Mines 494 bitcoin during the
month and increases treasury by 567% compared to same prior-year
period
Officially expands into Wyoming and Tennessee
LAS
VEGAS, Aug. 2, 2024 /PRNewswire/ -- CleanSpark
Inc. (Nasdaq: CLSK), America's Bitcoin Miner®, today
released its unaudited bitcoin mining and operations
update for the month ending July 31,
2024.
"We made significant progress in two new states this month,"
said Zach Bradford, CEO. "Power
agreements totaling 75 MW have been secured in Wyoming along with the closing of our first
Bitcoin mining site in the state. In Tennessee, we began hashing under our
agreements with GRIID infrastructure Inc. with 1 EH/s of additional
hashrate added in July. We're continuing our trajectory of growth
as we progress towards our target of 32 EH/s by the end of the
year."
July Bitcoin Mining Update (unaudited)
- Bitcoin mined in July: 494
- CY2024 bitcoin mined: 4,108
- Total bitcoin holdings as of July 31: 7,082
- Total bitcoin sold in July: 2.54
- Deployed fleet: 160,900
- Fleet efficiency: 22.89 J/Th
- Month-end operating hashrate: 21.2 EH/s
The Company sold 2.54 bitcoin in July 2024 at an average price of approximately
$62,070 per bitcoin. The
average hashrate throughout the month of July was 20.07 EH/s
resulting in an average of 15.94 bitcoin mined daily
and a single day high of 16.55. The slight change in average fleet
efficiency was due to the Company operating a portion of its fleet
in higher power modes to maximize production at opportune
times.
Growth Update
Tennessee Co-location:
Hashing in Tennessee per the terms
of the Company's acquisition agreements with GRIID has begun. Under
the co-location agreement approximately 50 MW of power is currently
available, 1.0 EH/s of which was operational at month end, with an
additional 1.28 EH/s expected to begin hashing by the end of the
current week.
Wyoming Closings: Power agreements for 75 MW have been
executed and the Company has closed on its first
Bitcoin mining site in the state. The initial 30 MW
site will be immersion-cooled and is expected to add approximately
2 EH/s to CleanSpark's hashrate before the end of the year. The
Company expects to proceed with the closing of a second site in the
coming weeks.
Dalton Expansion: Electrical primary installation is
currently ongoing. The East building is completed, and electrical
shelving is being installed. Construction of the West building is
underway. The 15 MW expansion is expected to be hashing by early
September 2024, leading to an
increase of approximately 0.9 EH/s upon completion.
About CleanSpark
CleanSpark (Nasdaq: CLSK) is
America's Bitcoin Miner®. We own and operate multiple
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: future opportunities in Tennessee and Wyoming; the timing and completion of the
acquisition of Griid Infrastructure; the timing and operational
results of the Dalton expansion; anticipated additions and targets
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.