The newest additions to the CleanSpark
portfolio represent the leading edge of nearly 1 GW of new
opportunities currently being analyzed
Acquisitions are expected to increase
Company's operating hashrate to over 20 EH/s by month's end using
already purchased hardware
Facilities will provide load balancing
capabilities for the local electric municipal cooperatives (EMCs)
in which they are located
LAS
VEGAS, June 18, 2024 /PRNewswire/ -- CleanSpark
Inc. (Nasdaq: CLSK), America's Bitcoin Miner™, today
announced it has entered into definitive agreements to acquire five
turnkey bitcoin mining facilities in rural
Georgia for a cash payment of
$25.8 million.
The purchase is expected to close immediately, with the
operating hashrate of the combined facilities anticipated to exceed
3.7 exahashes per second (EH/s) upon full installation of the
latest generation S21 pro miners.
"Our acquisition of these five new mining sites marks a
significant milestone in our strategic growth plan and represents
the leading edge of nearly one gigawatt of new opportunities being
analyzed by our teams," said Zach
Bradford, CEO of CleanSpark. "These sites not only enhance
the load balancing capabilities for the local cities we work with,
but lock in the achievement of our mid-year target of achieving 20
EH/s of operating hashrate. This achievement underscores our
commitment to scaling efficiently and sustainably and we are
excited to bring these facilities into the CleanSpark way of mining
bitcoin. We are confident in our continued ability to
drive shareholder value and innovation in the bitcoin
mining industry."
The five sites range in size from 8 MW to 15 MW, for a total of
60 MW, and include interruptible-load designated power purchase
agreements (PPAs). Load balancing is a unique benefit that
bitcoin miners provide local power grids because of
their ability to curtail energy use based on local demand,
especially during rare times of unusually high demand on the grid,
such as very cold and extremely hot weather.
The definitive agreements include the purchase of mining data
centers and equipment at each site, excluding the miners, and the
assumption of the underlying real property leases and power
agreements by the Company.
CleanSpark currently owns and operates about 300 MW of
infrastructure in Georgia. After
these newly announced sites go live, and after Sandersville is fully energized, the Company
will operate over 400 MW of infrastructure in Georgia. The Company also operates
infrastructure in Mississippi,
co-locates machines in upstate New
York, and has announced locations in Wyoming.
About CleanSpark
CleanSpark (Nasdaq: CLSK) is
America's Bitcoin Miner™. We own and operate
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 transactions; anticipated
additions 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.