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CleanSpark Inc. (CLSK)

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CleanSpark Reports Second Quarter FY2023 Financial Results

May 10, 2023 4:00 PM

CleanSpark Reports Second Quarter FY2023 Financial Results

PR Newswire

Second quarter revenue of $ 42.5 million, GAAP net loss of $(18.5) million and Adjusted EBITDA of $12.7 million ; Mined 1,871 Bitcoin , a 109% increase over same prior year period

LAS VEGAS , May 10, 2023 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company"), America's Bitcoin Miner™, today reported financial results for the three and six months ended March 31, 2023 .

"This has been a quarter of execution as we've made major progress toward achieving our stated year-end target of 16 EH/s," said Chief Executive Officer Zach Bradford . "Our planned expansions are proceeding according to timelines, with Washington expected to be fully operational next month and with the Sandersville land already graded and ready to start construction. Importantly, we've acquired 99% of the machines, either under contract or in transit, to fill these facilities. The addition of these machines into our fleet, most of which are Bitmain's XPs, are expected to make us one of the most efficient miners on the network, positioning us to take optimal advantage of halving next year."

"The rebound in bitcoin prices translated to greater gross profit margins and cash flow in the second quarter," said Chief Financial Officer Gary A. Vecchiarelli . "Our increased gross profit margins and stable cost structure resulted in 30% adjusted EBITDA margins and will also help grow our bitcoin balance going forward."

Q2 Financial Highlights

Financial Results for the Three Months Ended March 31, 2023

Revenues for the quarter were $42.5 million , an increase of $5.3 million , or 14%, from $37.2 million for the same prior year period.
The Company recognized a GAAP net loss for the three months ended March 31, 2023 , of $(18.5) million , compared to a GAAP net loss of $(0.2) million for the same prior year period.
Adjusted EBITDA* decreased to $12.7 million , compared to Adjusted EBITDA of $19.6 million from the same prior year period.
The Company saw sequential revenues increase in the second quarter of fiscal 2023 compared to the fiscal quarter ended December 31, 2022 . Revenues increased $14.7 million , or 53%, from the preceding first quarter. GAAP net loss for the second quarter was $(18.5) million , decreasing $10.5 million from the first quarter GAAP net loss of $(29.0) million . Adjusted EBITDA was $12.7 million , compared to $(1.9) million in the preceding first quarter.

Balance Sheet Highlights as of March 31, 2023

Assets

Cash: $10.3M
Bitcoin : $5.3M
Total Current Assets: $32.9M
Total Mining Assets (including prepaid deposits & miners, net of accumulated depreciation): $367.9M
Total Assets: $531.6M

Liabilities and Stockholders' Equity

Current Liabilities: 41.3M
Total Liabilities: 57.7M
Total Stockholders' Equity: 473.9M

The Company's liquidity, in cash and bitcoin , was approximately $15.6 million as of March 31 , 2023. The Company's debt totaled $17.6 million at March 31, 2023 , as the Company paid down $1.9 million or approximately 11% of its outstanding debt in the second quarter.

*See "Non-GAAP Measure" and "Reconciliation of Adjusted EBITDA" below.

Investor Conference Call and Webcast

The Company will hold its second quarter 2023 earnings presentation and business update for investors and analysts today, May 10, 2023 , at 1:30 p.m. PT / 4:30 p.m. ET .

Webcast URL: https://www.cleanspark.com/investor-relations/clsk-earnings

The webcast will be accessible for at least 30 days on the Company's website and a transcript of the call will be available on the Company's website following the call.

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 .

Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding expectations for growth in the Company's bitcoin holdings and other statements regarding the Company's expectations, beliefs, plans, intentions, and strategies. The Company has tried to identify these forward-looking statements by using words such as "expect," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. We have based these forward-looking statements largely on the Company's current expectations and projections about future events and financial trends that we believe may affect the Company's business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause the Company's 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 success of the Company's bitcoin mining activities; the volatility of bitcoin value and energy prices; disruptions in the crypto asset markets; market perception of the Company's business and the crypto asset markets generally; 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 and power rates; the ability to successfully integrate newly acquired operations; the risk that future revenue growth may not be realized; the impact of global pandemics (including COVID-19) and inflation on logistics and shipping; security and cybersecurity threats and hacks; 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 and any subsequent filings with the SEC. The forward-looking statements in this release are inherently uncertain, and investors are cautioned not to unduly rely upon these statements. We undertake no obligation to revise or update these forward-looking statements or any of the foregoing factors, except as expressly required by applicable law.

Non-GAAP Measure

The Company presents adjusted EBITDA, which is not a measurement of financial performance under generally accepted accounting principles in the United States ("GAAP"). The Company's non-GAAP "Adjusted EBITDA" excludes (i) impacts of interest, taxes, and depreciation; (ii) the Company's share-based compensation expense, unrealized gains/losses on securities, and, changes in the fair value of contingent consideration with respect to previously completed acquisitions, all of which are non-cash items that the Company believes are not reflective of the Company's general business performance, and for which the accounting requires management judgment, and the resulting expenses could vary significantly in comparison to other companies; (iii) non-cash impairment losses related to long-lived assets (including goodwill); (iv) realized gains and losses on sales of equity securities, the amounts of which are directly related to the unrealized gains and losses that are also excluded; (v) legal fees related to litigation and various transactions, which fees management does not believe are reflective of the Company's ongoing operating activities; (vi) gains and losses on disposal of assets, the majority of which are related to obsolete or unrepairable machines that are no longer deployed; (vii) gains and losses related to discontinued operations that would not be applicable to the Company's future business activities; and (viii) severance expenses. The Company previously excluded non-cash impairment losses related to digital assets and realized gains and losses on sales of bitcoin from our calculation of adjusted EBITDA, but has determined such items are part of the Company's normal ongoing operations and will no longer be excluding them from our calculation of adjusted EBITDA.

