SALT LAKE CITY, Oct. 12,
2021 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) (the
"Company" or "CleanSpark"), a sustainable bitcoin mining and
diversified energy company, today announced its purchase of
4,500 units of the Antminer S19 bitcoin (BTC) mining machine.
The purchase was partially funded through a portion of the
Company's BTC holdings. Delivery of the machines are scheduled to
start next month and be completed by July 2022.
Renewable energy-focused Bitcoin miner uses its own mined Bitcoins
to accelerate growth, hashrate, reducing dilution.
CleanSpark estimates that its sustainable bitcoin mining
capacity will increase by a computing power of 450 PH/s, equivalent
to almost 45% of the Company's current capacity, after the
purchased machines are fully operational.
The Company expects to have the data center space for the
machines ready to plug and play before each consecutive
delivery. The Company currently operates over 10,000 miners. The
total number of miners slated for delivery over the next 12 months
is now 24,580.
In line with the interests of its shareholders, by selling some
of its bitcoin, CleanSpark is converting a portion of its BTC
holdings into bitcoin miners to increase revenues. CleanSpark
believes that the value of digital currencies such as Bitcoin stems
from their usefulness as a medium of exchange. By investing a
portion of its mined bitcoins to buy additional miners, the Company
aims to put those bitcoins back into circulation. The Company also
intends to continue its holding strategy.
"By making a conscious effort to reinvest in additional
production, we are taking a market-based approach to our mining
operations and maximizing value for our shareholders. We understand
that using our bitcoin to support our operations and expansion is a
paradigm shift for the digital currency mining industry in
North America," said Zach Bradford, CEO of CleanSpark. "We hope to
continue to lead the market with these bold moves."
Earlier in August, CleanSpark announced the purchase of a
former Sprint/Nextel datacenter in Norcross, Georgia, to start a new mining
operation that is expected to be 100% net carbon-neutral, achieved
by participating in Georgia's
Simple Solar program.
CleanSpark directly owns and operates facilities in Norcross and College
Park, Georgia, that will bring a combined 65MW with a
focus on clean and sustainable energy as it keeps ESG at the
forefront of all its efforts.
CleanSpark, Inc., a Nevada corporation, is an energy technology
and clean bitcoin mining Company that is focused on solving modern
energy challenges. For more information about the Company, please
visit the Company's website at
This release contains
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995, including statements regarding the
Company's plans and expectations for expansion of its energy
initiatives, operating results, business strategy, partnership with
Coinmint, deployment of miners, digital currency mining activities,
the growth of its facilities and other statements regarding the
expectations, beliefs, plans, intentions and strategies of the
Company. The Company has tried to identify these forward-looking
statements by using words such as "expect," "target," "anticipate,"
"believe," "could," "should," "estimate," "intend," "may," "will,"
"plan," "goal" and similar terms and phrases, but such words, terms
and phrases are not the exclusive means of identifying such
statements. Actual results, performance and achievements could
differ materially from those expressed in, or implied by, these
forward-looking statements due to a variety of risks, uncertainties
and other factors, including, without limitation: the successful
deployment of energy solutions for residential and commercial
applications; the fitness of the Company's energy hardware,
software and other solutions for this particular application or
market; the success of its digital currency mining activities; the
expectations of future revenue growth may not be realized; ongoing
demand for the Company's software products and related services;
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 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 and any subsequent filings with the SEC. You
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof, and we
undertake no obligation to revise or update this press release
(including any forward-looking statements contained herein) to
reflect events or circumstances after the date hereof.
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SOURCE CleanSpark, Inc.