CleanSpark Releases April 2023 Bitcoin Mining Update

LAS VEGAS, May 03, 2023 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK), America’s Bitcoin Miner™, today released its unaudited bitcoin mining and operations update for the month ending April 30, 2023.  

"Our high efficiency measures and low power rates have made meaningful contributions to our margins this month even as difficulty has substantially increased,” said Zach Bradford, CEO. “The result of these efforts is that while we have mined fewer bitcoin this month, the bitcoin we have mined is being driven to our bottom line. As we look to the next few months, we expect Washington to be fully energized, which will bump our hashrate as we maintain our competitive edge in these tight market conditions. We are looking forward to sharing our quarterly performance in more detail, including some exciting updates on our expansion plans in Washington and Sandersville, on our earnings call next week. We hope shareholders and other stakeholders will tune in.” 

“We continue to make meaningful progress toward optimizing the operational efficiency of our fleet as we work toward becoming the most efficient miner in North America,” said Taylor Monnig, CleanSpark’s vice president of mining technology. “CleanSpark’s uptime is already apparent in terms of realized hashrate, which is essentially the amount of time our mining operations are fully online. We expect to maintain that edge as the pace of deliveries for the newly released S19J Pro+ machines ramp up and are installed at our Sandersville and Washington facilities. Later this year, Sandersville will also host the bulk of the XPs, 45,000 in total, that we announced a few weeks ago, accelerating important upgrades to our fleet efficiency.”  

April Bitcoin Mining Update (unaudited)

• Bitcoin mined in April: 524 
• CY2023 bitcoin mined: 2,395 
• Total BTC holdings as of April 30: 313 
• Total BTC converted for operations and growth in April: 407 
• Currently deployed fleet of about 67,700 latest-generation bitcoin miners with a hashrate of 6.7 EH/s 

The Company funded growth and operations through the sale of 407 bitcoins in April 2023 at an average of approximately $29,000 per BTC. Sales of BTC equated to proceeds of approximately $11.8 million. April daily BTC mined averaged 17.47 and reached a high of 18.17. 

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 holds the 44th spot on the Financial Times' 2022 List of the 500 Fastest Growing Companies in the Americas and ranks thirteenth on Deloitte’s Fast 500. 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 expansion of the Company’s Georgia bitcoin mining facilities, increasing our efficiency, and 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, 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 expansion; 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 
ir@cleanspark.com 

Media Contacts  
Isaac Holyoak                                            
pr@cleanspark.com     

BlocksBridge Consulting 
Nishant Sharma 
cleanspark@blocksbridge.com  

Isaac Holyoak
CleanSpark Inc.
702-989-7694
pr@cleanspark.com