It was back in 2019 when the company announced the acquisition of Pioneer Power Solutions ( PPSI) that later operated as CleanSpark Critical Power Systems, Inc. One thing to consider is that CleanSpark, a microgrid company offers its energy solutions through its wholly-owned subsidiaries. At the same time, digital currency revenues gained 73% in the quarter to stand at $8.6 million before almost doubling in the nine months to June 2021 to $16.1 million. In the nine months ending on June 30, 2021, energy revenues had declined 33.33% (YoY) from $7.5 million to $5 million. The company had reported delays in the reception of ethernet cables and power cables to support equipment earlier in the year. Q4 2021 saw CleanSpark record flat revenues (YoY) owing to supply chain concerns. In this article, I will explain why I am neutral with CleanSpark although I believe that it is slated for a 5X increase in revenue growth in the FY 2022-2023 due to expanded mining capabilities and advanced green energy opportunities. Shareholders are also protected from dilution with the use of Bitcoins as both current and long-term assets. Even so, the company's background in energy technology will prove pivotal in sustainable bitcoin mining especially in the industrial development of operations. ThesisĬleanSpark's management is yet to embrace a 100% transition to green energy in Bitcoin mining.
That said, Bitcoin ( BTC-USD ) had a stellar year in 2021 with the crypto giant hitting a record high despite China's crackdown in the first half of the year. Since the last time I wrote on crypto mining, Greenidge ( GREE) stock has gained almost 22% against the S&P 500's 2.97% price change. CleanSpark ( NASDAQ: CLSK) marked its 1st anniversary in bitcoin mining with a 50% decline in its share price.
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