CleanSpark Releases October 2022 Bitcoin Mining Update

Rhea-AI Summary

CleanSpark Inc. (Nasdaq: CLSK) announced a record 532 bitcoin mined in October, marking a 19% increase from September. The company's total bitcoin mined for 2022 is now 3,622. CleanSpark also reported a 20% increase in hashrate for two consecutive months, and currently operates with about 54,000 miners and a hashrate of 5.1 EH/s. In October, 836 bitcoins were sold at an average of $19,340 each, resulting in proceeds of approximately $16.1 million. The company continues to emphasize its commitment to sustainable energy and infrastructure.

Positive

• Mined a record 532 bitcoin in October 2022, a 19% increase from September.
• Total bitcoin mined year-to-date stands at 3,622.
• 20% increase in hashrate for two consecutive months.
• Current fleet includes 54,000 miners with a hashrate of 5.1 EH/s, up 23% from September.
• Generated approximately $16.1 million from the sale of 836 bitcoins.

Negative

• None.

Company mined a record 532 bitcoin in October, up 19% from September

LAS VEGAS, Nov. 03, 2022 (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 calendar year-to-date ending October 31, 2022. 

“I’m excited to announce that phase two of our immersion-cooled mining campus in Norcross is now officially complete and hashing. The progress there has translated into another record-breaking month for us, mining a total of 532 bitcoin. And we’ve now seen a 20% increase in our hashrate two months in a row. As I’ve said many times before, these successes are made possible by the hard work of our teams who are absolutely dedicated to ensuring CleanSpark maintains its position as a top publicly traded mining company in North America,” said Zach Bradford, Chief Executive Officer.

Bitcoin Mining & Operations Update (unaudited)

• Bitcoin mined in October: 532, up 19% from September 2022
• Calendar year-to-date bitcoin mined: 3,622 
• Total BTC holdings as of October 31: 290
• Total BTC converted for operations and growth in October: 836
• Currently deployed fleet of about 54,000 latest-generation bitcoin miners with a hashrate of 5.1 EH/s as of October 31, up 23% from September 2022

The Company funded growth and operations through the sale of 836 bitcoins in October 2022 at an average of approximately $19,340 per BTC. Sales of BTC equated to proceeds of approximately $16.1 million. October daily BTC mined reached a high of 19.2.

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 began applying 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 is a Forbes 2022 America's Best Small Company and holds the 44th spot on the Financial Times' List of the 500 Fastest Growing Companies in the Americas. 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 were CleanSpark's bitcoin mining results for October 2022?

CleanSpark mined a record 532 bitcoin in October 2022, up 19% from September.

How much bitcoin has CleanSpark mined in 2022?

CleanSpark has mined a total of 3,622 bitcoin year-to-date as of October 31, 2022.

What is CleanSpark's current hashrate as of October 2022?

As of October 31, 2022, CleanSpark's hashrate is 5.1 EH/s, which is a 23% increase from September.

How much revenue did CleanSpark generate from bitcoin sales in October 2022?

CleanSpark generated approximately $16.1 million from the sale of 836 bitcoins at an average price of $19,340.