Management believes that providing this non-GAAP financial measure that excludes these items allows for meaningful comparisons between the Company's core business operating results and those of other companies, and provides the Company with an important tool for financial and operational decision making and for evaluating its own core business operating results over different periods of time. In addition to management's internal use of non-GAAP adjusted EBITDA, management believes that adjusted EBITDA is also useful to investors and analysts in comparing the Company's performance across reporting periods on a consistent basis. Management believes the foregoing to be the case even though some of the excluded items involve cash outlays and some of them recur on a regular basis (although management does not believe any of such items are normal operating expenses necessary to generate our bitcoin related revenues). For example, the Company expects that share-based compensation expense, which is excluded from adjusted EBITDA, will continue to be a significant recurring expense over the coming years and is an important part of the compensation provided to certain employees, officers, and directors. Additionally, management does not consider any of the excluded items to be expenses necessary to generate the Company's bitcoin related revenue.

The Company's adjusted EBITDA measure may not be directly comparable to similar measures provided by other companies in our industry, as other companies in the Company's industry may calculate non-GAAP financial results differently. The Company's adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered as an alternative to operating (loss) income or any other measure of performance derived in accordance with GAAP. Although management utilizes internally and presents adjusted EBITDA, the Company only utilizes that measure supplementally and does not consider it to be a substitute for, or superior to, the information provided by GAAP financial results.

Accordingly, adjusted EBITDA is not meant to be considered in isolation of, and should be read in conjunction with, the information contained in the Company's Consolidated Financial Statements, which have been prepared in accordance with GAAP.

CLEANSPARK, INC. CONSOLIDATED BALANCE SHEETS ($ in thousands, except par value and share amounts)

	March 31, 2023		September 30, 2022
	(Unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	10,345	$	20,463
Accounts receivable, net		47		27
Inventory		746		216
Prepaid expense and other current assets		8,702		7,931
Bitcoin		5,267		11,147
Derivative investment asset		1,741		2,956
Investment in debt security, AFS, at fair value		668		610
Current assets held for sale		5,390		7,426
Total current assets	$	32,906	$	50,776

Property and equipment, net	$	440,253	$	376,781
Operating lease right of use asset		5,402		551
Intangible assets, net		5,696		6,485
Deposits on mining equipment		34,020		12,497
Other long-term asset		4,640		3,990
Goodwill		8,043		—
Long-term assets held for sale		593		1,545
Total assets	$	531,553	$	452,625

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued liabilities	$	31,334	$	24,662
Operating lease liability		119		113
Finance lease liability		216		260
Contingent consideration		2,000		—
Current portion of long-term loans payable		7,248		7,786
Dividends payable		21		21
Current liabilities held for sale		344		1,199
Total current liabilities	$	41,282	$	34,041
Long-term liabilities
Operating lease liability, net of current portion		5,522		447
Finance lease liability, net of current portion		71		180
Loans payable, net of current portion		10,371		13,433
Long-term liabilities held for sale		426		512
Total liabilities	$	57,672	$	48,613

CLEANSPARK, INC. CONSOLIDATED BALANCE SHEETS (continued) ($ in thousands, except par value and share amounts

	March 31, 2023		September 30, 2022
	(Unaudited)
Stockholders' equity
Common stock; $0.001 par value; 300,000,000 shares authorized; 96,950,555 and 55,661,337 shares issued and outstanding, respectively		97		56
Preferred stock; $0.001 par value; 10,000,000 shares authorized; Series A shares; 2,000,000 authorized; 1,750,000 and 1,750,000 issued and outstanding, respectively		2		2
Additional paid-in capital		717,159		599,898
Accumulated other comprehensive income		168		110
Accumulated deficit		(243,545)		(196,054)
Total stockholders' equity		473,881		404,012

Total liabilities and stockholders' equity	$	531,553	$	452,625

CLEANSPARK, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited, in thousands, except per share and share amounts)

	For the three months ended				For the six months ended
	March 31, 2023		March 31, 2022		March 31, 2023		March 31, 2022
Revenues, net
Bitcoin mining revenue, net	$	42,488	$	36,965	$	70,234	$	73,940
Other services revenue		58		233		131		383
Total revenues, net	$	42,546	$	37,198	$	70,365	$	74,323

Costs and expenses
Cost of revenues (exclusive of depreciation and amortization shown below)		22,082		8,684		42,498		14,320
Professional fees		3,750		1,059		6,581		4,161
Payroll expenses		9,750		8,806		19,552		16,134
General and administrative expenses		4,329		2,773		8,053		4,589
Loss (gain) on disposal of assets		3		(921)		3		(643)
Other impairment expense (related to bitcoin)		194		812		277		7,034
Realized (gain) loss on sale of bitcoin		(1,422)		2,734		(905)		(7,261)
Depreciation and amortization		21,346		10,452		40,675		17,879
Total costs and expenses	$	60,032	$	34,399	$	116,734	$	56,213

(Loss) Income from operations		(17,486)		2,799		(46,369)		18,110

Other income (expense)
Other income		11		308		11		308
Change in fair value of contingent consideration		—		291		485		346
Realized gain on sale of equity security		—		—		—		1
Unrealized loss on equity security		—		—		—		(2)
Unrealized (loss) gain on derivative security		56		(1,410)		(1,215)		(1,111)
Interest income		52		52		122		85
Interest expense		(799)		(8)		(1,688)		(61)
Total other (expense) income		(680)		(767)		(2,285)		(434)

(Loss) Income before income tax (expense) or benefit		(18,166)		2,032		(48,654)		17,676
Income tax expense		—		—		—		—
(Loss) income from continuing operations	$	(18,166)	$	2,032	$	(48,654)	$	17,676

