CleanSpark Releases August 2022 Bitcoin Mining Update
The company’s hash rate exceeds 3.4 EH/s, up 19 percent from July 2022; mining 395 bitcoin for the month
LAS VEGAS, Sept. 02, 2022 (GLOBE NEWSWIRE) — CleanSpark, Inc. (Nasdaq: CLSK ) (the “Company” or “CleanSpark”), the United States bitcoin miner, today released its unaudited bitcoin mining and operations update for the year-to-date calendar ending August 31, 2022.
“We set out at the beginning of the year to become a top five publicly traded bitcoin mining company, and with our outstanding operational performance in 2022, we can say we are now firmly in that category. We now own and operate three campuses in Georgia. Our hash rate has tripled in the last year. We’re on track to nearly double that in less than half the time it took us to go from 1 EH/s to 3 EH/s. And we’re about to hire our 100th employee I am extremely proud of our team and their tremendous work,” said Zach Bradford, CEO.
Bitcoin Mining & Operations Update (unaudited)
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Bitcoin mined in August: 395, up 109% from August 2021
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Calendar year to date bitcoin mined: 2,642
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Total BTC holdings as of August 31: 526
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Total BTC converted for operation and growth in August: 388, 9% less than July 2022
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Currently deployed fleet of over 36,800 latest generation bitcoin miners with a hash rate of 3.4 EH/s, up 19% from July 2022 and 331% from August 2021
The company funded growth and operations through the sale of 388 bitcoins in August 2022 at an average of approximately $23,088 per BTC (an 11% increase over the previous month’s average price per BTC sold). Selling BTC equaled a dividend of approximately $8.9 million. Daily BTC mined in August peaked at 13.39.
Washington, GA, website update
Tech crews in Washington have been working around the clock to bring miners online. Since the shutdown at the end of August, there are now over 6,000 miners online, out of the over 10,000 miners that are on site. The company expects to provide power to the remaining miners next week.
Personnel update
CleanSpark also welcomed Taylor Monnig to the company as its new Vice President of Mining Technology. Monnig was most recently Chief Operating Officer at TMGCore, where he worked to develop and commercialize technologies that support blockchain stability, growth and sustainability. Monnig brings to CleanSpark eight years of experience in the bitcoin mining industry and has developed a reputation for his deep expertise in immersion cooled bitcoin mining. He holds a bachelor’s degree from Arizona State University.
“Taylor has already made a meaningful impact on our business and culture, and we are thrilled to have him join the team,” said Zach Bradford, CEO.
Forward-looking statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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 (the “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 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.
About CleanSpark
CleanSpark (NASDAQ: CLSK ) is the US 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.
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Media contacts
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CONTACT: Isaac Holyoak CleanSpark, Inc. 702-989-7694 [email protected]
