CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a
sustainable bitcoin mining and energy technology company, today
announced that it has signed an agreement with Houston-based
Lancium to secure an initial 200 megawatts (MW) at Lancium’s
renewably-powered datacenters in West Texas, with an option to add
300 MW more in the future.
It is expected that approximately 50 MW of the purchased
capacity will be operational by December 31, 2022, while the
remaining 150 MW will be fully operational during Spring 2023.
After completely using this capacity with the latest generation of
bitcoin mining machines, CleanSpark will add an estimated 16.0 EH/s
to its current forecasted hashrate of 4.0 EH/s — strengthening its
position as one of the top bitcoin miners in North
America.
Lancium is an energy technology and infrastructure company
dedicated to accelerating the energy transition. Lancium’s Clean
Campuses are located in regions with access to low-cost renewable
energy. Enabled by the company’s proprietary Lancium Smart Response
technology, these Campuses act as “Controllable Load Resources”
(CLRs) which provide for enhanced reliability of the power grid and
encourage the growth of additional renewable energy. In
September 2021, the company announced it had broken ground on its
first “Clean Campus” located in Fort Stockton, Texas.
“Lancium’s facilities are best-in-class, scalable and,
importantly, draw their power from renewable-rich West Texas, which
made Lancium an ideal partner for us to co-locate our machines,”
said Zach Bradford, CEO of CleanSpark. “This move is in keeping
with our strategy of focusing on infrastructure first. We continue
to build more capacity at our own bitcoin mining facilities while
we partner with colocation service providers. This hybrid approach
helps us ensure that we always have rackspace ready to deploy new
machines when they are delivered to us by the manufacturers. Such
speed and optionality is critical as we scale our mining operations
from megawatts to gigawatts in the coming years.”
“Our Clean Campuses provide a unique solution that will provide
both green and low cost power for customers that are interruptible
and use large amounts of power,” said Michael McNamara CEO and
co-founder of Lancium. “Beyond the benefits to clients like
CleanSpark, we believe the size of our renewably-powered Clean
Campuses, when combined with Lancium Smart Response technology,
provide additional benefits in terms of enhanced power grid
stability and the further development of renewable energy.”
As of February 28, CleanSpark has over 22,000 bitcoin mining
machines in operation, with over 20,000 Bitmain S19 series rigs
pending delivery and deployment in batches through October 2022.
The Company employs a sustainable business strategy of converting a
portion of its BTC holdings to fund operations and expansion, with
a goal of limiting shareholder dilution and stably maximizing
returns for shareholders.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. We intend such forward-looking statements to be covered by
the safe harbor provisions for forward-looking statements contained
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 (the “Exchange Act”). All statements other than
statements of historical facts contained in this press release may
be forward-looking statements. 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. Forward-looking
statements contained in this press release, but are not limited to
statements regarding our future results of operations and financial
position, industry and business trends, equity compensation,
business strategy, plans, market growth and our objectives for
future operations.
The forward-looking statements in this press release are only
predictions. We have based these forward-looking statements largely
on our current expectations and projections about future events and
financial 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 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: 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; the successful
deployment of energy solutions for residential and commercial
applications; 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. The forward-looking statements in this press release
are based upon information available to us as of the date of this
press release, and while we believe such information forms 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 conducted an exhaustive inquiry into, or
review of, all potentially available relevant information. These
statements are inherently uncertain and investors are cautioned not
to unduly rely upon these statements.
You should read this press release with the understanding that
our actual future results, performance and achievements may be
materially different from what we expect. We qualify all of our
forward-looking statements by these cautionary statements. These
forward-looking statements speak 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 contained
in this press release, whether as a result of any new information,
future events or otherwise.
About CleanSpark
CleanSpark, Inc., a Nevada corporation, is a sustainable bitcoin
mining and energy technology company that is solving modern energy
challenges. For more information about the Company, please visit
the Company's website at
https://www.cleanspark.com/investor-relations.
About Lancium
Headquartered in The Woodlands, Texas, Lancium is dedicated to
accelerating the energy transition through technologies and
infrastructure designed to enable more clean energy production
while also balancing and stabilizing the power grid. Lancium’s
Clean Campuses are designed to provide a low-cost, sustainable
solution for large-scale, energy-intensive customers through its
propriety Smart Response™ technology. For more information, visit
www.lancium.com.
Investor Relations Contact
Matt Schultz, Executive Chairmanir@cleanspark.com
Media Contacts
Isaac Holyoakpr@cleanspark.com
BlocksBridge ConsultingNishant
Sharmacleanspark@blocksbridge.com
For Lancium: pr@lancium.com
Isaac Holyoak
CleanSpark, Inc.
702-989-7694
pr@cleanspark.com
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