CleanSpark Inaugurates 50 Megawatt Bitcoin Mining Expansion

The nearly $16 million expansion, slated for completion in late spring, will accommodate up to 16,000 miners and solidifies CleanSpark’s position as one of North America’s top bitcoin miners; Upon completion, the company’s hashrate is expected to reach 8.7 PE/s

LAS VEGAS, Jan. 19, 2023 (GLOBE NEWSWIRE) — CleanSpark Inc. (Nasdaq: CLSK) (“CleanSpark” or the “Company”), the American Bitcoin Miner™, today announced the start of construction of the second phase of one of its newest sites in Washington, Georgia. The company acquired this campus in August 2022 as part of its recent bear market growth campaign. Once completed, the new phase, which is expected to use only the latest generation of bitcoin mining machines, will add up to 2.2 exahashes per second (EH/s) of computing power to the mining capacity of the company.

The new phase mining machine fleet will consist of the Antminer S19j Pro and Antminer S19 XP models, the newest and most energy-efficient models of bitcoin mining machines available today. Depending on the final number of each model in the mix, the total computing power that will be added to CleanSpark’s bitcoin mining capacity will range from 1.6 PE/s to 2.2 PE/s – an increase of 25 % to 34% from its current hashrate of 6.5 PE/s.

“When we purchased the Washington site in August, we were confident in our ability to expand rapidly, adding this 50 MW to the existing 36 MW of infrastructure,” said Zach Bradford, CEO. “This second phase more than doubles the size of the existing operation. We look forward to expanding our relationship with the City of Washington community and being able to support the construction jobs that will come with this expansion.

“The Washington community and on-site team have been instrumental in the successful deployment of the first phase of the site, which uses primarily low-carbon energy sources, employs next-generation technologies, and is among most energy-efficient and sustainable bitcoin mining operations,” said Scott Garrison, Vice President of Business Development. “This partnership will not only help ensure the timely completion of the next phase, but also make it one of the most reliable mining operations.”

The story continues

CleanSpark primarily exploits renewable or low-carbon energy sources and continues to follow a capital management strategy of selling a large portion of its mined bitcoins to reinvest in growth. This strategy allowed the company to increase its hashrate from 2.1 EH/s, in January 2022, to 6.2 EH/s, in December 2022, despite a slowdown in the cryptocurrency markets.

About CleanSpark

CleanSpark (NASDAQ: CLSK) is the American bitcoin miner. Since 2014, we have been helping people achieve energy independence for their homes and businesses. In 2020, we transferred this expertise to develop a sustainable infrastructure for Bitcoin, an essential tool for financial independence and inclusion. We strive to make the planet better than we found it by sourcing and investing in low-carbon energy like wind, solar, nuclear and hydro. We cultivate trust and transparency among our employees, the communities in which we operate, and the people around the world who depend on Bitcoin. CleanSpark ranks 44th on the Financial Times 2022 list of the 500 fastest growing companies in the Americas and ranks thirteenth on Deloitte’s Fast 500. For more information about CleanSpark, please visit our website at 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 statements regarding expectations regarding the expansion of the company’s bitcoin mining facility in Washington, Georgia, the resulting expected benefits to Cleanspark (including with respect to planned additions to Cleanspark’s hashrate and timing thereof) 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, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this press release may be forward-looking statements. In some instances, you can identify forward-looking statements by words such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “could”, ” intends”, “aims”, “plans”, “intends”, “believes”, “estimates”, “anticipates”, “predicts”, “potential” or “continues” or the negative form of these terms or other similar expressions. The forward-looking statements contained in this press release, but are not limited to statements regarding our future operating results and financial condition, industry and business trends, business strategy, expansion plans, market growth and our goals for future operations.

The forward-looking statements contained in this press release are only predictions. We have based 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 may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. , including, but not limited to: the expected timing of expansion; the risk that the electrical power available for the installation does not increase as expected; the success of its digital currency mining activities; the volatile and unpredictable cycles of the emerging and evolving industries in which we operate; increased difficulty rates for bitcoin mining; bitcoin halving; new or additional government regulations; expected delivery dates of new miners; the ability to successfully deploy new miners; dependence on utility rate structures and government incentive programs; reliance on third-party power providers for expansion efforts; expectations of future revenue growth may not be realized; and other risks described in the Company’s prior 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 in all subsequent filings with the SEC. The forward-looking statements contained in this press release are based on information available to us as of the date of this press release, and while we believe this information to provide a reasonable basis for such statements, such information may be limited or incomplete. , and our statements should not be construed to indicate that we have conducted an exhaustive investigation or review of all relevant information potentially available. Such statements are inherently uncertain and investors are cautioned not to place undue reliance on such statements.

You should read this press release knowing that our actual future results, performance and achievements may differ materially from what we expect. 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 plan 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, Executive Chairman
[email protected]

Media Contacts

Isaac Holyoak
[email protected]

BlocksBridge Tips
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CONTACT: Isaac Holyoak CleanSpark Inc. 702-989-7694 [email protected]