CleanSpark Releases December 2022 Bitcoin Mining Update

Rhea-AI Summary

CleanSpark, Inc. (CLSK) reported a significant increase in bitcoin production for 2022, mining a total of 4,621 bitcoins, representing a 200% increase from the previous year. In December alone, the company mined 464 bitcoins, achieving a daily high of 22 bitcoins. Despite a slight decrease in production in December due to winter storm Elliot, operations resumed rapidly. As of December 31, CleanSpark held 228 bitcoins and generated $8.7 million in revenues from the sale of 517 bitcoins.

Positive

• 200% increase in annual bitcoin production.
• Record of 4,621 bitcoins mined in 2022.
• High daily bitcoin production reaching 22.
• Strong sales generating $8.7 million.

Negative

• Production impacted by winter storm Elliot, temporarily shutting down operations.

Company hits new daily production high of 22 bitcoin; Mines a record 4,621 bitcoin for calendar year 2022, up 200% from the prior calendar year

LAS VEGAS, Jan. 04, 2023 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), America’s Bitcoin Miner™, today released its unaudited bitcoin mining and operations update for the month ending December 31, 2022. 

“Calendar year 2022 has been an incredible year of growth for CleanSpark and I’m so grateful to the teams that have made it all possible. Among our many accomplishments this year, I’m most proud of increasing our annual bitcoin production by over 200% as we expanded our fleet and the number of mining campuses we own and operate throughout Georgia,” said Zach Bradford, CEO. “These accomplishments were helped along by a capital strategy that allowed us to take full advantage of the bear market, making us one of the few public miners to dramatically expand our fleet. Even in this down market, we are committed to the promise of bitcoin and are proud to be part of the global network that keeps it secure for millions of users across the world.

“This year’s incredible growth was marginally impacted by winter storm Elliot. It forced us to curtail for a few days for the safety of our people and our infrastructure, and to protect the public good by ensuring grid stability during the most dramatic temperatures caused by the polar vortex. While we did not know exactly when the freezing temperatures would hit, they weren’t unexpected, so we were able to prepare our operations well in advance. That preparation allowed us to safely power down our operations and to therefore expertly manage our bitcoin production margins in response to unusually high power rates and the extreme cold. The overall effect was a slight decline in our monthly production from November. Since last week, all machines are back up and running at our full fleet capacity of 6.2 EH/s.”

December Bitcoin Mining Update (unaudited)

• Bitcoin mined in December: 464
• 2022 Calendar year bitcoin mined: 4,621
• Total BTC holdings as of December 31: 228
• Total BTC converted for operations and growth in December: 517
• Currently deployed fleet of about 63,700 latest-generation bitcoin miners with a hashrate of 6.2 EH/s, up 13% from November 2022 and up 225% from December 2021

The Company funded growth and operations through the sale of 517 bitcoins in December 2022 at an average of approximately $17K per BTC. Sales of BTC equated to proceeds of approximately $8.7 million. December daily BTC mined averaged about 15 and reached a high of 22.

Operational Updates

Winter Storm Elliot. A severe weather event in late December impacted most of the Company’s operations in Georgia, forcing the powering down of 98% of its machines from December 23 to mid-day December 28. The fleet was gradually powered back on when temperatures and humidity made it safe to do so. 

While the Company’s Norcross site, which deploys indoor immersion cooling, was not immediately impacted by the weather, the Company’s commitment to curtailing for the public good combined with the variable power rates associated with the facility, resulted in those machines also coming offline. 

In addition to the Company’s Georgia facilities, there was also an impact to its hosted machines in upstate New York during the same period. 

CleanSpark closely monitors severe weather events for the health and safety of its teams, infrastructure, and the greater grid. 

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.

Investor Relations Contact: 
Matt Schultz
ir@cleanspark.com

Media Contacts: 
Isaac Holyoak                                           
pr@cleanspark.com                                                       

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com

FAQ

What was CleanSpark's bitcoin production for 2022?

CleanSpark mined a total of 4,621 bitcoins in calendar year 2022, which is a 200% increase from the previous year.

How many bitcoins did CleanSpark mine in December 2022?

In December 2022, CleanSpark mined 464 bitcoins.

What was CleanSpark's highest daily bitcoin production in December 2022?

The highest daily bitcoin production by CleanSpark in December 2022 was 22 bitcoins.

What financial impact did CleanSpark report from bitcoin sales in December 2022?

CleanSpark generated approximately $8.7 million from the sale of 517 bitcoins in December 2022.

How did weather affect CleanSpark's operations in December 2022?

Winter storm Elliot led to a temporary shutdown of 98% of CleanSpark's machines from December 23 to December 28, 2022.