The nearly $16 million expansion, expected to be completed in late spring, will accommodate up to 16,000 miners and solidify CleanSpark’s position as the leading bitcoin miner in North America; the company’s hash rate is expected to reach 8.7 EH/s upon completion.
LAS VEGAS, January 19, 2023 (GLOBE NEWSWIRE) — CleanSpark Inc. (NASDAQ: CLSK) (“CleanSpark” or the “Company”), a US-based Bitcoin Miner™ company, today announced the start of Phase II. construction of one of the newest facilities in Washington, Georgia. The company acquired the campus in August 2022 as part of a growth campaign in the recent bear market. Upon completion of the new phase, which is expected to use only the latest generation of bitcoin mining machines, it will add 2.2 exahashes per second (EH/s) of computing power to the company’s mining power.
The new miner fleet phase will include the Antminer S19j Pro and Antminer S19 XP models, the latest and most energy efficient bitcoin miner models available today. Depending on the final volume of each model in the mix, the total computing power that will be added to the CleanSpark bitcoin mining power will be between 1.6 EH/s and 2.2 EH/s, which is 25-25% more. than the current hashrate 34.% 6.5 EG/sec.
“When we acquired the Washington site in August, we were confident in our ability to rapidly expand by adding this 50 MW to our existing 36 MW infrastructure,” said CEO Zach Bradford. “Phase II more than doubles the size of our existing facility. We look forward to expanding our relationship with the Washington City community and the opportunity to support the construction work that will result from this expansion.”
“The Washington community and field team played a key role in the successful deployment of the first phase of the site, which uses mostly low-carbon energy, uses the latest generation of technology, and is the most energy-efficient and sustainable bitcoin mining operation. ,” said Scott Garrison, vice president of business development. “This partnership will go a long way to not only complete the next phase on time, but also to make it one of the most robust mining operations ever.”
CleanSpark primarily uses renewable or low-carbon energy sources and continues to pursue a money management strategy of selling most of the bitcoins it produces to reinvest in growth. This strategy allowed the company to increase its hash rate from 2.1 EH/s in January 2022 to 6.2 EH/s in December 2022, despite the sluggish crypto market.
CleanSpark (NASDAQ: CLSK) is an American bitcoin miner. Since 2014, we have been helping people achieve the energy independence of their homes and businesses. In 2020, we will bring this experience to the development of a sustainable infrastructure for Bitcoin, an essential tool for financial independence and inclusion. We are working to make the planet better than it was by finding and investing in low-carbon energy sources such as wind, solar, nuclear and hydropower. We promote trust and transparency among our employees, the communities in which we operate, and people around the world who rely on Bitcoin. CleanSpark was ranked #44 on the Financial Times 2022 list of America’s 500 Fastest Growing Companies and #13 on the Deloitte Fast 500. For more information about CleanSpark, visit our website www.cleanspark.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including with respect to the Company’s expected expansion of its Bitcoin mining operation in Washington, Georgia, the expected benefits to CleansSpark as a result of this (including expected increase in CleanSpark). hash rate and timing) and plans to expand the facility. We intend to include such forward-looking statements in 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 United States Securities and Exchange Act of 1934. as amended (the “Transactions Law”)). All statements other than statements of historical fact in this press release may be forward-looking statements. In some cases, you may identify forward-looking terms with terms such as “may”, “will”, “should”, “foresee”, “plan”, “foresee”, “could”, “intend”, “target”. etc. Statements, “projects”, “considers”, “believes”, “estimates”, “anticipates”, “anticipates”, “potential” or “continues” or the negation of these terms or other similar expressions. The forward-looking statements contained in this press release are, among other things, statements about our future operations and financial condition, industry and business trends, business strategy, expansion plans, market growth and our future operating objectives.
Forward-looking statements in this news release are only forecasts. These forward-looking statements are based primarily on our current expectations and projections of future events and financial trends that we believe could affect our business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other material factors that could cause our actual results, results or achievements to differ materially from any future results, results or achievements expressed or implied by the forward-looking statements, including, but not limited to: the expected expansion time, the risk that the capacity available to the facility will not increase as expected, the success of its digital currency mining activities, the volatility and unpredictable cycles of the new and growing industry in which we operate; Difficulty of extraction; Bitcoin halving; New or additional government regulations; Estimated delivery times for new miners; Ability to successfully deploy new miners; Dependence on the structure of utility tariffs and government incentive programs; Dependence on third party electricity suppliers; the possibility that future revenue growth expectations may not materialize; and other risks described in the Company’s previous press releases and filings with the Securities and Exchange Commission (SEC), including “Risk Factors” in the Company’s Form 10-K Annual Report and any subsequent filings with the SEC. The forward-looking statements in this press release are based on 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 understood as an indication that we have carefully studied or considered all relevant information that may be available. These statements are inherently vague and investors are warned not to rely too much on them.
When you read this press release, you should be aware that our actual future results, performance and achievements may differ materially from our expectations. We limit all of our forward-looking statements to these forward-looking statements. These forward-looking statements speak only as of the date of this press release. We do not intend 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, except as required by applicable law.