LAS VEGAS, Dec. 02, 2022 (GLOBE NEWSWIRE) — CleanSpark, Inc. (Nasdaq: CLSK ) (the “Company” or “CleanSpark”), America’s Bitcoin Miner™, today released its unaudited bitcoin mining and operations update for calendar year to date ending 30 November 2022.
“Our teams have been working hard this month to maintain phenomenal uptime while installing new machines and identifying operational and power efficiencies. Our efforts ultimately resulted in material gains for our hash rate to where we once again exceeded our guidance for the end of year,” said Zach Bradford, CEO. “Our team and technology continue to drive meaningful and innovative gains as we maximize margins.”
Bitcoin Mining Update (Unaudited)
- Bitcoin mined in November: 535
- Calendar year to date bitcoin mined: 4,157
- Total BTC holdings as of November 30: 281
- Total BTC converted for operation and growth in November: 544
- Currently deployed fleet of around 55,000 latest generation bitcoin miners with a hash rate of 5.5 EH/s as of November 30, up 8% from October 2022
The company financed growth and operations through the sale of 544 bitcoins in November 2022 at an average of approximately $17,300 per BTC. Selling BTC equaled a dividend of approximately $9.4 million. Daily mined BTC in November averaged 17.8 and peaked at 19.4.
Operational updates
Exceeds revised guidance. The company exceeded its updated guidance of 5.5 EH/s in part due to efficiency gains, including record uptime and efficient overclocking at its immersion-cooled campus in Norcross, Georgia. While they continue to explore opportunities for disciplined, measured growth, management does not expect another significant hash rate increase before year-end, unless 30 MW of pending capacity at the company’s Sandersville, GA, campus comes online earlier than expected. Meanwhile, the company is starting Phase 2 site expansion in Washington, GA. 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 power optimization in the coming weeks as it balances its portfolio of power contracts with current Bitcoin prices and otherwise seeks to maximize margins. In line with this focus, the company continues to sell parts of its old energy business and has since reduced almost all related expenses.
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 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
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Media contacts
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BlocksBridge Consulting
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