CleanSpark sees bitcoin tripling this cycle, says H.C. Wainwright

H.C. Wainwright says a fireside chat with management showcased why CleanSpark is a “must-own mining stock heading into the next stage of this cycle.” CleanSpark has been able to outgrow its peers over the past couple of years to become the second-largest public miner by deployed capacity, the analyst tells investors in a research note. H.C. Wainwright says management sees several near-term positive catalysts for bitcoin and the mining sector starting in Q4, including the upcoming election in November. The company expects bitcoin to reach $185,000 this cycle, which would represent a three-times increase from current levels. The discussion further solidified the firm’s view that CleanSpark is the best story in the bitcoin mining industry. It believes the shares will outperform both the group and bitcoin over the twelve months. Wainwright reiterates a Buy rating on the shares with a $27 price target.