Last Updated on September 18, 2022 by Mathew Diekhake
CleanSpark, the Bitcoin mining and energy company, sold off recently because Bitcoin broke a key technical level. However, it is an attractive buy at $3.47 for investors with at least a one-year time horizon because the technicals still suggest Bitcoin may have bottomed in June and still isn’t likely to drop down below $18,000.
What makes CleanSpark such an attractive buy beyond the fact that it is expected to follow Bitcoin’s general accumulation phase is that it added another 1.4 exahashes to increase its total hash rate capabilities to 4.5 exahashes and yet it only has a market cap of 190.70 million dollars. Compare that to Riot Blockchain, which has been swept up recently by many institutional investors, and CleanSpark is the much more attractive buy. Riot Blockchain has an almost identical total hash rate ability as CleanSpark but a market cap of 1.14 billion dollars.
The difference between CleanSpark and Riot Blockchain is that Riot is said to be using almost all of its available hash rate supply whereas CleanSpark is not. Nevertheless, it may not take long for CleanSpark to put all of its hardware to good use and mine as many Bitcoin as the hash rate will allow.
Marathon Digital is another Bitcoin mining company. It has a market cap of 1.4 billion dollars and it is about to have a total of 23.3 exahashes per second by 2023. This means Marathon Digital is similarly priced to CleanSpark. I would buy both Marathon Digital and CleanSpark stock before Riot Blockchain. And CleanSpark is arguably more attractive than Marathon Didigtal because of its smaller market cap which allows for the company to grow easier than its competition.
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