Bitcoin was trading above the $ 48,000 level on Wednesday morning.
CleanSpark, Inc. reported fourth quarter results that lagged behind analyst estimates.
The company is a sustainable bitcoin mining and energy technology company.
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The company reported a loss of 15 cents per share, 3 cents less than the year-ago quarter when the company reported a loss of 12 cents. According to the Associated Press, earnings of 7 cents per share were expected.
Revenue of $ 27.14 million exceeded the estimate of $ 23.26 million.
Year-over-year sales rose to $ 27.14 million from $ 1.96 million in the year-ago quarter.
ELON MUSK SAYS TESLA ACCEPTED DOGECOIN FOR SOME PRODUCTS
In other cryptocurrency news, Elon Musk said Tuesday that Tesla will start accepting Dogecoin as a means of payment for some of his goods.
“Tesla will make merchandise buyable with Doge and see how it goes,” tweeted the electric car maker’s CEO, sending the meme token up more than 23%.
Musk who was? recently named Time’s Person of the Year for 2021, said the world’s largest cryptocurrency, Bitcoin, is fundamentally “not a good substitute for transactional currency.”
“Bitcoin’s transaction volume is low and the cost per transaction is high,” he said, adding that it is better suited as a “store of value”.
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Though created as a joke, Musk argues that Dogecoin is “better for transactions,” has “much higher potential” when it comes to the volume of transactions per day, and ultimately, “encourages people to spend money rather than how a kind of hoarding store of value. “