LAS VEGAS, Dec. 02, 2022 (GLOBE NEWSWIRE) — CleanSpark, Inc. (Nasdaq: CLSK) (the “Company” or “CleanSpark”), America’s Bitcoin Miner™, today released an unverified bitcoin mining and transaction update. Calendar year ending November 30, 2022.
“Our teams have worked hard this month to maintain phenomenal uptime while developing new machines and determining operational and energy efficiency. Our efforts ultimately resulted in a material gain in our hashrate as we once again exceeded our year-end guidance,” said Zach Bradford, CEO. “Our teams and technology continue to deliver meaningful and innovative gains as we continue to maximize margins.”
Bitcoin Mining Update (unverified)
- Bitcoin mined in November: 535
- Bitcoin mined calendar year to date: 4,157
- Total BTC holdings as of November 30: 281
- Total BTC converted for transactions and growth in November: 544
- A fleet of approximately 55,000 latest-generation bitcoin miners has been deployed as of November 30, with a hashrate of 5.5 EH/s, up 8% from October 2022.
The company funded growth and operations by selling 544 bitcoins in November 2022 at an average value of approximately $17,300 per BTC. BTC sales equate to approximately $9.4 million in revenue. BTC mined daily in November averaged 17.8 and peaked at 19.4.
Operational updates
Exceeds the revised manual. The company surpassed the updated 5.5 EH/s guideline in part thanks to efficiency gains, including record runtimes and effective overclocking at its immersion-cooled campus in Norcross, Georgia. While continuing to explore opportunities for disciplined, measured growth, the management team does not expect another significant increase in hashrate before the end of the year, except for the earlier-than-expected 30 MW of capacity at the company’s Sandersville, GA, campus. Meanwhile, the Company is beginning a Phase 2 expansion of its Washington, GA, site. Design and procurement are already underway and construction is expected to begin in January 2023, adding an additional 50 MW to the campus.
Power optimization. The company expects to enter a period of active energy optimization over the next few weeks, rebalancing its portfolio of energy contracts with current Bitcoin prices, and otherwise seeks to maximize its margins. Consistent with this focus, the Company continues to divest part of its legacy energy business and has since reduced nearly all related costs.
About CleanSpark
CleanSpark (NASDAQ: CLSK ) is America’s Bitcoin Miner. Since 2014, we’ve been helping people achieve energy independence for their homes and businesses. In 2020, we transferred this experience to develop a sustainable infrastructure for Bitcoin, an essential tool for financial independence and inclusion. We strive to leave the planet better than we found it by investing in low-carbon energy such as wind, solar, nuclear and hydro. We foster trust and transparency between our employees, the communities in which we operate, and the people around the world who depend on Bitcoin. CleanSpark is a Forbes 2022 America’s Best Small Company and ranked 44th on the Financial Times list of the 500 fastest growing companies in the Americas. For more information about CleanSpark, visit our website at www.cleanspark.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including expectations regarding completion of the acquisition of Mawson’s bitcoin mining facility, anticipated benefits to CleanSpark (including anticipated additions to CleanSpark). and its timing) and plans to expand the facility. We intend that such forward-looking statements be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933 (the “Securities Act”) and Section 21E of the Securities Exchange Act. of 1934, as amended (the “Exchange Act”). All statements other than historical facts contained in this press release may be forward-looking statements. In some cases, you can define forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “expects,” “may,” “intends,” “targets.” “” “projects”, “thinks”, “believes”, “estimates”, “forecasts”, “forecasts”, “potential” or “continue” or the negative of these terms or other similar expressions. Forward-looking statements contained in this press release include, but are not limited to, statements regarding our future results of operations and financial condition, industry and business trends, business strategy, expansion plans, market growth and goals for future operations.
Forward-looking statements in this press release are only predictions. We base these forward-looking statements largely on our current expectations and projections regarding future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied in the forward-looking statements. including, but not limited to: the risk that the closing conditions will not be satisfied and other risks that could affect the completion of the acquisition of Mawson’s bitcoin mining facility and the expected benefits of the acquisitions, including the risk of the lack of available electricity at the facility. growth as expected; the success of digital currency mining activities; volatile and unpredictable times in the developing and emerging industries in which we operate increase the degree of difficulty for bitcoin mining; bitcoin halving; new or additional government regulation; expected delivery dates of new miners; ability to successfully deploy new miners; dependence on utility rate structures and government incentive programs; dependence on third-party energy providers for expansion efforts; future revenue growth expectations may not materialize; the impact of global pandemics (including COVID-19) on logistics and transportation and demand for our products and services; and other risks described in the Company’s previous press releases and filings with the Securities and Exchange Commission (SEC), including under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K and any subsequent filings with the SEC. Forward-looking statements in this press release are based on information available to us as of the date of this press release, and while we believe such information provides a reasonable basis for such statements, such information may be limited or incomplete, and our statements are comprehensive with respect to all potentially available information. should not be read to indicate that we have investigated or reviewed them. These statements are inherently uncertain and investors are cautioned not to place undue reliance on these statements.
You should be aware of this press release that our actual future results, performance and achievements may differ materially from our expectations. We qualify all of our forward-looking statements with these cautionary statements. These forward-looking statements speak only as of the date of this press release. Except as required by applicable law, we do not intend to publicly update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise.
Investor Relations
Matt Schultz
ir@cleanspark.com
Media Relations
Isaac Holyoak
pr@cleanspark.com
BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com