Discontinued operations
Income (loss) from discontinued operations	$	(294)	$	(2,203)	$	1,163	$	(3,361)
Income tax (expense) or benefit		—		—		—		—
Income (loss) on discontinued operations	$	(294)	$	(2,203)	$	1,163	$	(3,361)

Net (loss) income	$	(18,460)	$	(171)	$	(47,491)	$	14,315

Preferred stock dividends		—		20		—		335

Net (loss) income attributable to common shareholders	$	(18,460)	$	(191)	$	(47,491)	$	13,980

Other comprehensive income		29		28		58		46

Total comprehensive (loss) income attributable to common shareholders	$	(18,431)	$	(163)	$	(47,433)	$	14,026

CLEANSPARK, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (continued) (Unaudited, in thousands, except per share and share amounts)

	For the three months ended				For the six months ended
	March 31, 2023		March 31, 2022		March 31, 2023		March 31, 2022
(Loss) income from continuing operations per common share - basic	$	(0.23)	$	0.05	$	(0.66)	$	0.42

Weighted average common shares outstanding - basic		80,469,471		41,336,342		73,450,877		40,802,319

(Loss) income from continuing operations per common share - diluted		(0.23)		0.05		(0.66)		0.42

Weighted average common shares outstanding - diluted		80,469,471		41,395,075		74,032,082		40,861,052

(Loss) income on discontinued operations per common share - basic	$	(0.00)	$	(0.05)	$	0.02	$	(0.08)

Weighted average common shares outstanding - basic		80,469,471		41,336,342		73,450,877		40,802,319

(Loss) income on discontinued operations per common share - diluted	$	(0.00)	$	(0.05)	$	0.02	$	(0.08)

Weighted average common shares outstanding - diluted		80,469,471		41,395,075		74,032,082		40,861,052

CLEANSPARK, INC. RECONCILIATION OF ADJUSTED EBITDA (UNAUDITED)
	Three Months Ended March 31,
	2023				2022
Revenues, net
Bitcoin mining, net	$	42,488			$	36,965
Other services revenue		58				233
Total revenues, net	$	42,546			$	37,198

Net (loss) income	$	(18,460)			$	(171)
Adjustments:
Loss on discontinued operations	$	294			$	2,203
Depreciation and amortization		21,346				10,452
Share-based compensation expense		5,743				6,554
Change in fair value of contingent consideration		—				(291)
Unrealized (gain) loss on derivative security		(56)				1,410
Interest income		(52)				(52)
Interest expense		799				8
Loss (gain) on disposal of assets		3				(921)
Litigation related expenses	3,056				116
Legal fees related to financing & business development transactions	48				41
Severance related expenses	—				289
Total Adjusted EBITDA*	$	12,721			$	19,638

			Three months ended December 31, 2022
Revenues, net
Bitcoin mining, net			$	27,746
Other services revenue				73
Total revenues, net			$	27,819

Net loss			$	(29,031)
Adjustments:
Gain on discontinued operations			$	(1,457)
Depreciation and amortization				19,329
Share-based compensation expense				5,878
Change in fair value of contingent consideration				(485)
Unrealized loss on derivative security				1,271
Interest income				(70)
Interest expense				889
Litigation related expenses				1,163
Legal fees related to financing & business development transactions					542
Total Adjusted EBITDA			$	(1,971)

* Does not exclude non-cash impairment losses related to digital assets in the amounts of $194, $812 and $83 for three months ended March 31, 2023, the three months ended March 31, 2022, and the three months ended December 31, 2022, respectively, or realized gains (losses) on sales of bitcoin in the amounts of $1,422, ($2,734) and ($517) for three months ended March 31, 2023, the three months ended March 31, 2022 and the three months ended December 31, 2022, respectively.

Investor Relations Contact
Matt Schultz , Executive Chairman
ir@cleanspark.com

Media Contacts
Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com

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SOURCE CleanSpark, Inc.

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CleanSpark Releases April 2023 Bitcoin Mining Update

May 3, 2023 9:00 AM

CleanSpark Releases April 2023 Bitcoin Mining Update

Company mined 524 bitcoin in April; Increased bitcoin holdings 60% to 313

LAS VEGAS, May 03, 2023 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK), America’s Bitcoin Miner™, today released its unaudited bitcoin mining and operations update for the month ending April 30, 2023.

"Our high efficiency measures and low power rates have made meaningful contributions to our margins this month even as difficulty has substantially increased,” said Zach Bradford, CEO. “The result of these efforts is that while we have mined fewer bitcoin this month, the bitcoin we have mined is being driven to our bottom line. As we look to the next few months, we expect Washington to be fully energized, which will bump our hashrate as we maintain our competitive edge in these tight market conditions. We are looking forward to sharing our quarterly performance in more detail, including some exciting updates on our expansion plans in Washington and Sandersville, on our earnings call next week. We hope shareholders and other stakeholders will tune in.”

“We continue to make meaningful progress toward optimizing the operational efficiency of our fleet as we work toward becoming the most efficient miner in North America,” said Taylor Monnig, CleanSpark’s vice president of mining technology . “CleanSpark’s uptime is already apparent in terms of realized hashrate, which is essentially the amount of time our mining operations are fully online. We expect to maintain that edge as the pace of deliveries for the newly released S19J Pro+ machines ramp up and are installed at our Sandersville and Washington facilities. Later this year, Sandersville will also host the bulk of the XPs, 45,000 in total, that we announced a few weeks ago, accelerating important upgrades to our fleet efficiency.”

