CleanSpark Inc (CLSK) shares continued their downward trend on Tuesday, following a close to 8% drop at the start of the week. The stock’s decline coincides with Bitcoin’s recent pullback, which had been fueled by positive inflows into spot Bitcoin ETFs.
However, CleanSpark provided an update on Monday afternoon regarding its operations amidst Hurricane Helene. Despite the storm’s impact, the company successfully shut down 365 MW at its Southeast Georgia sites, safeguarding its infrastructure. They maintained a significant portion of their hashrate, reaching approximately 10.5 EH/s throughout the hurricane. Within 24 hours, CleanSpark was able to bring its hashrate back up to 17.5 EH/s, with 200 MW already reconnected. The company expects to fully restore the remaining 165 MW by October 4th.
CleanSpark currently operates at a hashrate of 22 EH/s, and anticipates reaching 28 EH/s once all sites are fully operational. Notably, the company experienced no significant damage to its infrastructure and has not reported any material losses related to mining servers.
CleanSpark releases monthly mining metrics, and its September report is anticipated to be released this week. Last month, the company reported mining 478 Bitcoin with an operating hash rate of 22.6 EH/s.
Despite its operational resilience and the company’s CEO’s bullish outlook on Bitcoin’s future, CleanSpark’s stock price remains under pressure. Investors are closely monitoring the interplay between Bitcoin’s market volatility and CleanSpark’s ability to navigate these challenges.
