CleanSpark Releases April 2023 Bitcoin Mining Update

The company mined 524 bitcoins in April; Increased bitcoin holdings by 60% to 313

LAS VEGAS, May 03, 2023 (GLOBE NEWSWIRE) — CleanSpark, Inc. (Nasdaq: CLSK ), America’s Bitcoin Miner™, today released its unaudited bitcoin mining and operations update for the month ending April 30, 2023.

“Our high-efficiency measures and low impact rates have made meaningful contributions to our margins this month, even as the difficulty level has increased significantly,” said Zach Bradford, CEO. “The result of this effort is that while we’ve mined less bitcoin this month, the bitcoin we’ve mined is driving our bottom line. Looking at the next few months, we expect Washington to be at full power, which will bump our hashrate as we maintain our competitive advantage in these tight market conditions. We look forward to sharing our quarterly results in more detail, including some exciting updates on our expansion plans in Washington and Sandersville, on our earnings call next week. We hope shareholders and other stakeholders will tune in.”

“We continue to make meaningful progress towards optimizing the operational efficiency of our fleet as we work towards becoming the most efficient miner in North America,” said Taylor Monnig, CleanSpark’s Vice President of Mining Technology. “CleanSpark’s uptime is already evident in terms of realized hashrate, which is essentially the time our mining operation is fully online. We expect to maintain that advantage as the pace of delivery of the recently released S19J Pro+ machines increases and is installed at our Sandersville and Washington facility. Later this year, Sandersville will also host the bulk of the XPs, 45,000 in total, that we announced a few weeks ago, accelerating important upgrades to our fleet efficiency.”

April Bitcoin Mining Update (unaudited)

• Bitcoin mined in April: 524

• CY2023 bitcoin mined: 2,395

• Total BTC holdings as of April 30: 313

• Total BTC converted for operation and growth in April: 407

• Currently deployed fleet of around 67,700 latest generation bitcoin miners with a hash rate of 6.7 EH/s

The story continues

The company financed growth and operations through the sale of 407 bitcoins in April 2023 at an average of approximately $29,000 per BTC. Selling BTC equaled a dividend of approximately $11.8 million. Daily BTC mined in April averaged 17.47 and peaked at 18.17.

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 ranked 44th on the Financial Times’ 2022 list of the 500 fastest growing companies in America and ranks thirteenth on Deloitte’s Fast 500. For more information about CleanSpark, please 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, including statements regarding expectations of expanding the Company’s Georgia bitcoin mining facility, increasing our efficiency and the resulting anticipated benefits to CleanSpark (including with respect to anticipated additions to CleanSpark’s hash rate and the timing for this). 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
[email protected]

Media contacts
Isaac Holyoak
[email protected]

BlocksBridge Consulting
Nishant Sharma
[email protected]

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