April Bitcoin Mining Update (unaudited)

Bitcoin mined in April: 524
CY2023 bitcoin mined: 2,395
Total BTC holdings as of April 30: 313
Total BTC converted for operations and growth in April: 407
Currently deployed fleet of about 67,700 latest-generation bitcoin miners with a hashrate of 6.7 EH/s

The Company funded growth and operations through the sale of 407 bitcoins in April 2023 at an average of approximately $29,000 per BTC. Sales of BTC equated to proceeds of approximately $11.8 million. April daily BTC mined averaged 17.47 and reached a high of 18.17.

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 .

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding expectations for expansion of the Company’s Georgia bitcoin mining facilities, increasing our efficiency, and the resulting anticipated benefits to CleanSpark (including as to anticipated additions to CleanSpark’s hashrate and the timing thereof). We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this press release may be forward-looking statements. 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. Forward-looking statements contained in this press release, but are not limited to statements regarding our future results of operations and financial position, industry and business trends, business strategy, expansion plans, market growth and our objectives for future operations.

The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve 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 anticipated timing of the expansion; 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 and any subsequent filings with the SEC. The forward-looking statements in this press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

You should read this press release with the understanding that our actual future results, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this press release. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this press release, whether as a result of any new information, future events or otherwise.

Investor Relations Contact
Matt Schultz
ir@cleanspark.com

Media Contacts
Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com

Isaac Holyoak
CleanSpark Inc.
702-989-7694
pr@cleanspark.com

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CleanSpark Executives to Discuss Fiscal Second Quarter 2023 Financial Results via Webcast

Apr 27, 2023 9:00 AM

CleanSpark Executives to Discuss Fiscal Second Quarter 2023 Financial Results via Webcast

LAS VEGAS, April 27, 2023 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK), America's Bitcoin Miner™, will discuss fiscal second quarter 2023 financial results via a live webcast beginning 4:30 p.m. ET / 1:30 p.m. PT on Wednesday, May 10, 2023. Results will be released after the close of regular trading on May 10, 2023.

To view the webcast, please visit https://www.cleanspark.com/investor-relations .

Downloadable files, including transcripts, will be available on the company website 48 hours after the event.

About CleanSpark

Investor Relations Contact

Matt Schultz
Executive Chairman
ir@cleanspark.com

Media Contacts
Isaac Holyoak
pr@cleanspark.com

Isaac Holyoak
CleanSpark, Inc.
702-989-7694
pr@cleanspark.com

News Provided by GlobeNewswire via QuoteMedia

CleanSpark to Double its Bitcoin Mining Capacity with $144.9M Expansion Deal

Apr 11, 2023 9:00 AM

CleanSpark to Double its Bitcoin Mining Capacity with $144.9M Expansion Deal

The Antminer S19 XP units are the most power-efficient bitcoin mining machines available today; CleanSpark now has approximately 15.9 EH/s of machines on hand or under contract for delivery this year, edging closer to its year-end guidance of 16 EH/s

LAS VEGAS, April 11, 2023 (GLOBE NEWSWIRE) -- CleanSpark Inc. (Nasdaq: CLSK), America’s Bitcoin Miner™, today announced a purchase of 45,000 brand-new units of the Antminer S19 XP bitcoin mining machines for a total price of $144.9 million.

All units are expected to be ready for delivery by the manufacturer before September end, adding, once deployed, over 6.3 exahashes per second (EH/s) of computing power to the company’s current hashrate of 6.7 EH/s, a 95% increase.

“The Antminer S19 XP is the most power-efficient bitcoin mining machine available in the market today, and a key component in our continuing work to build some of the most efficient bitcoin mining facilities in the country,” said Zach Bradford, CEO of CleanSpark. “As bitcoin’s halving draws closer, our focus on operational efficiency, our technical expertise, and our treasury management strategy, will all play a crucial role in solidifying CleanSpark’s position among the top bitcoin mining companies in America.”

According to the purchase agreement, the manufacturer will prepare 25,000 of the 45,000 units for delivery in August, while the remaining 20,000 units are expected to be ready for delivery in September. The Company plans to deploy all of the acquired units at its bitcoin mining facility in Sandersville, Georgia, which is currently undergoing a planned 150 megawatts (MW) expansion. The machines will be deployed in multiple batches as they arrive on site and new rack-space becomes available, with all machines expected to be fully operational before year-end.

“This bear market,” Bradford continued, “has continued to provide us with opportunities to maximize ROI including the opportunity to purchase the industry’s best miner at an industry leading price. We have chosen other units such as the S19 jPro+ over the S19 XP in the past because we believed the gap would close on the delta between the ROI of other units and the XP. Our patience has paid off. Securing these units under contract provides us with approximately 15.9 EH/s of machines on hand or under contract for delivery this year. This is an important step toward our target of 16 EH/s by year end. With approximately 99% of the required servers secured, we have addressed a key variable and can turn our full attention to the build-out of infrastructure at our campuses.”

This most recent miner purchase is in addition to a 20,000 machine purchase announced in February. Those machines are fully paid for and in the process of being delivered to the Company’s Washington facility. They are expected to be energized later this quarter, adding an additional 2.44 EH/s of machines to CleanSpark’s operational hashrate.

“In addition to securing the majority of ASICs needed to reach our guidance, this deal demonstrates, yet again, our ability to make timely purchases based on ROI metrics,” said Gary Vecchiarelli, CleanSpark’s CFO. “That ability is premised on a capital strategy which maintains flexibility as its core tenant and allows us to capitalize on accretive opportunities, such as this transaction, in the marketplace. Securing XPs at these prices means we have one less variable in our capital expenditure equation and puts us well on our way to achieving our year end guidance of 16 EH/s.”

CleanSpark mines bitcoin predominantly with low-carbon energy sources, which account for over 90% of its energy mix, and continues to follow a balanced capital management strategy by selling a portion of its mined bitcoins to reinvest in growth. This strategy, coupled with the Company’s proprietary mining model, has allowed CleanSpark to achieve one of the highest hashrate realization rates among its peers since January 2022.

