CleanSpark, Inc. (CLSK) claims to provide software as a service, physical controllers, and consultation services to renewable energy infrastructure. This allows the company to have a diverse range of tools and abilities to help a client create a suitable microgrid platform. However, the reality is CLSK’s microgrid business has not gained any traction, and we doubt it ever will.

CLSK was a former OTC traded stock and got uplisted to the Nasdaq on 1/24/20. CLSK has been trading between $2-$3 from early March until early July, which is a fraction of its current price, which closed at $10.40 on 10/7/20. We believe the reason for the rapid rise in share price is due to news flow with buzz words that attract retail investors, primarily regarding microgrids and electric vehicle batteries and charging stations, sectors that have become hot this quarter.

However, its business hasn’t generated significant revenues and its losses have remained substantial. Its technology doesn’t appear to have any advantage over its competition which are established companies like Siemens and GE. After a year of cash burn, we believe that the stock will fade back to $2-$3 where it was trading a few months ago.

What we believe will accelerate CLSK’s downfall, is the expected selling of shares by its largest shareholder, Discover Growth Fund (“Discover”). What we believe most CLSK shareholders don’t realize, is CLSK is in a vicious court battle with Discover which is demanding additional shares at a $1.50 price. The worst case scenario for CLSK, is if it owes Discover hundreds of millions of shares, as stated in CLSK’s appeal filed on 9/18/20. Discovery has a history of selling its entire position of its many previous investments.

CleanSpark Small Revenues And Consistent Losses

CLSK was acquired in 2016 by Statean Energy, which was a clean

(Reuters) – Top U.S. and European central bankers on Tuesday called for renewed government spending to support families and businesses as the battle against the coronavirus-triggered recession enters a newly critical phase.

FILE PHOTO: Federal Reserve Board Chairman Jerome Powell testifies during a Senate’s Committee on Banking, Housing, and Urban Affairs hearing examining the quarterly CARES Act report to Congress, in Washington, DC, U.S., September 24, 2020. Drew Angerer/Pool via REUTERS

Hopes for new fiscal support in the United States, however, were dealt a serious blow when President Donald Trump abruptly canceled ongoing negotiations with Democrats in the U.S. House of Representatives.

The growth in new COVID-19 cases is again accelerating in parts of the United States and Europe, raising the prospect of new restrictions on commerce even as whole industries and millions of households are still reeling from those imposed in the spring during the first viral wave, and local governments struggle to make up for lost tax revenue.

Those health risks and the possibility of a long “slog” of slow economic growth and elevated joblessness means a “recessionary dynamic” could still take hold in which weak growth feeds on itself through successive rounds of layoffs and business failures, Federal Reserve Chair Jerome Powell told a business conference.

Early action last spring by the U.S. central bank and the passage by Congress of legislation providing trillions of dollars in direct aid to companies and families has prevented the worst outcomes “so far,” Powell said.

But “the expansion is still far from complete,” and if U.S. officials grow stingy about further help it “would lead to a weak recovery, creating unnecessary hardship for households and businesses,” Powell said, while in contrast “the risks of overdoing it seem, for now, to be smaller. Even if policy

I am sure I am not the only one to have blurted out when first hearing that President Donald Trump contracted the coronavirus that it was a case of poetic justice. I do not mean to say he is an evil person and therefore deserves to be infected (although he is certainly no saint), but rather that since he acted irresponsibly in regard to COVID-19 and encouraged others to do the same, thus being indirectly responsible for the illness and deaths of many, he should suffer the consequences, at least on the personal level. If it will also affect the result of the approaching presidential election, so be it.Trump’s history of miserable pronouncements connected with the pandemic speaks for itself. Those who listened to the Trump-Biden debate on September 30 could not help taking note of the tasteless slights Trump hurled at Biden concerning the former vice president’s wearing of a protective mask when in public. I also recall Trump’s press conference in the White House on September 7, when he insisted that Reuters reporter Jeff Mason remove his mask while posing a question because he sounded “muffled.” Mason stood his ground and simply raised his voice, but Trump, who finally gave in, proceeded to mock him for allegedly wanting to be “politically correct” rather than commend him for acting responsibly and in accordance with the best medical and scientific advice, which he has consistently refused to accept as justification for wearing a mask.Will Trump’s current experience change his mind? If it transpires that he will go through his current personal corona experience without serious consequences to himself, probably not. But perhaps if his personal experience will prove to be medically challenging, a bit of humility will penetrate his thick narcissistic skin.Trump reportedly insisted that the ceremonies in which Israel,

“I think the county government has, really without too many false starts, risen to the occasion and stuck to our principles,” Page said. “And that’s making decisions based on science, following the advice of public health experts delivering our resources based on need — and doing all that with as much transparency as an urgent situation would allow.”

He said the sports protests were “50% parental frustration and 50% partisan politics in an election year, and probably 50% denial.”

Page chalked up the acrimony in local government to the national political climate. On Tuesday, in the third hour of the council’s weekly marathon videoconference, Councilman Mark Harder, R-7th District, asked Page a question while the county executive’s video was turned off. Page didn’t respond, indicating he wasn’t there, which was Harder’s point.

It was an especially cutting maneuver by Harder, one of the ringleaders of dissent against Page. Just last year, Harder and Page had worked together to ask the prosecuting attorney to kick Stenger out of office for skipping meetings. Page has missed only a few of the council’s weekly meetings since that time.

Page said last week that he had turned his attention on Tuesday to the presidential debate, which he called “a reflection of where we are as a country, how partisan we’ve become and how acrimonious we’ve become.… I expect that we’ll be able to get past the partisan political environment that we’re in and govern responsibly over the next few years.”

Source Article

Welcome to the Brussels Edition, Bloomberg’s daily briefing on what matters most in the heart of the European Union.

The fight over Europe’s money is about to get even uglier. Hungary has already rejected a proposal to tie the disbursement of 1.8 trillion euros from the bloc’s new budget and jointly-financed recovery fund to rule-of-law standards. It’s also demanding that the EU official charged with upholding those norms be sacked for calling the country a “sick democracy.” To add fuel to the fire, the Commission will today release a damning report about judicial independence. The document alleges that “prosecution of high-level corruption” is “very limited” in Hungary, further exacerbating fears among richer governments that they risk bankrolling Viktor Orban’s cronies. If there’s no solution to the spat, the threat of delays in the flow of much-needed EU funds to countries such as Italy and Greece will become very real. Unless someone is bluffing.

Stephanie Bodoni and Alexander Weber

What’s Happening

Carbon Bill | European companies are scurrying to sort out how to pay for the region’s ambitious climate goals. More-advanced technologies are expensive, and the prices of permits to emit greenhouse gases are nearing record highs just as the global economy shrivels because of the Covid-19 pandemic.

Brexit Moves | The U.K. sought to unblock stalled trade negotiations with the EU by submitting a new round of proposals on state aid rules. While one diplomat in Brussels said insufficient progress has been made for the talks to head into the intense phase — known as a tunnel — at the end of this week, the Irish are upbeat about a deal. Meanwhile, a vote at the House of Lords could complicate an already chaotic situation.

Merkel’s Foe | Chancellor Angela Merkel’s long-time political adversary is working the phones these