CleanSpark expands Bitcoin mining fleet with purchase of

LAS VEGAS, Nov. 01, 2022 (GLOBE NEWSWIRE) — CleanSpark Inc. (Nasdaq: CLSK ) (the “Company”), America’s Bitcoin Miner™, announced today that it purchased 3,843 units of Antminer S19J Pro bitcoin miners for $5 .9 million, or roughly $15.50 per terahash, bringing the total number of machines purchased by the company since the bear market conditions began to over 26,500.

“This latest purchase demonstrates how CleanSpark continues to perform in difficult markets,” said Zach Bradford, CEO of CleanSpark. “Our unwavering focus on sustainability has given us a strong balance sheet and operating strategy that has allowed us to acquire machines at incredible prices, increase our hashrate and increase our daily bitcoin production in anticipation of improving market conditions over the next the months.”

In October, CleanSpark completed the purchase of an 80MW facility in Sandersville, Georgia, which included nearly 6,500 mining machines. In September, the company purchased 10,000 brand new Bitmain Antminer S19j Pro units. And in August, the company bought a 36MW plant in Washington, Georgia, which included 3,400 machines.

Those acquisitions came on the heels of several strong summer purchases. During the month of July, CleanSpark purchased 1061 significantly discounted Whatsminer machines which increased their mining capacity by 93 PH/s. The company kicked off the summer in June with a purchase contract to acquire 1,800 Antminer S19 XP units and a partnership with TMGCore Inc. for an immersion cooling expansion.

CleanSpark mines mainly with renewable or low-carbon energy sources. It has four owned and operated facilities, around 50,000 bitcoin miners in operation, and a daily output of 19.2 bitcoins. CleanSpark hit its year-end guidance of 5 EH/s ahead of schedule earlier this month and has since raised its year-end guidance to 5.5 EH/s. The company expects to meet its 2023 guidance of 22.4 EH/s, a feat that would make it one of the largest publicly traded bitcoin miners in the world.

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 started using this expertise to develop sustainable infrastructure for Bitcoin, an important tool for financial independence and inclusion. We strive to leave the planet better than we found it by sourcing and investing in low-carbon energy, such as wind, solar, nuclear and hydropower. 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 is a Forbes 2022 America’s Best Small Company and is ranked 44th on the Financial Times’ list of the 500 fastest growing companies in America. For more information about CleanSpark, visit our website at www.cleanspark.com.

Forward-looking statements

This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995, including statements regarding expectations of completion of the acquisition of Mawson’s bitcoin mining facility, the resulting anticipated benefits to CleanSpark (including regarding anticipated additions to CleanSpark’s hash rate and the 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 in Section 27A of the Securities Act of 1933, as amended (“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (“ Exchange Act”). All statements other than statements of historical fact in this press release may be forward-looking statements. In some cases, you can identify forward-looking statements by using terms such as “may,” “will,” “should,” “expect,” “plan,” “assume,” “could,” “intend,” “goal, » “projects”, “considers”, “believes”, “estimates”, “forecasts”, “predicts”, “potential” or “continue” or the negative of these terms or other similar expressions. Forward-looking statements 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 our goals for future operations.

The forward-looking statements in this press release are predictions only. We have based these forward-looking statements largely on our current expectations and forecasts about future events and economic 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 by forward-looking statements, including but not limited to: the risk that the closing conditions are not met and other risks that could affect the completion of the acquisition of the Mawson bitcoin mining facility and the expected benefits of the acquisitions, including the risk that the electrical power available to the facility does not increase as expected; the success of its digital currency mining activities; the volatile and unpredictable cycles of the emerging and developing industries in which we operate increase the difficulty levels of bitcoin mining; bitcoin halving; new or additional government regulation; the expected delivery dates of new miners; the ability to successfully deploy new miners; the reliance on structures and government incentive programs; reliance on third-party power providers for expansion efforts; expectations of future revenue growth may not be realized; the impact of global pandemics (including COVID-19) on logistics and shipping and the demand for our products and services; and other risks described in the Company’s previous press releases and in its 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. The forward-looking statements in this press release are based on information available to us as of the date of this press release, and although we believe such information provides a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have carried out an exhaustive investigation or review of all potentially available relevant information. These statements are inherently uncertain and investors are cautioned against relying on these statements.

You should read this press release with the understanding 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 apply 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 in this press release, whether as a result of new information, future events or otherwise.

Investor Relations Contact

Matt Schultz, Executive Chairman
[email protected]

Media contacts

Isaac Holyoak
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