CleanSpark has ‘quietly become’ second largest miner, says BTIG

BTIG analyst Gregory Lewis says that as other companies have focused on high performance computing opportunities, CleanSpark (CLSK) has “quietly become” the second largest U.S. listed bitcoin miner by hash capacity behind Mara Holdings (MARA). Importantly, CleanSpark has outgrown most of the competition since the end of 2023 with hash capacity growth of 350% and management noted the company’s existing infrastructure footprint could support over 60 EH of capacity, the analyst tells investors in a research note. Additionally, the company owns 12,500 bitcoin which puts it third in terms of bitcoin owned among the miners, says BTIG. Given management’s focus on mining, the firm expects CleanSpark to gain hash capacity market share as other miners pause mining growth in favor of HPC. It keeps a Buy rating on the shares with a $22 price target.