At a cost of $17 per TH/s from Mawson, the rigs add 558 PH/s to the current hashrate as shown in the growth between August and September, as seen in the table below. Included in the deal was a provision for 6,468 of the latest-generation mining ASICs for approximately $9.5 million in cash. The Las Vegas-based firm currently has an ambitious growth target of over 22 EH/s, by the end of 2023. The facility should add 1.4 EH/s to Cleanspark’s total before the end of 2022, 2.4 EH/s by early 2023 and 7.0 EH/s by the end of 2023.
Watch: How CleanSpark Has Dominated The Bear Market This total hashrate was assisted by the recent purchase of Mawson Infrastructure Group Inc.'s (MIGI) Bitcoin mining facility in Sandersville, Georgia, for a price of $33 million. Since, it has steadily increased its hashrate every month to a current 4.0 EH/s, equating to an increase of 208%. Less than a year ago in November 2021, Cleanspark had an operational hashrate of only 1.3 EH/s. However, two miners appear to have bucked this trend over the last year: Cleanspark (CLSK) and Iris Energy (IREN). For example, Argo Blockchain (ARBK) recently revised its end-of-2022 growth projection down from 5.5 EH/s to 4.1 EH/s, Bitfarms (BITF) reduced from 8.0 EH/s to 6.0 EH/s and HUT 8 (HUT) reduced its end-of-year target of 6.0 EH/s to a more achievable 3.5 EH/s (actually close to what it was forecasting to achieve by the end of December 2021). The drop in Bitcoin price–and increase in the cost of energy currently being paid by those miners, especially those who do not have a fixed price contract–has seen miners having to continually re-evaluate their future growth plans. All these events have definitely changed the global economic outlook. Of course, there are many global and macroeconomic contributing factors that haven't helped asset prices in 2022, notably the war in Ukraine, the global rise in oil and gas prices, the pandemic and the threat of a recession. The values of the North American listed Bitcoin mining stocks have followed, dropping an average of 88% from their 52-week highs. The cryptocurrency now trades at about $19,200. No cash balance or cash flow is included in the calculation.Bitcoin’s price continues its downward trajectory, 72% down from the all-time high set during November 2021. Please note all regulatory considerations regarding the presentation of fees must be taken into account. Backtested results are adjusted to reflect the reinvestment of dividends and other income and, except where otherwise indicated, are presented gross-of fees and do not include the effect of backtested transaction costs, management fees, performance fees or expenses, if applicable. Actual performance may differ significantly from backtested performance. Further, backtesting allows the security selection methodology to be adjusted until past returns are maximized. Since trades have not actually been executed, results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity, and may not reflect the impact that certain economic or market factors may have had on the decision-making process. Specifically, backtested results do not reflect actual trading or the effect of material economic and market factors on the decision-making process.
Backtested performance is developed with the benefit of hindsight and has inherent limitations. This information is provided for illustrative purposes only. No representations and warranties are made as to the reasonableness of the assumptions. Certain assumptions have been made for modeling purposes and are unlikely to be realized. Changes in these assumptions may have a material impact on the backtested returns presented. General assumptions include: XYZ firm would have been able to purchase the securities recommended by the model and the markets were sufficiently liquid to permit all trading. Backtested results are calculated by the retroactive application of a model constructed on the basis of historical data and based on assumptions integral to the model which may or may not be testable and are subject to losses. The results reflect performance of a strategy not historically offered to investors and does not represent returns that any investor actually attained. Backtested performance is not an indicator of future actual results. Disclaimer: The TipRanks Smart Score performance is based on backtested results.
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