CleanSpark Rapidly Expanding Bitcoin Mining Ahead of Halving, Targeting 50EH/s by 2025

CleanSpark (CLSK) is rapidly expanding Bitcoin mining operations ahead of the upcoming Bitcoin halving event, with a goal of reaching 20EH/s by 2024 and 50EH/s by 2025

Recently expanded Sandersville facility by 100MW to 14EH/s and commenced Mississippi facilities expected to add 2.4EH/s; now over 16EH/s total

Mined nearly 650BTC in February 2024, adding $260 million to reserves, with breakeven mining cost of $28,093/BTC post-halving

Bitcoin ETFs provide price stability but shift investor exposure from miners to direct BTC holdings - miners like CLSK likely valued on cash flows going forward

Provided BUY recommendation and $42.32 price target (19.92x FY25 EV/EBITDA) based on operational growth, cost efficiency, and continued strong BTC pricing