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 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 .

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding expectations for expansions of the Company’s Sandersville, Georgia and Washington, Georgia bitcoin mining facilities, the resulting anticipated benefits to CleanSpark (including as to anticipated additions to CleanSpark’s hashrate and the timing thereof), and the timing of miner deliveries. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this press release may be forward-looking statements. 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. Forward-looking statements contained in this press release, but are not limited to statements regarding our future results of operations and financial position, industry and business trends, business strategy, expansion plans, market growth and our objectives for future operations.

The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve 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 anticipated timing of the expansions; 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 and any subsequent filings with the SEC. The forward-looking statements in this press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

Investor Relations Contact

Matt Schultz, Executive Chairman
ir@cleanspark.com

Media Contacts

Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
cleanspark@blocksbridge.com

Isaac Holyoak
CleanSpark, Inc.
702-989-7694
pr@cleanspark.com

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CleanSpark Announces Participation at Upcoming Investor Conferences this Spring

Apr 10, 2023 9:00 AM

CleanSpark Announces Participation at Upcoming Investor Conferences this Spring

LAS VEGAS, April 10, 2023 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK), America’s Bitcoin Miner™, today announced that CEO and President Zach Bradford, Executive Chairman Matthew Schultz, and Chief Financial Officer Gary Vecchiarelli will meet with investors and present at two conferences this spring to discuss capital strategy, the evolution of sustainable bitcoin mining, and how bitcoin can incentivize energy development.

Details of the events are as follows:

2023 AIM Summit (London)
April 14, 11:40 a.m. GMT
CleanSpark CEO and President Zach Bradford
Panel: Agility & Evolution in Bitcoin – Sustainable Mining

April 14, 2:05 p.m. GMT
CleanSpark Executive Chairman Matthew Schultz
Keynote: Bitcoin & the Future of Abundant Energy

AIM Summit is a leading platform for discussions surrounding alternative investment developments, global market conditions and trends, and serves as a networking forum for potential business opportunities.

18 th Annual Needham Technology & Media Conference (New York)
May 16 - 18, 2023
CleanSpark Executive Chairman Matthew Schultz and CFO Gary Vecchiarelli

Interested investors can access CleanSpark’s slide presentation beginning Tuesday, May 16, 2023, by visiting the Investor Relations page on CleanSpark’s website at www.cleanspark.com .

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 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, Executive Chairman
ir@cleanspark.com

Media Contacts
Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
cleanspark@blocksbridge.com

Isaac Holyoak
CleanSpark, Inc.
702-989-7694
pr@cleanspark.com

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CleanSpark Releases March 2023 Bitcoin Mining Update

Apr 3, 2023 9:00 AM

CleanSpark Releases March 2023 Bitcoin Mining Update

Company mines 598 bitcoin in the month; Ends the first quarter of the calendar year with 1,871 bitcoin mined, up 22% from the prior quarter; 50MW Washington expansion on schedule

LAS VEGAS, April 03, 2023 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK), America’s Bitcoin Miner™, today released its unaudited bitcoin mining and operations update for the month ending March 31, 2023.

“Our approach to proprietary mining gives us substantial control and flexibility over our destiny and the progress on our Washington expansion is a perfect example,” said Zach Bradford, CEO. “The 50MW expansion is on schedule. The machines have already been purchased and shipping is expected to commence this month. Once those machines are racked and the expansion is energized, our hashrate is expected to increase to about 8.7 EH/s, giving us substantial progress toward our calendar year-end goal of 16 EH/s.

“In this environment, a miner that is not growing is falling behind. As hashrate grows, we also need to grow. Growth takes substantial capital, just as it does in any commodities-based business, especially in the scaling stage. As we scale, we intend to continue to use all capital levers available to us, including equity and bitcoin, carefully balancing both to provide the highest rate of return for our shareholders. We are making the most of the bear market so that we are in position to take full advantage of the next bull market once it inevitably emerges.”

March Bitcoin Mining Update (unaudited)

Bitcoin mined in March: 598
CY2023 bitcoin mined: 1,871
Total BTC holdings as of March 31: 196
Total BTC converted for operations and growth in March: 502

Currently deployed fleet of about 67,700 latest-generation bitcoin miners with a hashrate of 6.7 EH/s

The Company funded growth and operations through the sale of 502 bitcoins in March 2023 at an average of approximately $24,800 per BTC. Sales of BTC equated to proceeds of approximately $12.4 million. March daily BTC mined averaged 19.29 and reached a high of 20.25.

Operational Update

Washington Expansion . The Washington expansion is a passively cooled data center consisting of four primary buildings. Once fully complete, the expansion will hold about 15,000 Antminer S19j Pro+ machines. Total capacity in Washington is expected to be 86MW, the majority of which is sourced from low-carbon, on-grid energy.  Building 1 is complete and ready for miners. Racks are currently being installed in Building 2. The foundation was recently poured for Building 3, while concrete deliveries are imminent for Building 4. Scott Garrison, vice president of business development, is leading the expansion.

“We are on schedule in Washington,” said Garrison. “One building is completely done and ready for miners, with the other buildings in various stages of construction, each advancing according to schedule. Our teams and partners, which include the utility, city, and various construction firms, are working hand-in-hand for the build. I’m so proud of what we are accomplishing on the ground in Washington as we work to build some of the most efficient bitcoin mining infrastructure in North America.”

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 .

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding expectations for expansion of the Company’s Washington, Georgia bitcoin mining facility, the resulting anticipated benefits to CleanSpark (including as to anticipated additions to CleanSpark’s hashrate and the timing thereof) and plans to expand the facility. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this press release may be forward-looking statements. 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. Forward-looking statements contained in this press release, but are not limited to statements regarding our future results of operations and financial position, industry and business trends, business strategy, expansion plans, market growth and our objectives for future operations.

