CleanSpark Releases Bitcoin Mining Update September 2022


LAS VEGAS, Oct. 04, 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 September 30, 2022.

“This month we experienced impressive growth, increasing our hash rate by 21% in one month. Our success is a direct result of our extraordinary teams working to maintain CleanSpark’s coveted position among the top five publicly traded mining companies in North America. In fact, by many measures, including monthly bitcoin production, we are firmly in the top three and intend to remain there as we build our way out of the current market conditions,” said CEO Zach Bradford.

“Our bitcoin balance increased by 13% month over month, making it one of the largest monthly increases in HODL since we started releasing monthly mining updates. While we continue our strategy of deploying bitcoin to fund our growth and operations, the increase in our bitcoin treasury is a testament to our growth strategy. The increase in our HODL balance sheet is a direct reflection of our free cash flow resulting from our recent acquisitions, low operating costs and minimal debt service,” said Chief Financial Officer Gary A. Vecchiarelli.

Bitcoin Mining & Operations Update (unverified)

  • Bitcoin mined in September: 448, up 13% since August 2022
  • Bitcoin mined calendar year to date: 3,090
  • Total BTC holdings as of September 30: 594, a 13% increase in HODL balance
  • Total BTC converted for transactions and growth in September: 380 or 2% less than August 2022
  • It currently has a fleet of over 42,000 next generation bitcoin miners deployed with a hashrate of 4.16 EH/s, up 21% from August 2022 and 316% from September 2021.

The company funded growth and operations by selling 380 bitcoins in September 2022 at an average value of approximately $19,783 per BTC. BTC sales equate to roughly $7.5 million in revenue. Daily mined BTC reached 16.74 in September.

About CleanSpark

CleanSpark (NASDAQ: CLSK ) is an American bitcoin miner. Since 2014, we’ve been helping people achieve energy independence for their homes and businesses. In 2020, we began applying 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

        



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