CleanSpark Partners With Sustainable Bitcoin Standard to Double Down on Clean Bitcoin Mining

Rhea-AI Summary

CleanSpark (Nasdaq: CLSK) has partnered with Sustainable Bitcoin Standard (SBS) to provide verifiable ‘Proof of Sustainable Mining’ certificates for the bitcoins it mines. This collaboration aims to enhance transparency and adoption of clean bitcoin mining, addressing the energy consumption stigma in the industry. SBS will issue Sustainable Bitcoin Certificates (SBC) to miners using renewable energy. As a notable player in sustainable bitcoin mining, CleanSpark emphasizes its commitment to clean energy, aligning with the growing ESG demands among institutional investors.

Positive

• Partnership with SBS enhances CleanSpark's credibility in sustainable mining.
• SBS issues Sustainable Bitcoin Certificates, attracting institutional investors focused on ESG.
• CleanSpark's commitment to renewable energy aligns with increasing market demand for sustainable assets.

Negative

• None.

SBS provides miners and investors with verifiable ‘Proof of Sustainable Mining’ certificates

LAS VEGAS, April 28, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, and Sustainable Bitcoin Standard (“SBS”), an organization that incentivizes clean bitcoin mining, jointly announced that CleanSpark is now a partner of SBS. 

Both parties share a common mission to make bitcoin mining cleaner via transparent and verifiable industry standards. SBS will provide CleanSpark with verifiable proof for the bitcoins that the Company sustainably mines as part of the partnership. 

The stigma around the energy consumption of cryptocurrency mining, and the absence of verifiable standards for the use of renewable energy in bitcoin mining, limit the asset’s adoption by institutional investors, who are increasingly required to meet ESG commitments. SBS solves this problem by awarding bitcoin miners who use verified clean energy by issuing Sustainable Bitcoin Certificates (SBC) for each bitcoin they mine sustainably. This approach allows investors to add “Proof of Sustainable Mining” to their bitcoin holdings. SBS’s other mining partners include Jihan Wu’s BitDeer and Luxxfolio (formerly Westblock).

“CleanSpark has been focused on using clean energy since day one. In fact, this focus pre-dates our bitcoin mining operations,” said Matt Schultz, CleanSpark’s executive chairman. “We have partnered with SBS because we believe that it's important for the industry to use verified clean energy aligned with existing renewable energy frameworks.”

“SBS was designed to allow ‘Proof of Sustainable Mining’ to be transferred between bitcoin miners who use renewable energy and investors without disrupting the fungibility of Bitcoin,” said Bradford van Voorhees, co-founder of SBS. “We are proud to have a top sustainable bitcoin mining company, which is also one of the biggest publicly traded bitcoin miners, as a mining partner of SBS.”

In September, CleanSpark announced it would work with Georgia Power to invest in a $2 million power expansion, benefiting power customers and community members living near its bitcoin mining facility in Norcross. Last month, it announced an increase in the starting salary of all existing entry-level positions in its mining operations to better the lives of its team members. And most recently, CleanSpark revealed that it was expanding its mining operations in Texas with up to 500 megawatts of renewable energy. 

About CleanSpark

CleanSpark, Inc. (Nasdaq: CLSK), a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is solving modern energy challenges. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations.

About Sustainable Bitcoin Standard

Sustainable Bitcoin Standard (SBS) is a global sustainability protocol designed to help  BTC become our planet’s most sustainable asset class, while preserving fungibility and long term integrity of the network. SBS works closely with leading nonprofits and standard bodies in renewable energy and energy audits, to issue Sustainable Bitcoin Certificates (SBCs) to miners who are verified to use renewable and clean energy. SBS’s investors include BitDeer, Hawksburn Capital, New Layer Capital, BlackPine, Stacks Accelerator and prominent angels in institutional finance. For more information about SBS or to become a SBS partner, visit www.sustainablebtc.org 

Investor Relations Contact

Matt Schultz, Executive Chairman
ir@cleanspark.com 

Media Contacts

Isaac Holyoak
pr@cleanspark.com 

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com 

FAQ

What is the partnership between CleanSpark and Sustainable Bitcoin Standard (CLSK)?

CleanSpark has partnered with Sustainable Bitcoin Standard to provide verifiable ‘Proof of Sustainable Mining’ certificates for sustainably mined bitcoins.

How does CleanSpark ensure sustainability in bitcoin mining (CLSK)?

CleanSpark focuses on using clean energy and has partnered with SBS to obtain Sustainable Bitcoin Certificates, validating its sustainable mining practices.

Why is the partnership with SBS important for CleanSpark (CLSK)?

The partnership enhances CleanSpark's credibility in the market and helps attract institutional investors concerned with ESG commitments.

What are Sustainable Bitcoin Certificates (SBC) (CLSK)?

SBCs are issued by SBS to bitcoin miners who use verified renewable energy, providing proof of sustainable mining.