2024-04-19 10:14:23 ET
Rewards associated with mining Bitcoin are expected to halve in the coming days. Ahead of it, CleanSpark Inc (NASDAQ: CLSK) is down close to 30% versus its year-to-date high.
Is Bitcoin halving a negative for CleanSpark stock?
While many believe the halving event may be a negative for miners including $CLSK – analysts at Bernstein argue the opposite is a possibility as well.
That’s because the investment firm forecasts BTC to hit $150,000 by the end of next year on the back of halving and the recently approved spot exchange-traded funds.
Such an upside in the world’s largest cryptocurrency may be a material benefit for mining stocks like CleanSpark that have fallen behind in recent months.
Note that CleanSpark stock, nonetheless, is up well over 100% versus its year-to-date low at writing.
Watch here: https://www.youtube.com/embed/RkB6MPQIsrc?feature=oembed$CLSK recently added to its mining fleet
Bernstein analysts drive optimism for $CLSK also from the recent remarks of Zachary Bradford – its chief executive officer. Their research note reads:
CEO of CleanSpark expects industry to consolidate and believes RIOT, MARA, CLSK, and CIFR to be in lead. CEO of MARA also named CLSK as their arch competitor in race for acquisition targets.
CleanSpark stock is attractive also because the Nasdaq-listed firm is expected to swing to a profit of 6 cents per share in its current financial quarter versus a per-share loss of 23 cents a year ago.
Earlier this week, the $3.66 billion company based out of Henderson, Nevada added 3,900 new machines to its mining fleet.
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