• In early May 2026, CleanSpark reported unaudited April production of 640 Bitcoin, with peak single-day output of 22.38 and average daily production of 21.33, alongside 50.0 EH/s of operational hashrate and 1.8 gigawatts of contracted power.
• Despite expanding Bitcoin production and outlining ambitions to build a multi-gigawatt AI infrastructure platform, analysts currently expect weaker near-term earnings and revenue, contributing to cautious sentiment around CleanSpark.
• Against this backdrop, we’ll explore how April’s 640 Bitcoin output and growing AI infrastructure ambitions may reshape CleanSpark’s existing investment narrative.

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CleanSpark Investment Narrative Recap

To own CleanSpark today, you need to believe the company can translate its large-scale Bitcoin mining footprint and growing AI infrastructure plans into durable cash flows despite persistent losses and a heavy reliance on Bitcoin economics. April’s 640 Bitcoin production and 50.0 EH/s operational hashrate support the capacity story, but they do not materially change the near term catalyst of the May 11 earnings release or the key risk around CleanSpark’s dependence on volatile Bitcoin prices and capital intensive growth.

The most relevant recent development here is CleanSpark’s disclosure that it holds 13,453 Bitcoin and has 1.8 gigawatts of contracted power while pursuing a multi gigawatt AI infrastructure platform. This matters because it ties April’s production to a sizable on balance sheet Bitcoin treasury and a power portfolio that could support non mining compute, both of which sit at the heart of the bullish catalyst that CleanSpark can diversify its revenue mix and improve margins over time.

Yet behind the production growth, investors should be aware that rising energy costs could still…

Read the full narrative on CleanSpark (it’s free!)

CleanSpark’s narrative projects $1.0 billion revenue and $114.3 million earnings by 2029. This requires 8.7% yearly revenue growth and a $381.3 million earnings increase from -$267.0 million today.

Uncover how CleanSpark’s forecasts yield a $19.21 fair value, a 37% upside to its current price.

Exploring Other Perspectives

Some of the most optimistic analysts were penciling in about US$1.9 billion of revenue and US$495.8 million of earnings by 2028, which is far more upbeat than consensus and leans heavily on CleanSpark’s ability to lock in low cost power and scale AI or HPC leasing. With April’s 640 Bitcoin and 1.8 gigawatts of contracted power now in view, it is worth asking whether those bullish assumptions still hold or need revisiting as you weigh these very different narratives side by side.

Explore 8 other fair value estimates on CleanSpark – why the stock might be worth as much as 86% more than the current price!

The Verdict Is Yours

Don’t just follow the ticker – dig into the data and build a conviction that’s truly your own.

• A great starting point for your CleanSpark research is our analysis highlighting 3 important warning signs that could impact your investment decision.
• Our free CleanSpark research report provides a comprehensive fundamental analysis summarized in a single visual – the Snowflake – making it easy to evaluate CleanSpark’s overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data
and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your
financial situation. We aim to bring you long-term focused analysis driven by fundamental data.
Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.
Simply Wall St has no position in any stocks mentioned.

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