My AF post about being bearish on Bitcoin mining stocks was correct. With one notable exception, miners have drastically underperformed Bitcoin YTD. However, CleanSpark has managed to buck the broader trend and has performed almost as well as Bitcoin. CleanSpark’s performance begs the question, what is their secret? What are they doing differently than their competitors, and what can it tell us about the future of Bitcoin mining?

The Old Ways Have Died

Mining stocks have always been a bit challenging to analyze. They are public companies, so traditional equity analysts analyze them as such. Still, additional market dynamics exist around them, where investors sometimes buy