It’s no secret that the bitcoin bear market is bad right now. According to some metrics, it’s one of the worst downturns in Bitcoin’s young history. And few sectors of the Bitcoin economy are as harshly affected by current market conditions than miners. But bear markets are precisely when mining winners are separated from losers: The agile and smart teams build and survive as the overleveraged and unprepared teams fall prey to an adverse environment.
One company that has continued to grow, acquire and build through the bear market is CleanSpark, a publicly-traded bitcoin mining company based in Nevada. This article highlights some of the moves this team has made over the past several months, contextualized with a bit of the brutal state of the mining market, making CleanSpark’s planning and execution all the more impressive and notable.
Before continuing, it’s important to note that this article is only for educational purposes. The author compiled this information and analysis to share as market commentary, not any form of advice. The author also owns no shares of CleanSpark nor has any other form of personal financial investment with the company.
The Bitcoin Mining Bear Market
The bitcoin price is down roughly 70% from its record highs. Hash price — the dollar value of each unit of hash rate — is quickly approaching all-time lows. Almost every week, a new headline appears about lawsuits, bankruptcies and more bankruptcies in mining. Miners struggle to stay operational, let alone outperform bitcoin. Almost regardless of the data someone looks at, the current bear market is messy and very much not fun.
Despite all of this, the CleanSpark team continues to grow, buy and build as the next section explains. Priced in bitcoin, shares of CleanSpark are still slightly above where they started the year, according to data from TradingView, despite consistent broader market turmoil — not bad for a bear market.
CleanSpark’s Bear Market Moves
Plenty of mining…