Investor Relations Contact
Matt Schultz
ir@cleanspark.com

Media Contacts
Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com

Attachments

Isaac Holyoak
CleanSpark Inc.
702-989-7694
pr@cleanspark.com

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CleanSpark Releases ESG and Corporate Responsibility Report

Mar 23, 2023 9:00 AM

CleanSpark Releases ESG and Corporate Responsibility Report

The inaugural report highlights the Company's sustainability efforts, such as the use of clean energy and environmentally-friendly technologies like immersion cooling

LAS VEGAS, March 23, 2023 (GLOBE NEWSWIRE) -- CleanSpark Inc. (Nasdaq: CLSK), America’s Bitcoin Miner™, today released its inaugural ESG and Corporate Responsibility Report for the 2022 fiscal year, or the period from October 1, 2021, to September 30, 2022.

Clean energy accounts for more than 90% of its energy mix, making it a sustainability leader among public bitcoin mining companies in America, while the use of large-scale immersion cooling has allowed it to reduce e-waste and increase the efficiency of its mining machines by up to 85%, according to the report.

“Our commitments to people and the environment have been part of CleanSpark’s foundation from day one and they continue to evolve. We have employed the best practices used by many industries to produce a comprehensive report for the public and our stakeholders and for us to better understand our progress and the areas that need more of our focus," said Zach Bradford, CEO of CleanSpark. “As society and technology evolve, new standards and techniques will measure a corporation’s social and environmental responsibility. We are always on the lookout for such measurements and will include in our future reports those that are logically sound and in line with our commitments.”

CleanSpark completed its inaugural ESG materiality assessment in early 2022. This assessment, conducted by an independent consultant, consisted of a benchmark review of its peers and of leading ESG frameworks and ratings (e.g., SASB, TCFD, MSCI, ISS, and Sustainalytics). It also included a series of in-depth interviews and surveys designed to help identify the topics most relevant to the Company’s internal and external stakeholders and most influential to its business. These results have allowed the Company to identify key ESG value drivers. Some highlights of the report, which can be viewed or downloaded at this link , are as follows:

Environment

The Company’s bitcoin mining efforts are focused on procuring low-carbon grid-connected power that minimizes its impact on the planet.
Clean energy accounts for over 90% of the energy mix, according to data from the power providers that supply power to CleanSpark’s bitcoin mining operations.
Mining campuses provide “spinning reserves” that facilitate utility companies’ ability to work with the fluctuating supplies that come from renewables while improving the performance of baseline power production facilities such as nuclear plants.
Efforts to reduce e-waste have increased the amount of time CleanSpark’s operations run at, or near, 100% while dramatically reducing shipping and packing emissions, and related waste, that comes with sending mining machines to outside repair houses.
Large-scale immersion-cooling at CleanSpark’s data center in Norcross, Georgia, further helped reduce e-waste and increased energy-efficiency of mining machines while increasing output of some machine models by up to 85%.

Social

All employees are provided equipment, training and certifications according to job duties. An accident reporting and prevention system, and a worker’s compensation program, further create an environment of psychological safety for employees.
Competitive wages begin at or above market rates for similar entry-level jobs. Starting salaries of all existing-entry level positions were increased to $21-per-hour after a probationary period, making pay more than that of similar positions at the biggest e-commerce or cloud-computing companies in the United States.
Employee benefits include PTO, health insurance, and a 401K plan.
Development of employees is encouraged by providing generous education stipends for them to continue, and in some cases begin, their pursuit of formal education programs.
The Company seeks to replicate Bitcoin’s broader financial inclusion goals by removing barriers to success in the bitcoin mining industry through diversity, equity, and inclusion practices.
Over 59% of the Company’s workforce identified as a minority.
Provided a bitcoin donation to a Ukrainian children’s organization, vetted by the Human Rights Foundation, to help people directly impacted by war.
Worked with Gwinnett Technical College, located near CleanSpark’s Norcross campus, to fund scholarships for students in the computer science program.

Governance

To increase transparency, CleanSpark publishes monthly bitcoin production and operations updates for the public, one of the first mining companies to do so.
ESG practices section is included in the investor relations section of the website, with quarterly management updates.
CleanSpark maintains a formal ESG governance structure, including an ESG charter, ESG executive committee, and ESG operational committee.
The Board of Directors is 17% female and includes military veteran representation.
CleanSpark’s internal Code of Business Conduct and Ethics, adhered to by everyone, expresses a higher standard than that required by commercial practice or applicable laws, rules, or regulations.
Corporate governance structure and committees ensure that values are incorporated into all aspects of operations and activities.
Regular and open communication is made between the Board and management to identify, manage, and mitigate risks.

The complete report and more information about the Company’s ESG program can be found at www.cleanspark.com/investor-relations/esg-portal .

About CleanSpark

Investor Relations Contact

Matt Schultz, Executive Chairman
ir@cleanspark.com

Media Contacts

Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
cleanspark@blocksbridge.com

Isaac Holyoak
CleanSpark Inc.
702-989-7694
pr@cleanspark.com

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CleanSpark Releases February 2023 Bitcoin Mining Update

Mar 2, 2023 9:00 AM

CleanSpark Releases February 2023 Bitcoin Mining Update

Company mines 576 bitcoin in the year’s shortest month; hits new efficiency milestone of 30.6 watts per terahash

LAS VEGAS, March 02, 2023 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK), America’s Bitcoin Miner™, today released its unaudited bitcoin mining and operations update for the month ending February 28, 2023.

