CleanSpark (CLSK) Solidifies Spot Among Top Bitcoin Miners, HC Wainwright remains bullish

CleanSpark Inc. (NASDAQ:CLSK) is one of the 20 undervalued momentum stocks that are taking off. In an industry where scale and speed are everything, CleanSpark has just hit a major milestone that investors shouldn’t overlook.

On Tuesday, June 24, CleanSpark announced that it had reached a total operating capacity of 50 exahashes per second (EH/s), meaning the company has achieved its mid-year 2025 target on schedule. The update caught the attention of H.C. Wainwright analyst Mike Colonnese who reiterated his bullish view on CleanSpark following the company’s update.

CleanSpark (CLSK) Solidifies Spot Among Top Bitcoin Miners, HC Wainwright remains bullish

A close up view of a final mining equipment used in bitcoin mining.

To benchmark this performance versus the last year, we note that throughout December 2024, the Company’s average hashrate was 35.52 EH/s, and it reported a hashrate of 39.1 EH/s at the end of the last year. Although, in comparison, the top player, MARA Holdings Inc. (NASDAQ:MARA), reported a hashrate of 58.3 EH/s at the end of May and held 49,179 bitcoin (BTC).

According to Colonnese, this milestone makes CleanSpark only the second public Bitcoin miner in their coverage to achieve this scale. The analyst emphasized that CleanSpark remains their top pick in the crypto mining sector.

He pointed to the company’s 145% year-over-year growth in hash rate since June 2024, which he attributes to a blend of solid organic expansion, targeted acquisitions, and disciplined capital allocation. In his view, as the company continues to expand its infrastructure and focus on capital efficiency, it appears well-positioned to build on its current momentum.

CleanSpark (NASDAQ:CLSK), is a pure-play Bitcoin miner with a portfolio of mining facilities across the United States.

While we acknowledge the potential of CLSK as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: Harvard University Stock Portfolio: Top 10 Stock Picks and 10 Best Tech Stocks to Buy According to Billionaires.

Disclosure: None.