LAS VEGAS, March 02, 2023 (GLOBE NEWSWIRE) — CleanSpark, Inc. (Nasdaq: CLSK ), America’s Bitcoin Miner™, today released its unaudited bitcoin mining and operations update for the month ending February 28, 2023.
“Our background in energy efficiency gives us a distinct advantage in the marketplace as we make incremental improvements to our mining fleet,” said Zach Bradford, CEO. “For example, this month we improved our efficiency by over three percent compared to December 2022, when we last reported these numbers in our quarterly report. This progress, combined with average wholesale power prices as low as two cents per kilowatt hour, has allowed us to increase our profit margins, even though production is compressed month-over-month due to February being the shortest month of the year. Months like February are training runs for the halving – and we intend to continue testing and deploying all hardware and software at our disposal in our effort to be the best prepared miner when the halving happens next year.
“Meanwhile, construction continues in Washington, where another 50 megawatts are set to come online in a few months. We’re relying on everything we’ve learned in this area, since we built our very first mining campus in College Park, as we build the Washington expansion . Our ability to constantly iterate – whether we’re building air-cooled facilities or implementing the latest generation of immersion cooling – is built into the CleanSpark way. It’s how we’ve been able to grow quickly and reliably in the few short years since we started this the industry – and how we will continue to grow well into the future.”
February Bitcoin Mining Update (Unaudited)
- Bitcoin mined in February: 576
- CY2023 bitcoin mined: 1273
- Total BTC holdings as of February 28: 100
- Total BTC converted for operation and growth in February: 778
- Currently deployed fleet of around 66,900 latest generation bitcoin miners with a hash rate of 6.6 EH/s
The company funded growth and operations through the sale of 778 bitcoins in February 2023 at an average of approximately $23K per BTC (compared to $19K in January 2023). Selling BTC equaled a dividend of approximately $17.9 million. Daily mined BTC in February averaged around 20.6 and peaked at 21.5.
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 regarding the expansion of the Company’s bitcoin mining facility in Washington, Georgia, the resulting anticipated benefits to CleanSpark (including with respect to anticipated additions to CleanSpark’s hashrate and the timing for this) 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: expected timing of the expansion; the risk that the electrical power available to our facilities 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; increasing difficulty 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; 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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BlocksBridge Consulting
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