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CleanSpark (CLSK) has been back in focus after reporting 658 Bitcoin mined in March 2026, reaching 50 EH/s in operational hashrate and closing a second Texas data center campus with 300 megawatts of power capacity.

See our latest analysis for CleanSpark.

CleanSpark’s recent push in Bitcoin production and Texas data center capacity has lined up with a 47.24% 1 month share price return and a 44.52% 1 year total shareholder return, while the 3 year total shareholder return is very large at just over 3x.

If you are looking beyond a single miner and want to see what else is moving around the Bitcoin theme, take a look at 26 cryptocurrency and blockchain stocks

With CleanSpark shares up 47.24% over 1 month and trading at US$12.53, yet sitting about 53% below the US$19.21 average analyst target, the key question is whether there is still an opportunity to invest or if the market is already pricing in future growth.

Most Popular Narrative: 34.8% Undervalued

With CleanSpark closing at $12.53 against a narrative fair value of $19.21, the current share price sits well below what this widely followed model suggests is reasonable, and that gap comes down to some very specific assumptions about future growth and profitability.

CleanSpark’s fully self-operated, scalable, and power-efficient infrastructure enables it to mine Bitcoin at a significantly lower cost than the market price, with further capacity expansion (additional 10 exahash and over 200 megawatts of contracted power ready for rapid deployment) poised to drive sustained increases in Bitcoin production, improving revenue and supporting higher net margins.

Read the complete narrative.

Want to see what sits underneath that confidence in higher margins and bigger output over time? The narrative emphasizes compounding revenue, a swing in profitability, and a future earnings multiple more commonly associated with high growth software names. Curious which exact assumptions have to line up to reach that $19.21 fair value and how far they stretch current trends?

Result: Fair Value of $19.21 (UNDERVALUED)

Have a read of the narrative in full and understand what’s behind the forecasts.

However, the picture also hinges on Bitcoin price support and energy costs, where weaker pricing or higher power inputs could quickly pressure revenue, margins, and cash flow.

Find out about the key risks to this CleanSpark narrative.

Next Steps

If the mix of upside potential and clear risks feels finely balanced, it makes sense to move quickly, review the underlying data, and pressure test the assumptions against your own expectations, then weigh that up against the 4 important warning signs