CleanSpark has achieved 37.5 EH/s in operating
hashrate with a fleet efficiency of 17.7 J/Th
Accelerates guidance for 50 EH/s, expected in
first half of 2025
LAS
VEGAS, Dec. 23, 2024 /PRNewswire/ -- CleanSpark
Inc. (Nasdaq: CLSK), America's Bitcoin Miner® (the
"Company"), today announced it has achieved and exceeded the
previously announced year-end target of 37 EH/s of operating
hashrate.
The Company's newest data centers in Tennessee and Wyoming were energized last week. This is part
of a multistage energization process that will continue into the
next quarter. The added hashrate from these sites paired with site
expansion, and ongoing fleet upgrades, has allowed the Company to
exceed 2024 YE guidance and deliver 37.5 EH/s of operating
hashrate. Fleet efficiency has reached 17.7 J/Th and is expected to
continue to improve as the Company continues its strategic growth
plans. The Company expects its operating leverage to continue to
increase as it proceeds with its next phase of growth to 50 EH/s,
which is fully funded and expected in the first half of 2025. This
growth is expected to be achieved through a mix of greenfield
infrastructure development, organic growth via existing site
expansion, and strategic M&A, all funded with a portion of the
proceeds of the Company's most recent offering. The current
portfolio of data centers includes locations in Georgia, Wyoming, Tennessee, Mississippi, and New
York.
"Our teams have been hard at work throughout the entirety of
this past year. We have delivered on our ambitious targets and
expanded our hashrate nearly 300% since the beginning of 2024,"
said Zach Bradford CEO and President. "Achieving 37.5 EH/s with a
fleet efficiency of 17.7 J/Th is a significant milestone, and we
intend to continue adding highly efficient hashrate through the end
of the year and into 2025," Bradford continued.
"With the closing of our $650
million zero-coupon convertible bond offering, exceeding
guidance, and delivering on our fleet efficiency goals, December
has been one of CleanSpark's strongest strategic months to date.
The capital raised is expected to more than fully fund our
expansion to 50 EH/s. As a result, we are pleased to announce
accelerated expected timing of 50 EH/s to the first half of
calendar year 2025. This is the result of discipline and focus on
our core operating business; bitcoin mining. Our
growth and efficiency have resulted in a bitcoin
treasury balance quickly approaching 10,000 bitcoin,
all of which we have mined. As we look to 2025, we intend to remain
focused on bitcoin and mining efficiently utilizing
operational excellence at scale."
About CleanSpark
CleanSpark (Nasdaq: CLSK),
America's Bitcoin Miner®, is a market-leading, pure
play Bitcoin miner with a proven track record of
success. We own and operate a portfolio of mining facilities across
the United States powered by
globally competitive energy prices. Sitting at the intersection of
Bitcoin, energy, operational excellence and capital
stewardship, we optimize our mining facilities to deliver superior
returns to our shareholders. Monetizing low-cost, high reliability
energy by securing the most important finite, global asset –
Bitcoin – positions us to prosper in an ever-changing
world. 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 continued build-out and energization of the Cheyene
Wyoming, Jackson, Tennessee and
other sites; power availability, mining activities, and
target goals at these sites; the timing of and further completion
of construction and energization of the Wyoming data centers; 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
Harry Sudock
702-989-7692
ir@cleanspark.com
Media Contact
Eleni Stylianou
702-989-7694
pr@cleanspark.com
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SOURCE CleanSpark, Inc.