“Our background in energy efficiency gives us a clear advantage in the market as we make incremental improvements to our mining fleet,” said Zach Bradford, CEO. “For example, this month we improved our efficiency by over three percent compared to December 2022, when we last reported these numbers in our quarterly report. That progress, coupled with average wholesale power rates as low as two cents per kilowatt hour, has allowed us to increase our profit margins even as production compressed month-over-month due to February being the shortest month of the year. Months like February are practice-runs for halving—and we intend to continue to test and deploy all hardware and software at our disposal in our bid to be the best prepared miner when halving happens next year.

“Meanwhile, construction continues in Washington, where an additional 50 megawatts are set to go online in a few months. We are relying on everything we have learned in this space, since constructing our very first mining campus in College Park, as we build the Washington expansion. Our ability to constantly iterate—whether we are building air-cooled facilities or deploying latest-gen immersion cooling—is built into the CleanSpark way. It’s how we have managed to grow fast and reliably in the few short years since we entered this industry—and how we’ll continue to grow well into our future.”

February Bitcoin Mining Update (unaudited)

Bitcoin mined in February: 576

CY2023 bitcoin mined: 1,273
Total BTC holdings as of February 28: 100
Total BTC converted for operations and growth in February: 778
Currently deployed fleet of about 66,900 latest-generation bitcoin miners with a hashrate of 6.6 EH/s

The Company funded growth and operations through the sale of 778 bitcoins in February 2023 at an average of approximately $23K per BTC (compared to $19K in January 2023). Sales of BTC equated to proceeds of approximately $17.9 million. February daily BTC mined averaged about 20.6 and reached a high of 21.5.

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 .

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding expectations for expansion of the Company’s Washington, Georgia bitcoin mining facility, the resulting anticipated benefits to CleanSpark (including as to anticipated additions to CleanSpark’s hashrate and the timing thereof) and plans to expand the facility. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this press release may be forward-looking statements. 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. Forward-looking statements contained in this press release, but are not limited to statements regarding our future results of operations and financial position, industry and business trends, business strategy, expansion plans, market growth and our objectives for future operations.

Investor Relations Contact

Matt Schultz, Executive Chairman
ir@cleanspark.com

Media Contacts

Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
cleanspark@blocksbridge.com

Isaac Holyoak
CleanSpark Inc.
702-989-7694
pr@cleanspark.com

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CleanSpark Announces Purchase of 20,000 New Latest Generation Mining Machines

Feb 16, 2023 9:00 AM

CleanSpark Announces Purchase of 20,000 New Latest Generation Mining Machines

Latest Purchase Expected to Expand Company’s Bitcoin Production Capacity by 37%, Adding 2.44 Exahashes per Second (EH/s) Once Installed; Total Number of Machines Purchased During the Bear Market Now Exceeds 46,500

LAS VEGAS, Feb. 16, 2023 (GLOBE NEWSWIRE) -- CleanSpark Inc. (Nasdaq: CLSK) (“CleanSpark'' or the “Company”), America’s Bitcoin Miner™, today announced a purchase of 20,000 brand new Antminer S19j Pro+ (plus) units, a newly released model of the latest generation of bitcoin mining machines, for $43.6 million. After coupons, the Company expects to pay $32.3 million, for a discount of 25% or a total price per terrahash of approximately $13.25.

The Pro+ is more power-efficient and 22 percent more productive than the popular Antminer S19j Pro model and will be shipped in batches, with deliveries starting as early as next month.

All batches are expected to be delivered by the manufacturer to the Company’s mining campuses by the end of May. After they are fully operational, they are expected to add 2.44 EH/s to CleanSpark’s existing 6.6 EH/s of bitcoin mining computing power (for a total of 9 EH/s), constituting a 37% increase.

CleanSpark plans to deploy the fleet of new machines at its wholly-owned bitcoin mining locations in the USA with 15,000 of them planned for its Washington, Georgia, facility which it acquired in August and is undergoing a planned 50 MW expansion . Depending on the state of development of the site and the pace of order fulfillment by the manufacturer, the Company may redirect a portion of the 15,000 units to one of its other facilities.

“Building and owning our own mining campuses at multiple locations provides us with a level of agility and reliability that cannot be achieved otherwise,” said Zach Bradford, CEO of CleanSpark. “As machines are delivered to us we will have rackspace waiting for them at one of our sites. This is the advantage of proprietary mining or the ‘prop mining’ model. We exercise tremendous control over our infrastructure and, therefore, our ability to be highly efficient in the way we allocate our resources.”

The Antminer S19j Pro+, and other models in the same ASIC-generation as the higher-priced S19 XP, continue to be more attractive to the Company in the current market conditions than the XP because of their better return on investment. Furthermore, the S19j Pro+ delivers 122 terahash per machine and saves an average of 2 joules of energy per terahash compared to the S19j Pro model of the same generation.

CleanSpark mines predominantly with low-carbon energy sources and continues to follow a capital management strategy of selling a major portion of its mined bitcoins to reinvest in growth. This strategy, coupled with the Company’s proprietary mining model, has allowed CleanSpark to outgrow the bitcoin network more than any other publicly traded bitcoin mining company in the year ending January 2023.

About CleanSpark

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding expectations for expansion of the Company’s Washington, Georgia bitcoin mining facility, the resulting anticipated benefits to CleanSpark (including as to anticipated additions to CleanSpark’s hashrate and the timing thereof) and plans to expand the facility. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this press release may be forward-looking statements. 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. Forward-looking statements contained in this press release, but are not limited to statements regarding our future results of operations and financial position, industry and business trends, business strategy, expansion plans, market growth and our objectives for future operations.

