CleanSpark Achieves 30 EH/s

Rhea-AI Summary

CleanSpark Inc. (Nasdaq: CLSK) has announced achieving 30 EH/s in operational hashrate, marking a 200% increase since October 2023. This growth is attributed to organic expansion, acquisitions, and fleet upgrades, resulting in a 20% efficiency improvement and a 112% increase in operational machines. The company expects to reach 37 EH/s by the end of 2024 and aims for 50 EH/s in 2025.

CleanSpark anticipates additional hashrate from the expected acquisition of GRIID Infrastructure Inc. The company has added more operational hashrate than any other miner in 2024 and has grown its bitcoin treasury to over 8,049 bitcoin. CEO Zach Bradford highlighted the company's rapid scaling and capital efficiency, emphasizing their success in timing the market and securing favorable pricing on rigs and sites.

Positive

• Achieved 30 EH/s in operational hashrate, a 200% increase since October 2023
• Improved efficiency by nearly 20% while increasing operational machines by 112%
• Expects to reach 37 EH/s by the end of 2024 and 50 EH/s in 2025
• Added more operational hashrate than any other miner in 2024
• Grown bitcoin treasury to over 8,049 bitcoin
• Positioned as one of the largest bitcoin miners in the world

Negative

• None.

Insights

Financial Analyst

CleanSpark's achievement of 30 EH/s operational hashrate marks a significant milestone, representing a 200% increase since October 2023. This rapid growth, coupled with a 20% efficiency improvement and 112% increase in operational machines, demonstrates strong execution of their expansion strategy. The company's projected growth to 37 EH/s by end-2024 and 50 EH/s in 2025 indicates continued aggressive scaling. The pending GRIID Infrastructure acquisition further supports this trajectory. With over 8,049 bitcoin in treasury and a substantial increase in computing power, CleanSpark is positioning itself as a major player in the bitcoin mining industry. This growth could potentially lead to increased revenue and market share, making it a noteworthy development for investors in the cryptocurrency mining sector.

Tech Expert

CleanSpark's achievement of 30 EH/s is technologically impressive, placing them among the top bitcoin miners globally. Their efficiency improvements are particularly noteworthy, as they've managed to increase computing power while reducing energy consumption - a critical factor in the energy-intensive bitcoin mining industry. The company's ability to boost hashrate by 200% while improving efficiency by 20% demonstrates advanced operational capabilities and strategic hardware management. Their planned expansion to 50 EH/s by 2025 suggests continued investment in cutting-edge mining technology. This technological edge could provide CleanSpark with a competitive advantage in the rapidly evolving cryptocurrency mining landscape, potentially leading to better profitability and sustainability in the long term.

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

View original content to download multimedia:https://www.prnewswire.com/news-releases/cleanspark-achieves-30-ehs-302272572.html

SOURCE CleanSpark, Inc.

FAQ

What is CleanSpark's current operational hashrate as of October 2024?

CleanSpark's current operational hashrate is 30 EH/s (exahashes per second) as of October 2024.

How much has CleanSpark's (CLSK) hashrate increased since October 2023?

CleanSpark's hashrate has increased by 200% since October 2023.

What is CleanSpark's (CLSK) expected operational hashrate by the end of 2024?

CleanSpark expects to surpass 37 EH/s in operational hashrate before the end of 2024.

What is CleanSpark's (CLSK) target hashrate for 2025?

CleanSpark intends to continue its growth to reach 50 EH/s and beyond in 2025.

How many bitcoin does CleanSpark (CLSK) currently hold in its treasury?

CleanSpark has grown its bitcoin treasury to over 8,049 bitcoin.