Hashrate grows 60% in a single month to exceed
16 EH/s with over 131,000 operational miners
Monthly bitcoin production
increased 12%; Treasury increased to 4,218
bitcoin
LAS
VEGAS, March 1, 2024 /PRNewswire/ -- CleanSpark
Inc. (Nasdaq: CLSK), America's Bitcoin Miner™, today
released its unaudited bitcoin mining and operations
update for the month ending February 29,
2024.
"What a month this has been for us. Our teams have been hard at
work and that work is paying off," said Zach Bradford, CEO. "Even though it was the
shortest month of the year, we've dramatically increased our
hashrate—growing 60% in the space of a few weeks. The result of
that effort is that we have meaningfully outpaced global hashrate
growth and are already seeing those gains in our monthly
production. We mined almost 650 bitcoin this month and
added most of it to our treasury, which now sits at almost
$260 million when denominated in USD.
All the while our fleet has grown even more efficient as we prepare
for the halving and the positive impact of the supply shock as
bitcoin works just as it was intended to. We expect to
see additional gains in both hashrate and fleet energy efficiency
in March as we rotate in additional new S21s and as our newly
acquired facilities become 100 percent operational."
February Bitcoin Mining Update
(unaudited)
- Bitcoin mined in February: 648
- CY2024 bitcoin mined: 1,225
- Total bitcoin holdings as of February 29: 4,218
- Total bitcoin sold in February: 2.8
- Deployed fleet: 131,419
- Month-end fleet efficiency: 24.68 J/Th
- Current hashrate: 16 EH/s*
*Operating hashrate for the month averaged approximately 13.88
EH/s due to several weeks of rapid growth. Full value of month-end
hashrate expected to be realized in March's monthly update.
The Company sold 2.8 bitcoin in February 2024 at an average of approximately
$50,000 per
bitcoin. Sales of bitcoin equated to
proceeds of approximately $140,000.
February daily bitcoin mined averaged 22.3 and reached
a high of 25.2.
Operational update
Mississippi
acquisitions. Crews have finished racking the Company's
servers at the data centers it recently acquired in Mississippi. All three facilities are nearing
full operation, with a current operating hashrate of approximately
1.5 EH/s and an expected hashrate of 2.4 EH/s once fully
operational. Learn more about the acquisition here.
Dalton acquisition. Construction is advancing on schedule
for the acquired property in Dalton. The Company has targeted an
operational date of April 2024 and
the facility is expected to operate at 0.8 EH/s.
About CleanSpark
CleanSpark (Nasdaq: CLSK) is America's Bitcoin
Miner™. We own and operate data centers that primarily run on
low-carbon power. Our infrastructure responsibly supports
Bitcoin, the world's most important digital commodity
and an essential tool for financial independence and inclusion. We
cultivate trust and transparency among our employees and the
communities we operate in. 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. In this press release, forward-looking statements include,
but may not be limited to, statements regarding the Company's
expectations, beliefs, plans, intentions, and strategies. In some
cases, you can identify forward-looking statements by terms such as
"may," "will," "should," "expects," "plans," "anticipates,"
"could," "intends," "targets," "projects," "contemplates,"
"believes," "estimates," "forecasts," "predicts," "potential" or
"continue" or the negative of these terms or other similar
expressions. The forward-looking statements are subject to a
variety of 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:
anticipated additions to CleanSpark's hashrate and the timing
thereof; 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 in the emerging and evolving industries in which we operate;
increasing difficulty rates for bitcoin mining;
bitcoin halving; new or additional governmental
regulation; the anticipated delivery dates of new miners; the
ability to successfully deploy new miners; the dependency on
utility rate structures and government incentive programs;
dependency on third-party power providers for expansion efforts;
the expectations of future revenue growth may not be realized; and
other risks described in the Company's prior 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 for the fiscal year ended September 30, 2023, and any subsequent filings
with the SEC. Forward-looking statements contained herein are made
only as to the date of this press release, and we assume no
obligation to update or revise any forward-looking statements as a
result of any new information, changed circumstances or future
events or otherwise, except as required by applicable law.
Investor Relations Contact
Brittany Moore
702-989-7693
ir@cleanspark.com
Media Contact
Eleni Stylianou
702-989-7694
pr@cleanspark.com
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SOURCE CleanSpark, Inc.