Bitcoin miner CleanSpark on Monday announced that it is expanding into AI and high-performance computing infrastructure. CleanSpark stock jumped Monday, while the price of bitcoin rebounded.
CleanSpark said that its move into AI and HPC marks a pivotal moment for the company. The miner said it is positioning itself to serve as a leading technology company, thanks to its large-scale energy and data infrastructure, and capitalize on the massive compute demand surge driving the AI boom.
CleanSpark follows several other bitcoin miners moving into the AI data center space, including Iren and Cipher Mining.
To lead the transformation, CleanSpark tapped Jeffrey Thomas to serve as Senior Vice President of AI Data Centers. Thomas most recently served as President of AI Data Centers at Humain, where he helped spearhead Saudi Arabia's multi-billion-dollar AI infrastructure program.
Scott Garrison, Chief Development Officer at CleanSpark, noted that the company has identified Georgia as a strategic region for expansion and to begin converting its power portfolio.
"We recently contracted for additional power and real estate in College Park to deliver high-value compute to the greater Atlanta metro area and are evaluating giga-campus opportunities across the portfolio and pipeline that are well positioned to satisfy significant off-taker demand," Garrison said in the release.
CleanSpark Stock
CLSK stock surged 4.5% Monday, to rebound above its 10-day moving average.
CleanSpark shares are extended from a cup breakout in mid-September, with a 121% gain so far this year. CLSK hit a 52-week high of 23.61 last Thursday.
Other bitcoin miners rebounded with the price of bitcoin early Monday.
Bit Digital popped more than 15%. Hut 8 advanced 3%.
Cipher Mining and Mara swung more than about 6% higher. Iren stock reversed to decline less than 1%, after a 4% advance in early trade.
Bitcoin on Monday afternoon traded near $111,000, rebounding about 1.9% over the past 24 hours according to CoinMarketCap data.
The price of bitcoin on Oct. 6 hit a record above $126,000, prior to the Oct. 10 liquidation event sparked by President Donald Trump's latest tariff threat against China, which saw bitcoin briefly drop below $109,000.
Ethereum climbed less than 1% over the past 24 hours to trade below $4,000.
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