CleanSpark Releases November 2024 Bitcoin Mining Update

Rhea-AI Summary

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.

Positive

• Achieved record daily bitcoin production of 21.65 BTC
• Increased hashrate by 7% and efficiency by 6% month-over-month
• Holds substantial bitcoin reserves of 9,297 BTC
• Sold bitcoin at high average price of $84,356
• On track to expand hashrate to 37 EH/s by year-end

Negative

• Reduced bitcoin mining output compared to monthly average (622 vs previous daily average of ~640)
• Decreased bitcoin holdings through sale of 26.11 BTC

Insights

Mining Operations Analyst

The November operational update reveals strong execution with 622 bitcoin mined and a significant 7% hashrate increase to 33.7 EH/s. The company's strategic expansion continues with new facilities in Clinton, MS adding 1 EH/s and progress in Wyoming set to add 5 EH/s. The efficiency improvements to 19.05 J/Th and bitcoin holdings of 9,297 demonstrate operational excellence.

The average daily production of 20.72 bitcoin at current prices represents substantial revenue generation. The bitcoin sales of only 26.11 BTC at $84,356 per coin shows strong balance sheet management and confidence in bitcoin's value proposition. The progression toward 37 EH/s by year-end and 50 EH/s target positions CLSK as a major player in the mining sector.

Mines 622 bitcoin and achieves daily production high of over 21 bitcoin

Increases hashrate and efficiency month over month by over 7% and 6% respectively

LAS VEGAS, Dec. 3, 2024 /PRNewswire/ -- CleanSpark Inc. (Nasdaq: CLSK), America's Bitcoin Miner® (the "Company"), today released its unaudited bitcoin mining and operations update for the month ending November 30, 2024.

"Our teams have been relentlessly executing, making progress towards our year-end hashrate goal of 37 EH/s while improving our efficiency," said CleanSpark CEO Zach Bradford. "Two turnkey bitcoin mining sites near Clinton, MS, have been completed and are expected to be fully operational providing an added 1 EH/s by the end of this week. We then expect expansion projects in Tennessee to go live by mid-month, that paired with our ongoing upgrades will bring us over our year-end target of 37 EH/s. We have our eyes on 2025, and our plan is to continue growing beyond 50 EH/s in the coming quarters."

November Bitcoin Mining Update (unaudited)

• Bitcoin mined in November: 622
• CY2024 bitcoin mined: 6,356
• Total bitcoin holdings as of November 30: 9,297¹
• Total bitcoin sold in November: 26.11
• Deployed fleet: 195,059
• Month end fleet efficiency: 19.05 J/Th
• Month-end operating hashrate: 33.7 EH/s

Throughout November 2024, the Company's average hashrate was 32.32 EH/s and average fleet efficiency was 19.59 J/Th, resulting in an average of 20.72 bitcoin mined daily. The single day high reached 21.65 bitcoin. The Company sold 26.11 bitcoin during November 2024 at an average price of approximately $84,356 per bitcoin.

¹ As of November 30, 2024, CleanSpark's bitcoin holdings were 9,297 in total (803 bitcoin of this amount was posted as collateral).

Additional Updates
Clinton, Mississippi. Two bitcoin mining sites near Clinton were delivered to CleanSpark turnkey ready and are energized as of December 2, 2024. Once completed installation this week, the sites will house S21 pro miners with an expected combined operating hashrate of approximately 1 EH/s.

Cheyenne, Wyoming: The construction of two immersion-cooled bitcoin mining data centers totaling 75 MW is underway. The connection of high-line voltage from the substation is complete for both sites. Immersion cooling equipment is being delivered and will continue this month. Each site will house the latest generation S21 immersion XPs, adding an estimated 5 EH/s in total to CleanSpark's hashrate once installed and energized.

About CleanSpark 
CleanSpark (Nasdaq: CLSK), America's Bitcoin Miner®, is a market-leading, pure play Bitcoin miner with a proven track record of success. We own and operate a portfolio of mining facilities across the United States powered by globally competitive energy prices. Sitting at the intersection of Bitcoin, energy, operational excellence and capital stewardship, we optimize our mining facilities to deliver superior returns to our shareholders. Monetizing low-cost, high reliability energy by securing the most important finite, global asset – Bitcoin – positions us to prosper in an ever-changing world. 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: the build-out and energization of the Clinton, Mississippi sites; power availability, mining activities, and target goals in Tennessee; 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                                                                                              

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SOURCE CleanSpark, Inc.

FAQ

How many bitcoins did CleanSpark (CLSK) mine in November 2024?

CleanSpark mined 622 bitcoins in November 2024.

What was CleanSpark's (CLSK) hashrate at the end of November 2024?

CleanSpark's month-end operating hashrate was 33.7 EH/s.

How many bitcoins did CleanSpark (CLSK) sell in November 2024?

CleanSpark sold 26.11 bitcoins in November 2024 at an average price of $84,356 per bitcoin.

What is CleanSpark's (CLSK) year-end hashrate target for 2024?

CleanSpark's year-end hashrate target for 2024 is 37 EH/s.