Finishing my DD updates for the 6 #Bitcoin mining positions in my portfolio with my #1 position, $CLSK @CleanSpark_Inc - (Price🎯at bottom) Why CLSK? Execution, efficiency, effective leadership, clear communication, stable energy contracts, and vertical integration - $CLSK fully owns 6 mining facilities in GA (~3.5M SF of land/buildings, w/~131K deployed miners currently generating 16.0 EH/s), all tied to a cost-controlled GA power grid they have invested in to upgrade. $CLSK went from 10 EH/s to over 16 EH/s in Feb and is racing to 20+ by 1H 2024 as MS, Dalton & Sandersville continue to ramp up. Owning the land, buildings, miners themselves (being "asset heavy") makes operations more efficient, predictable, & reliable. Foward guidance is large, realistic, and attainable. My top bitcoin mining sector position. Metrics: •HODL 4218 #BTC (~300$M) •MCAP $3.45B (3/15 - #2 in sector) •Current EH/s 16.0 •Q1FY2024 Revenue $73.8M (+165%) •Q1FY2024 adjusted EBITDA: $69.1M •Revenue growth YOY: 165% •Net income: $25.9 million •Less than $15M debt •Total Assets: $862.7 million Forward Guidance: CleanSpark's operating hash rate increased 60% to 16 EH/s in Q1 of 2024. With the ramping up of their large-scale new facility in Sandersville, expansion at Dalton and the 3 new acquisitions in MS, the path to 20 EH/s in 1H 2024 is clear and attainable: •Sandersville began energizing their first 4.6 EH/s in Feb. Remaining equipment is set for imminent install, which will raise their total another +1.4 EH/s. •Expansion of existing Dalton campus and the purchasing of another #bitcoin mining facility there is lifting production from 0.8 to 2.4 EH/s (+1.6 EH/s) •Purchase of 3 turnkey mining facilities in MS adds 2.4 EH/s to their overall rate. Teams were deployed to Mississippi and began transitioning those sites into $CLSK's portfolio immediately, adding 1.5 EH/s to the fleet in Feb, with 0.9 more EH/s hash to be added. Path to 50 EH/s? - CleanSpark has locked in a purchase option on ~30 EH/s of miners at a fixed price, giving them the ability to scale growth at a fixed/low price before the anticipated boom in prices on miners as Bitcoin surges. Both expansion of current ops and acquisition of more facilities are on the table. The company will no doubt continue to use cash/shares from their shelf (a 3 year window to sell shares when market conditions are favorable) to add accretive value to shareholders. Takeaway: CleanSpark invested during the bear market and stepped on the gas pedal last year, securing the very best mining rigs money can buy and undergoing rapid, vertically integrated growth. They have assembled a sharp, diligent team and operating practices are elite. Today, they operate at over 16 EH/s, run more than 131,000 machines with maximum uptime and efficiency, have a hodl of 4218 #bitcoin and less than $15M in debt. The ATM and purchase option for miners outlines a potential growth path to 32 EH/s by EOY and +50 EH/s by 2025. ------ Price target for $CLSK: 🐻$44, 🟰$92, 🐂$165 Target is based on forward guidance, primarily in terms of EH/s expansion, how achievable that growth is, costs, their large HODL and use of FASB accounting rules, the rising price of Bitcoin, and market sentiment. FOMO will be real! There will be many factors working in favor of the bull thesis here - expected Quantitative Easing by the Fed in 2H will inject liquidity into the market, the April halving, ETFs continuing to intensify supply shock, and EH/s expansion are some of the larger ones. ------- Here are the links to the other miners I covered over the last 6 days: Tuesday $WULF - x.com/Charge_Stack/s… Wednesday $CIFR - x.com/Charge_Stack/s… Thursday $IREN - x.com/Charge_Stack/s… Friday $MARA - x.com/Charge_Stack/s… Saturday $BITF - x.com/Charge_Stack/s…

@Charge_Stack @CleanSpark_Inc Love the summary, this is exactly why $CLSK is my top position. Thank you for putting in the time to do that, you covered off all of the key points in a clear and concise manner.

@Charge_Stack @CleanSpark_Inc Thanks for a great analysis. $CLSK has become my favourite and I have currently rotated all mining stocks into this one. Apparently they are also the favourite among whales/institutional investors and I consider them a quite safe bet among the public miners.

@Charge_Stack @CleanSpark_Inc One of the best miners post I have ever read . Congrats

@Charge_Stack @CleanSpark_Inc Man do I appreciate these breakdowns! THANK YOU. Given bullish sentiment and opportunity,are you stepping on gas pedal and augmenting your portfolio with call options?

@Charge_Stack @CleanSpark_Inc Thanks so much for your summaries they are invaluable!! Much appreciated. This is my golden ticket and I won’t be selling until that high bull price hits!! 🙏🏽

@Charge_Stack @CleanSpark_Inc Great summary! Do you have any metrics on their current and projected efficiency ratios for their fleet? I think joules per terra hash is the metric that the analysts use. $BITF was making a big deal of that with their 2024 projections, expecting a 40% increase in efficiency.

@Charge_Stack @CleanSpark_Inc Excellent Analí yes, thank you very much! A query, if the Target is higher for $mara, because you weigh $clsk in comparison. Thank you

@Charge_Stack @CleanSpark_Inc Unreal analysis mate, appreciate all your hard work in doing these post 🙌🏻

@Charge_Stack @CleanSpark_Inc Nice write up. You forgot the most important stats. They have the lowest cost per btc minded currently at $28k. They are already profitable after the halving and imagine how much higher their eps is comparing to other miners?

@Charge_Stack @CleanSpark_Inc When do you think the target price is?

@Charge_Stack @CleanSpark_Inc Great analysis! What are the BTC price for the 3 CLSK price target you provided?

@Charge_Stack @CleanSpark_Inc Furthermore, right now $mara have a higher market cap, but $clsk will more than double the gross profit in March.

@Charge_Stack @CleanSpark_Inc Great company. Great execution. Great jurisdiction of placing miners. This puppy has lots of room to run ! Same as $CIFR $IREN $WULF.

@Charge_Stack @CleanSpark_Inc Ultimately it’s the production rate and ability to remain profitable post halving. Which they are well positioned w #BTC above $50k. If they produce similar quarter as last, we breach 20 and head towards 30 quick. Nice analysis $CLSK

@Charge_Stack @CleanSpark_Inc once they announce the ATM debt is over... BOOMz (assuming BTC rallies :D)

@Charge_Stack @CleanSpark_Inc Can’t wait to sell my $HUT after it doubles and buy more CleanSpark with it. Hands down the best miner.

@Charge_Stack @CleanSpark_Inc Great DD. Thanks! I am $CLSK heavy with a small bit of $MARA. I was considering $IREN for next week. But, after reviewing your work I am beginning to re-think it. I might just add to $MARA. I was buying into the FUD.

@Charge_Stack @CleanSpark_Inc Great reseach and thesis, thanks!