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Bear of the Day: CleanSpark (CLSK)

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CleanSpark ((CLSK - Free Report) ) is a $4 billion technology enterprise that call's itself "America's Bitcoin Miner."

I ran a year-to-date look at CLSK shares vs some other prominent miners. While CLSK is up nearly 20%, the big dog Marathon Digital (
(MARA - Free Report) ) is flat for the year, despite their big Bitcoin acquisitions.

Meanwhile Iris Energy (
(IREN - Free Report) ) is up over 90% while Riot Platforms ((RIOT - Free Report) ) is down over 20%.

Here's how CleanSpark describes their mission...

CleanSpark responsibly develops infrastructure for Bitcoin, an essential tool for financial independence and inclusion. We strive to leave the planet better than we found it by investing in communities that we operate in. Bitcoin is a watershed moment, not only in the history and invention of money, but in how we relate to each other.

Why CleanSpark is a Zacks #5 Rank

CLSK topline growth looks strong, with a projected jump this fiscal year (ends September) to $637 million for a 68% advance.

The problem is that the same analysts took down EPS estimates for the same period from +12 cents to -30 cents in the past two months.

I don't know all the details of why they made that move. But considering how revolutionary the Bitcoin mining business is becoming, there is definitely some re-modeling that Wall Street analysts must do with their revenue and profit projections.

The "spreadsheet jockeys" who also had to drop coverage of MicroStrategy (
(MSTR - Free Report) ) because they couldn't figure it out, will be doing their homework over the coming quarters and finding their way back to Bitcoin-centric stocks.

To learn more, see my recent essay which explains the mania and the math over Bitcoin...

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