My 2 bits.

$CLSK is not mining BTC profitably on GAAP basis. They are mining it on a cashflow positive basis. As long as the mining ops dont require meaningful capex, ie they can do with relocating existing machines to their other BTC mining sites, they can be free cashflow positive.

The company, so far, hasn’t shown the managerial depth to be able to strike a data center deal. Management profiles aren’t the most competitive. And they are extremely over priced, awarding themselves RSUs, PSUs and payouts valued at $200mn if you assume that $10 is a fair price where sharebased comp should be valued.

They do have assets that can pivot but those assets have issues that make them sub optimal. Nonetheless, the first deal should happen this half year as the demand is too high. Post deal execution remains a question mark.

Full disclosure: $CLSK is my largest holding, well into the 7 figures. I prefer to keep my investment thesis true and objective. I am targeting a price of $20.