CleanSpark Releases March 2024 Bitcoin Mining Update
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Insights
The recent update from CleanSpark Inc. regarding its increased bitcoin mining output and substantial holdings reflects positively on the company's operational efficiency and growth strategy. A 24% month-over-month increase in mined bitcoin signifies improved productivity, likely driven by the expansion in Sandersville and acquisitions in Mississippi. The company's hashrate, a measure of computational power, surpassing 16 EH/s and approaching 17 EH/s, is a strong indicator of its competitive position in the mining sector.
From a financial perspective, the company's bitcoin treasury exceeding 5,000 units alongside a cash balance of over $300 million provides a robust foundation for future growth and potential mergers and acquisitions. This capital reserve positions CleanSpark aggressively in a consolidating market, potentially leading to increased shareholder value. However, the bitcoin market's volatility and the upcoming 'halving' event, which will reduce mining rewards, present risks that need to be managed strategically.
The cryptocurrency mining industry is facing a pivotal moment with the approaching bitcoin 'halving,' which historically impacts mining profitability. CleanSpark's proactive measures, such as fully funding the purchase of new mining rigs and planning for post-halving operations, demonstrate strategic foresight. The company's emphasis on energy efficiency is also noteworthy, as it aligns with broader market trends prioritizing sustainability.
The market should also consider the implications of CleanSpark's ambitious target of reaching 50 EH/s. If achieved, this would significantly enhance their mining capacity, potentially increasing their market share. However, investors should be aware of the sector's inherent risks, including regulatory challenges and fluctuating cryptocurrency prices, which could affect the company's performance and the industry's outlook.
CleanSpark's focus on energy efficiency is a critical aspect of their operations, particularly in an industry scrutinized for its environmental impact. The company's efforts to maintain an energy-efficient bitcoin mining fleet may provide a competitive edge, especially as global sentiment shifts towards sustainable practices. The energization of the Dalton site, with 15 megawatts of power, reflects the company's expansion strategy and commitment to scaling operations responsibly.
Investors should monitor CleanSpark's energy management closely, as it could lead to operational cost savings and align with potential regulatory changes favoring green initiatives. The company's ability to scale while maintaining energy efficiency will be a key factor in its long-term success and attractiveness to environmentally conscious investors.
The Company mined 806 bitcoin in March, up
"March results were the pay-off for our hard work and tremendous growth over the last few months as it was the first full month with the
"With the capital on hand we have now fully funded the remaining payments of all 160,000 S21s that we announced in January. We are prepared to thrive post-halving. We are now looking beyond halving and expect to be highly active over the coming months given that we have the balance sheet and capital tools to make us one of the most aggressive acquirers in the industry.
"Opportunities are prevalent, and we believe the consolidation prospects, which have been discussed abundantly throughout the industry for some time, are more relevant than ever before. Being prepared to act on the opportunities that meet the CleanSpark standard will be our focus for the balance of the year. We now have all the tools in place to be best positioned for action. We look forward to sharing more in the coming weeks and months as we continue our extraordinary journey to 50 EH/s while maintaining one of the most energy efficient bitcoin mining fleets in the world."
March Bitcoin Mining Update (unaudited)
- Bitcoin mined in March: 806
- CY2024 bitcoin mined: 2,031
- Total bitcoin holdings as of March 31: 5,021
- Total bitcoin sold in March: 3.37
- Deployed fleet: 133,963
- Month-end fleet efficiency: 24.63
- Current hashrate: 16.4
The Company sold 3.37 bitcoin in March 2024 at an average of approximately
Operational Update
Dalton energization.
Construction of the Company's recent Dalton acquisition is nearing completion. Fifteen megawatts of power are scheduled to be turned on early this week; we expect to promptly begin racking miners upon energization. Once miners are racked, this site will bring CleanSpark's operating hashrate to over 17 EH/s. It is expected to be fully operational on or before April 12. This site marks the first step of adding 3 EH/s in the coming quarter to reach 20 EH/s.
About CleanSpark
CleanSpark (Nasdaq: CLSK) is America's Bitcoin Miner™. We own and operate 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: anticipated additions 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
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SOURCE CleanSpark, Inc.
FAQ
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When is CleanSpark's Dalton acquisition expected to be fully operational?
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