The Washington,
GA, expansion is expected to increase CleanSpark's operating
capacity by nearly 30% upon full deployment
LAS
VEGAS, July 13, 2023 /PRNewswire/ -- CleanSpark
Inc. (Nasdaq: CLSK), America's Bitcoin Miner™, today
announced that phase two of its mining campus in Washington, Georgia, is live. The site is expected to
increase the Company's bitcoin mining compute power
(or hashrate) by 1.8 exahashes per second (EH/s) to 8.5 EH/s, or
over half of its 16 EH/s target for year-end.
CleanSpark's total investment in
Washington, Georgia, is over $100
million.
Phase two of the Washington
campus has a power capacity of 50 megawatts (MW) or just over
15,000 mining machines, of which about 10,500 are already in
operation. CleanSpark acquired the 36 MW campus along with existing
infrastructure and machines for $25.1
million in August 2022, and
has invested about $55 million on
phase two – including construction, infrastructure, and machines –
which is expected to increase the total power capacity to 86 MW.
Including additional miners purchased and added to phase one, the
total investment by the Company in the campus is over $100M and has already been fully funded.
"The speed with which our team has successfully executed this
expansion testifies to the technical expertise and experience that
we have gained since we transitioned from an energy company to a
bitcoin mining company," said Zach Bradford, CEO of CleanSpark. "But it
couldn't have been possible without local contractors and the
Washington, GA, community, who
have been supportive partners of our efforts to generate
sustainable economic growth in the area. This expansion has already
helped us get more than halfway to our year-end guidance of 16
EH/s."
CleanSpark has followed an aggressive growth trajectory after
the latest bear cycle began in 2022. Its latest acquisition was
last month, when it acquired a turnkey bitcoin mining
campus, that consists of two sites, in Dalton, Georgia, for $9.3 million in an all-cash deal. CleanSpark
mines with the most power-efficient generation of mining machines
in the market and uses predominantly low-carbon energy sources,
which account for over 90% of its energy mix.
About CleanSpark
CleanSpark (Nasdaq: CLSK) is America's Bitcoin
Miner™. Since 2014, we've helped people achieve energy independence
for their homes and businesses. In 2020, we transitioned that
expertise to develop sustainable infrastructure for
Bitcoin, an essential 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, like wind,
solar, nuclear, and hydro. We cultivate trust and transparency
among our employees, the communities we operate in, and the people
around the world who depend on Bitcoin. CleanSpark is
a Forbes 2022 America's Best Small Company and holds the 44th spot
on the Financial Times' List of the 500 Fastest Growing Companies
in the Americas. For more information about CleanSpark, please
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, including statements regarding expectations for the expansion
of the bitcoin mining facilities in Washington, Georgia, the resulting anticipated benefits to
CleanSpark (including as to anticipated additions to CleanSpark's
hashrate and the timing thereof). 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 include, but are not limited to, statements regarding
our future results of operations and financial position, industry
and business trends, business strategy, expansion 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
anticipated timing of the expansions; 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 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.
Investor Relations Contact
Matt Schultz, Executive
Chairman
ir@cleanspark.com
Media Contacts
Isaac Holyoak
pr@cleanspark.com
BlocksBridge Consulting
cleanspark@blocksbridge.com
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SOURCE CleanSpark, Inc.