CleanSpark's March Mining Haul Hits 658 Bitcoin as AI Client Acquisition Nears

CleanSpark mined 658 Bitcoin in March, hitting record hashrate, while advancing toward its first hyperscale AI customer. Stock surged 10% today, up 45% in 30 days, ahead of Q2 earnings in May.

CleanSpark has delivered a strong operational performance in March, mining 658 Bitcoin and pushing its year-to-date total to 1,799 units, while simultaneously making headway on a strategic pivot into artificial intelligence infrastructure. The dual-pronged approach has resonated with investors, sending shares up more than 10% in today's session and extending a rally that has seen the stock climb roughly 45% over the past 30 days.

The company's hashrate capacity hit a record 50 exahashes per second (EH/s) during the month, underscoring the efficiency gains management has been targeting. CleanSpark's balance sheet now holds 13,561 Bitcoin as of March 31, a figure that continues to grow as the firm optimizes its energy-to-compute conversion.

Hyperscale Client in the Pipeline

Beyond the mining operation, CleanSpark is making tangible progress on its infrastructure expansion. The company controls a portfolio exceeding 1.8 gigawatts of power capacity, land, and data center assets across the United States. Management disclosed that it is advancing toward securing its first hyperscale customer in the artificial intelligence and high-performance computing space, with the goal of building out a multi-gigawatt platform dedicated to AI workloads.

This expansion into adjacent compute markets positions CleanSpark to compete with established data center operators, though the competitive landscape remains intense. The stock, currently trading at €10.66, still sits well below its 52-week high of nearly €20.

Q2 Earnings on the Horizon

Investors will get a clearer picture of the financial trajectory when CleanSpark reports fiscal second-quarter results in the first half of May. The consensus among analysts points to a loss of $0.25 per share on revenue of approximately $152 million. The earnings call is scheduled for 4:30 p.m. ET.

Market participants will be scrutinizing year-over-year revenue growth and cost controls, particularly energy expenses that heavily influence mining margins. Analyst sentiment remains mixed but leans positive: Needham has a $19 price target on the stock, while Cantor Fitzgerald recently trimmed its expectation to $14. The average analyst target stands at $20.37.

Despite the recent rally, the shares trade at roughly half their 52-week peak, reflecting the headwinds CleanSpark faces as it navigates a volatile crypto market and the capital-intensive transition into AI infrastructure. The May report will offer a key test of whether operational momentum can translate into improved financial metrics.