Expects to continue growth to 50 EH/s in
2025
LAS
VEGAS, Oct. 10, 2024 /PRNewswire/
-- CleanSpark Inc. (Nasdaq: CLSK), America's
Bitcoin Miner® (the "Company"), today announced it has
achieved 30 EH/s (exahashes per second) in operational
hashrate.
The Company's hashrate has surged 200% since October 2023 through significant organic growth
paired with turn-key acquisitions and the execution of a fleet
upgrade, improving efficiency during the same period by nearly 20%
and boosting the number of operational machines by 112%. The
efficiency improvement strategy has resulted in increased computing
power while consuming less energy and allowing for more hashrate to
be generated with fewer machines.
The Company expects to surpass 37 EH/s before the end of 2024
and intends to continue its growth to 50 EH/s and beyond in 2025.
Additional hashrate is anticipated to come online due to the
expected acquisition closing of GRIID Infrastructure Inc this
month. CleanSpark is one of the largest owned-and-operated publicly
traded bitcoin miners in North America and has a portfolio of sites
located in Georgia, Mississippi, Wyoming and Tennessee.
"Reaching 30 EH/s positions us as one of the largest
bitcoin miners in the world. We have added more
operational hashrate than any other miner in 2024. The results we
continue to deliver demonstrate our commitment and ability to scale
rapidly and with capital efficiency," said Zach Bradford, CEO. "Our team's agility,
effectiveness and relentless grit has been paramount to the success
of CleanSpark. Our efforts to time the market and lock in
industry-best pricing on rigs and sites positioned us to take
advantage of the opportunities in the market. During this period of
rapid expansion of our operations, we have also grown our
bitcoin treasury to over 8,049 bitcoin.
Since October 2021, we
have significantly increased our computing power year over
year by quadrupling in 2022, nearly doubling in 2023 and tripling
our hashrate in 2024."
About CleanSpark
CleanSpark (Nasdaq: CLSK) is
America's Bitcoin Miner®. We own and operate multiple
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: achieving and surpassing 37 EH/s in 2024 and later
achieving 50 EH/s; the build-out and energization of the two
Clinton, Mississippi sites; the
timing and closing of the Griid acquisition; the timing of and
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
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.