Why CleanSpark Stock Got Hammered Today

Shares of cryptocurrency-mining and energy-technology company CleanSpark (NASDAQ: CLSK) got hammered on Tuesday after it reported financial results for the third quarter of 2021. Management talked up the company's growth, particularly when it comes to mining Bitcoin (CRYPTO: BTC). But it appears the market was surprised with its big loss this quarter. As a result, CleanSpark stock was down a whopping 22% as of noon EDT today.

For the third quarter, CleanSpark reported revenue of $11.9 million, which was up 250% from the same quarter last year. And looking at the first three quarters of fiscal 2021, the company's revenue is up 176% to $22.3 million. Most of this growth is coming from its Bitcoin mining business. Between increased mining power (measured with a term called "hash rate") and a less competitive mining environment (because miners in China have been shut down), CleanSpark mined a record 191 tokens during the quarter and now holds 301.4 on its balance sheet. 

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Source Fool.com