Bitcoin halving 2024: here's what it may mean for CleanSpark

Rewards associated with mining Bitcoin are expected to halve in the coming days. Ahead of it, CleanSpark Inc (NASDAQ: CLSK) is down close to 30% versus its year-to-date high.

Is Bitcoin halving a negative for CleanSpark stock?

While many believe the halving event may be a negative for miners including $CLSK – analysts at Bernstein argue the opposite is a possibility as well.

That’s because the investment firm forecasts BTC to hit $150,000 by the end of next year on the back of halving and the recently approved spot exchange-traded funds.

Such an upside in the world’s largest cryptocurrency may be a material benefit for mining stocks like CleanSpark that have fallen behind in recent months.  

Note that CleanSpark stock, nonetheless, is up well over 100% versus its year-to-date low at writing.

$CLSK recently added to its mining fleet

Bernstein analysts drive optimism for $CLSK also from the recent remarks of Zachary Bradford – its chief executive officer. Their research note reads:

CleanSpark stock is attractive also because the Nasdaq-listed firm is expected to swing to a profit of 6 cents per share in its current financial quarter versus a per-share loss of 23 cents a year ago.

Earlier this week, the $3.66 billion company based out of Henderson, Nevada added 3,900 new machines to its mining fleet.