B. Riley Initiates Coverage of CleanSpark (CLSK) With a Buy Rating

CleanSpark, Inc. (NASDAQ:CLSK) is one of the top bitcoin mining stocks to buy amid bitcoin hike. On July 1, B. Riley initiated coverage of CleanSpark, Inc. (NASDAQ:CLSK) with a Buy rating and $16 price target.

CleanSpark (CLSK) Tracks Bitcoin Rally to New High, Jumps 12.5%

A hall of server racks, illuminated by blue LED lights and humming with energy.

The firm told investors in a research note that CleanSpark, Inc. (NASDAQ:CLSK) should continue to meet its growth targets over the coming 12 months.

The company surpassed its mid-year operating hash rate goal of 50 EH/s ahead of schedule on June 24, attaining the status of the first publicly traded bitcoin miner to achieve this scale with fully self-operated infrastructure, the firm noted.

The feat represented a 9.6% month-over-month increase, which further bolstered the company’s fleet’s energy efficiency to 16.15 J/Th.

CleanSpark, Inc. (NASDAQ:CLSK) is a bitcoin mining company that independently owns and operates data centers across the US, with locations in Georgia, Mississippi, Tennessee, and Wyoming.

While we acknowledge the potential of CLSK to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than CLSK and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.