As per Bloomberg, CleanSpark, a leading cryptocurrency miner, has announced its plan to launch its in-house trading desk. Zachary Bradford, the firm’s chief executive officer, stated that the need arose due to the large amount of BTCs held.
A report of CleanSpark dated November 2023 states that the company holds around 2,575 Bitcoins.
While talking to Bloomberg, Zachary said, “We really think that doing it ourselves is the best way, especially with the large Bitcoin balance we have,” Zachary Bradford, chief executive officer of CleanSpark, said in an interview. “It just makes financial sense to do it in-house.”
In the past few months, as cryptocurrency prices grew, Bitcoin miners started becoming richer as they mostly held Bitcoin and a few other major altcoins.
CleanSpark made $168 Million in sales during the fiscal year that ended in September.
Crypto Market Overview
The crypto market has performed at its verge in 2023. However, market observers believe that the backers of spot Bitcoin ETF majorly fueled the surge.
When writing, Bitcoin was trading at $42,444 with an intraday decline of 6.32%. Despite a price decline, volume showed improvement, and a surge of 23.49% was noticed.
However, in the past 24 hours, the entire crypto market capitalization slipped 7.70%, and when writing, it was $1.62 Trillion. The crypto fear & greed index of CoinMarketCap says that the market is greedy (73.66).
Other News Related to Crypto Mining
Marathon Digital Holdings has made money by selling Bitcoin call options and leveraging its massive unconstrained holdings.
A Russian cryptocurrency miner was reportedly abducted on Christmas Day and threatened with drug charges and demanded 15 Million rubles ($164,000) in ransom.
Reportedly, the kidnappers traveled to an unknown place before phoning the victim’s brother on Telegram and demanded more than 15 Million rubles for his release. If the sibling did not comply, the guys allegedly threatened to frame him by planting narcotics and turning him over to the authorities.
Crypto Mining Hub
Due to its enormous and undeveloped hydropower potential, Kyrgyzstan has become a popular destination for crypto-mining activities.
The nation’s Finance Ministry recorded a significant growth in tax income from the crypto-mining business, reaching 78.6 Million soms, or approximately $883,000, in the first 11 months of 2023 – an astounding gain over the previous year.
CleanSpark (CLSK) Stock Price Overview
In the past 52 weeks, CleanSpark, Inc. (CLSK) stock grew by 416.67%. However, the stock is still struggling in the YTD time frame, as it is 13.89% below its price trading price the same day a year ago.
CleanSpark market capitalization grew by an impressive 1292.97% in 2023. It is important to note that since January 01, 2024, the market cap has yet to show desired results. When writing, it was $2.01 Billion.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
Source: https://www.thecoinrepublic.com/2024/01/04/in-house-trading-desk-launch-might-led-accession-of-cleanspark/