Why CleanSpark Stock Spiked Higher Today
Shares of energy and cryptocurrency mining company CleanSpark (NASDAQ: CLSK) spiked higher on Thursday, following the release of financial results for the first quarter of its fiscal 2022. It was an eventful quarter and the market appears to like what it sees, sending the stock up 20% as of noon ET.
CleanSpark generated record quarterly revenue of $41.2 million in Q1. Almost 90% of this revenue came from mining Bitcoin (CRYPTO: BTC). This revenue stream barely existed last year -- CleanSpark started as an energy management company. And given the rapid growth of its Bitcoin mining business, overall revenue was up around 1,800% from the same quarter of fiscal 2021.
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Source Fool.com
