Expected to add over 85 MW of immediately
available capacity
LAS
VEGAS, Sept. 11, 2024 /PRNewswire/ -- CleanSpark
Inc. (Nasdaq: CLSK),
America's Bitcoin Miner® (the "Company")
today announced it has entered into definitive agreements to
acquire seven bitcoin mining facilities and certain
associated land in the Knoxville,
Tennessee, area for total cash payments of $27.5 million, or approximately $324,000 per megawatt. This acquisition builds on
the Company's strategy of securing high-quality infrastructure
opportunities at market-leading valuations.
The Company anticipates closing at each of the sites on or
before September 25, 2024. The
operating hashrate of the combined facilities is anticipated to
result in 5 exahashes per second (EH/s) once the latest generation
S21 pro miners are installed, increasing the Company's current
hashrate by over 22 percent. The miners required for this expansion
have recently arrived and will be installed promptly upon the
closing of each site. The seven sites total 85 MW and range in size
from 10 MW to 20 MW.
"With the energization of our Dalton 4 campus last week, we've
already surpassed 23 EH/s and expect more hashrate to come online
this week from the energization of 50 MW of S21 pros in
Sandersville. With this additional 5 EH/s expected to begin hashing
over the coming weeks, we now expect to achieve 37 EH/s before the
end of 2024. As we've previously discussed, our timing of the
market on mining server purchases intentionally locked in low
prices so that we could take advantage of opportunities like this
and immediately fill acquired data center space. The GRIID
acquisition, our recent closing in Wyoming, and now this new transaction
represents the continued execution of our growth strategy.
Tennessee has a similar political
and energy environment to Georgia,
where we've deployed nearly $1B of
capital and operate nearly 500 MW," said Zach Bradford, CEO. "Applying the same winning
community-oriented strategy to The Volunteer State is our plan as
we expand our presence in the region and continue showcasing how
Bitcoin can benefit the local power grid and
communities where we're located."
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: the timing and closing of the acquisitions in the
Knoxville, Tennessee area;
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.