Business
CleanSpark Releases March 2023 Bitcoin Mining Update
Company mines 598 bitcoin in the month; Ends the first quarter of the calendar year with 1,871 bitcoin mined, up 22% from the prior quarter; 50MW Washington
About this update from Cleanspark, Inc.
[{"type":"text","content":"Company mines 598 bitcoin in the month; Ends the first quarter of the calendar year with 1,871 bitcoin mined, up 22% from the prior quarter; 50MW Washington expansion on schedule\nLAS VEGAS, April 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 March 31, 2023. “Our approach to proprietary mining gives us substantial control and flexibility over our destiny and the progress on our Washington expansion is a perfect example,” said Zach Bradford, CEO. “The 50MW expansion is on schedule. The machines have already been purchased and shipping is expected to commence this month. Once those machines are racked and the expansion is energized, our hashrate is expected to increase to about 8.7 EH/s, giving us substantial progress toward our calendar year-end goal of 16 EH/s. “In this environment, a miner that is not growing is falling behind. As hashrate grows, we also need to grow. Growth takes substantial capital, just as it does in any commodities-based business, especially in the scaling stage. As we scale, we intend to continue to use all capital levers available to us, including equity and bitcoin, carefully balancing both to provide the highest rate of return for our shareholders. We are making the most of the bear market so that we are in position to take full advantage of the next bull market once it inevitably emerges.” March Bitcoin Mining Update (unaudited) Bitcoin mined in March: 598 CY2023 bitcoin mined: 1,871 Total BTC holdings as of March 31: 196 Total BTC converted for operations and growth in March: 502 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 502 bitcoins in March 2023 at an average of approximately $24,800 per BTC. Sales of BTC equated to proceeds of approximately $12.4 million. March daily BTC mined averaged 19.29 and reached a high of 20.25. Operational Update Washington Expansion. The Washington expansion is a passively cooled data center consisting of four primary buildings. Once fully complete, the expansion will hold about 15,000 Antminer S19j Pro+ machines. Total capacity in Washington is expected to be 86MW, the majority of which is sourced from low-carbon, on-grid ene...