Rekt no more.

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…