company to leverage diverse energy sources and optimize its mining operations.

CleanSpark's strategic expansion and operational efficiency make it a compelling investment opportunity in the Bitcoin mining sector. The company's focus on sustainable mining solutions and its ability to achieve significant growth milestones position it well to capitalize on the increasing demand for Bitcoin mining services.