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CleanSpark Inc. (Nasdaq: CLSK) is a leading company in the bitcoin mining industry, focused on delivering sustainable and reliable energy solutions. The company was founded in 2013 by Michael Firenze, Art Villanueva, and Bryan Huber. Initially, CleanSpark's vision was to empower communities through advanced energy management technologies, such as fractal grid technologies and federated enterprise services, to create sustainable energy solutions for various sectors including institutional, commercial, industrial, and residential clients.
Over time, CleanSpark shifted its core focus to bitcoin mining. The company leverages its expertise in energy efficiency to operate highly effective and low-carbon data centers dedicated to mining bitcoin. Through strategic acquisitions like that of ATL Data Centers, CleanSpark has become a significant player in the bitcoin mining sector. The company's infrastructure supports bitcoin—a critical digital commodity for financial independence and inclusion.
CleanSpark is known for its innovative Flex Power System, which provides energy security at or below current electricity prices, making it cost-effective for up to 25 years or more. As of the latest updates, the company has made substantial progress in its operational capacity. Recent achievements include a 60% increase in hashrate and significant additions to their bitcoin treasury, which now holds nearly 5,000 bitcoins.
In addition to its core mining operations, CleanSpark continues to expand its footprint. The company's acquisition of new sites in Mississippi and Georgia has bolstered their total operating hashrate to over 17 EH/s. Moreover, the company plans to acquire additional facilities in Wyoming, which are expected to add further operational capacity.
Financially, CleanSpark is robust, reporting significant revenue increases and maintaining a strong balance sheet with almost $700 million in cash and bitcoin, and minimal debt. The company's dedication to transparency and trust is evident in their regular updates and investor communications.
Overall, CleanSpark Inc. is not only pioneering in the bitcoin mining sector but also promoting sustainable and efficient energy use, positioning itself as a forward-thinking leader in both the technological and financial landscapes. For more information, visit their website at www.cleanspark.com.
CleanSpark (CLSK) has achieved a significant milestone by accumulating over 10,097 bitcoin in its treasury, all self-mined from U.S.-based operations. The company reported a remarkable 236% year-over-year increase in its bitcoin holdings, demonstrating substantial growth in a dynamic market environment.
The achievement marks significant progress since the company mined its first bitcoin in December 2021. CleanSpark's strategy focuses on avoiding unfavorable counterparty exposure and leveraging bitcoin to lower capital costs, emphasizing sustainable growth and operational excellence in the U.S. bitcoin mining sector.
CleanSpark (CLSK) released its December 2024 bitcoin mining update, reporting 668 bitcoin mined in December and a total of 7,024 bitcoin produced in 2024. The company achieved significant growth with a 287.9% hashrate increase and 33.3% efficiency improvement year over year, reaching 39.1 EH/s operating hashrate by year-end.
Key operational highlights include a $650 million zero-coupon convertible notes offering, expansion into three new states, and completion of multiple site expansions. The company's bitcoin holdings stood at 9,952 as of December 31, with only 12.65 bitcoin sold during December at an average price of $101,246.
Notable developments include fully operational facilities in Clinton, Mississippi (1 EH/s), progress in Jackson, Tennessee (projected 3.7 EH/s), and advancement in Cheyenne, Wyoming (expected 5 EH/s). The company aims to achieve 50 EH/s by mid-2025.
CleanSpark (CLSK) has surpassed its 2024 year-end target by achieving 37.5 EH/s in operating hashrate with a fleet efficiency of 17.7 J/Th. The company has energized new data centers in Tennessee and Wyoming as part of a multistage process. Following a recent $650 million zero-coupon convertible bond offering, CleanSpark has accelerated its 50 EH/s target to the first half of 2025. The expansion will be funded through greenfield development, organic growth, and strategic M&A.
The company's hashrate has expanded nearly 300% since early 2024, with operations across Georgia, Wyoming, Tennessee, Mississippi, and New York. CleanSpark's bitcoin treasury is approaching 10,000 bitcoin, all self-mined, demonstrating strong operational performance.
CleanSpark (CLSK) has completed its previously announced $650 million offering of 0.00% Convertible Senior Notes due 2030, including the full exercise of a $100 million option by initial purchasers. The company implemented capped call transactions with a cap price of $24.66 per share and repurchased 11.76 million shares for approximately $145 million.
The net proceeds of approximately $633.6 million will be used for capital expenditures, potential acquisitions, and general corporate purposes. About $90.4 million was allocated to capped call transactions, and $145.0 million for share repurchases. The company plans to use the funds to support growth to 50 EH/s and continue adding mined bitcoin to its balance sheet.
CleanSpark (CLSK) has announced the pricing of $550 million in 0.00% Convertible Senior Notes due 2030. The notes will be sold to qualified institutional buyers under Rule 144A. The conversion price is set at $14.80 per share, representing a 20% premium to the closing price of $12.33.
The company plans to use the net proceeds of approximately $535.9 million for: $76.5 million for capped call transactions, $145 million for share repurchases from note investors, and the remainder for debt repayment, capital expenditures, acquisitions, and general corporate purposes. The notes include capped call transactions with an initial cap price of $24.66 per share, representing a 100% premium to the current stock price.
CleanSpark (CLSK) has announced plans to offer $550 million in convertible senior notes due 2030, with an option for initial purchasers to buy an additional $100 million. The notes will be offered privately to qualified institutional buyers under Rule 144A.
The company plans to use the proceeds to fund capped call transactions, repurchase up to $125 million of common stock, repay Coinbase credit line, and for capital expenditures and acquisitions. The notes will be senior unsecured obligations, bearing no regular interest, and will be convertible into cash, common stock, or a combination thereof at CleanSpark's election.
The conversion terms will be determined during pricing negotiations. CleanSpark will enter into capped call transactions to reduce potential dilution and offset cash payments above principal amount upon conversion.
CleanSpark released its November 2024 bitcoin mining update, reporting 622 bitcoin mined with a daily production high of 21.65 bitcoin. The company achieved a month-end operating hashrate of 33.7 EH/s with fleet efficiency of 19.05 J/Th, representing increases of 7% and 6% respectively. Two new mining sites in Clinton, MS, are expected to add 1 EH/s, while expansion projects in Tennessee will help reach the year-end target of 37 EH/s. The company sold 26.11 bitcoin at an average price of $84,356 and held 9,297 bitcoin by month-end. Construction of two immersion-cooled facilities in Wyoming is progressing, expected to add 5 EH/s.
CleanSpark reported strong financial results for FY2024, with revenue increasing 125% year-over-year to $378.9 million. The company's hashrate surpassed 33.5 EH/s, with plans to reach 37 EH/s by year-end and 50 EH/s in 2025. Despite posting a net loss of $145.8 million, adjusted EBITDA improved significantly to $245.8 million. The company's balance sheet shows $122.2 million in cash and $509.5 million in Bitcoin holdings (8,049 BTC). CleanSpark expanded its operating portfolio to 726 MW through both M&A and organic growth, maintaining strong performance despite the Bitcoin halving event.
CleanSpark Inc. (Nasdaq: CLSK) has announced it will host a webcast to discuss its fiscal full year 2024 financial results on Monday, December 2, 2024, at 4:30 p.m. EST/ 1:30 p.m. PST. The financial results will be released after regular trading hours on the same day. Transcripts and downloadable files will be made available on the company's website within 48 hours after the event.
CleanSpark (Nasdaq: CLSK) announced the resumption of trading of its common stock on Nasdaq at 10:15am EST on November 11, 2024.
The trading halt was previously imposed by Nasdaq due to a clerical error related solely to the outstanding warrants.
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