CleanSpark Inc CLSK shares are moving higher Wednesday after rising nearly 3% on Tuesday. Here’s a look at what’s going on.

What Happened: CleanSpark on Tuesday released a Bitcoin BTC/USD mining update for May, showing that the company mined 417 bitcoin last month, bringing its total bitcoin holdings up to 6,154 as of May 31.

“We have outperformed industry expectations as well as our peers in our first full month of production after the block reward halving,” said Zach Bradford, CEO of CleanSpark.

“Remarkably, our post-halving production has also outpaced what some of our peers achieved prior to the halving. As we continue to grow our hashrate, we are on a trajectory to rapidly recover our production to pre-halving levels.”

CleanSpark also sold 2.43 bitcoin in May at an average price of approximately $59,000 per coin. The company now has a total deployed fleet of 134,464 miners and ended the month with a hash rate of 17.97 EH/s.

JPMorgan analyst Reginald Smith maintained CleanSpark with a Neutral rating and lowered the price target from $15 to $12.50.

CleanSpark may also be getting a lift Wednesday from continued upward momentum in the price of bitcoin. At last check, bitcoin was hovering near all-time highs, up about 2.82% over a 24-hour period and nearly 5% for the week, according to Benzinga Pro.

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CLSK Price Action: CleanSpark shares closed Tuesday up 2.78% at $16.09. The stock was up another 2.67% at $16.52 Wednesday morning at the time of publication, according to Benzinga Pro.

Photo: Pixabay.