Investor Relations Contact

Matt Schultz, Executive Chairman
ir@cleanspark.com

Media Contacts

Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
cleanspark@blocksbridge.com

Isaac Holyoak
CleanSpark Inc.
702-989-7694
pr@cleanspark.com

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CleanSpark Reports First Quarter FY2023 Financial Results

Feb 9, 2023 4:00 PM

CleanSpark Reports First Quarter FY2023 Financial Results

PR Newswire

First quarter revenue of $27.8 million , net GAAP loss of $(29.0) million and Adjusted EBITDA of ($1.4) million ; Mined 1,531 Bitcoin , a 132% increase over same prior year period

LAS VEGAS , Feb. 9, 2023 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company"), America's Bitcoin Miner™, today reported financial results for the three months ended December 31, 2022 .

"We have reliably grown, quarter over quarter, as we execute an operational strategy that we believe makes us one of the fastest growing, most reliable, and most efficient publicly traded bitcoin miners in North America ," said Chief Executive Officer Zach Bradford . "While we faced headwinds due to depressed bitcoin prices during most of our fiscal first quarter, we persisted and grew. Our average hashrate rapidly increased, outpacing global hashrate, and we mined the most bitcoin ever in a single quarter. Last month we had our highest monthly production ever, at nearly 700 bitcoins. We are starting to see all the hard work we put in during our last quarter pay off and we expect to continue to deliver on our goals as we work toward our calendar year end guidance of 16 EH/s."

"Exactly one year ago we shared our vision and strategy for being a top five miner. Not only did we achieve that goal rather quickly, but we have also set the tone for other miners about what a proper and prudent business model looks like in this industry," said Chief Financial Officer Gary A. Vecchiarelli . "We have been thoughtful and calculated buyers in this market, seeking out accretive acquisitions and efficiently deploying capital. We have been successful in sourcing and closing transactions which not only grow our percentage of the total global hash rate, but also produce meaningful bitcoin and cash flow while still paying down what little debt we have. Despite recent macro headwinds in our first quarter, we are excited for 2023 as a year of continued execution and growth."

Q1 Financial Highlights

Financial Results for the Three Months Ended December 31, 2022

Revenues for the quarter were $27.8 million , a decrease of $9.3 million , or 25%, from $37.1 million for the same prior year period.
The Company recognized a net loss for the three months ended December 31, 2022 , of $(29.0) million , compared to net income of $14.5 million for the same prior year period.
Adjusted EBITDA* decreased to ($1.4) million , compared to Adjusted EBITDA of $25.1 million from the same prior year period.
The Company saw sequential revenues increase in the first quarter of fiscal 2023 compared to the fiscal quarter ended September 30, 2022 . Revenues increased $1.6 million , or 6%, from the preceding fourth quarter. Net loss for the first quarter was ($29.0) million , decreasing $13.3 million from the fiscal 2022 fourth quarter net loss of ($42.3) million . Adjusted EBITDA was ($1.4) million , compared to $2.9 million in the preceding fourth quarter.

Balance Sheet Highlights as of December 31, 2022

Assets

Cash: $2.1 million
Bitcoin : $3.9 million (based upon a per bitcoin price of approximately $17,000 at December 31, 2022 )
Total Current assets: $21.2 million
Total Mining assets(including prepaid deposits & miners, net of accumulated depreciation): $349.0 million
Total Assets: $487 million

Liabilities and Stockholders' Equity

Current Liabilities: $41.6 million
Total Liabilities: $59.8 million
Total Stockholders' Equity: $427.0 million

The Company's liquidity, in cash and bitcoin , was approximately $6.0m as of December 31 , 2022. The Company's debt totaled $19.6 million at December 31, 2022 , as the Company paid down $1.6 million or approximately 8% of its outstanding debt in the fourth quarter.

*See "Non-GAAP Measure" below.

Investor Conference Call and Webcast

The Company will hold its first quarter 2023 earnings presentation and business update for investors and analysts today, February 9, 2023 , at 1:30p.m. PT / 4:30p.m. ET .

Webcast URL: https://www.cleanspark.com/investor-relations/clsk-earnings

The webcast will be accessible for at least 30 days on the Company's website and a transcript of the call will be available on the Company's website following the call.

About CleanSpark

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements contained in this press release include, but are not limited to statements regarding the Company's future results of operations and financial position, industry and business trends, strategy, plans and market growth and its objectives for future operations. 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 in this press release are only predictions. The Company has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that the Company believes may affect its business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause its 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 success of the Company's bitcoin mining activities; the volatility of bitcoin value and energy prices; disruptions in the crypto asset markets; increased risk of legal proceedings and government investigations; market perception of the Company's business and the crypto asset markets generally; 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 and power rates; the expectations of future revenue growth may not be realized; ongoing demand for the Company's software products and related services; the impact of global pandemics (including COVID-19) on logistics and shipping; 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, 2022 , the Company's Quarterly Report on Form 10-Q for the quarter ended December 31, 2022 and any subsequent filings with the SEC. The forward-looking statements in this press release are based upon information available to the Company as of the date of this press release, and such information may be limited or incomplete, and the Company's statements should not be read to indicate that it has conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

Except as required by applicable law, the Company does not undertake any obligations to publicly update or revise any forward-looking statements contained in this press release, whether as a result of any new information, future events or otherwise.

CLEANSPARK, INC. CONSOLIDATED BALANCE SHEETS ($ in thousands, except par value and share amounts)

	December 31, 2022		September 30, 2022
	(Unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	2,061	$	20,463
Accounts receivable, net		30		27
Inventory		392		216
Prepaid expense and other current assets		6,069		7,931
Bitcoin		3,863		11,147
Derivative investment asset		1,685		2,956
Investment in debt security, AFS, at fair value		639		610
Current assets held for sale		6,447		7,426
Total current assets	$	21,186	$	50,776

Property and equipment, net	$	434,777	$	376,781
Operating lease right of use asset		5,482		551
Intangible assets, net		6,213		6,485
Deposits on mining equipment		5,814		12,497
Other long-term asset		4,640		3,990
Goodwill		8,043		—
Long-term assets held for sale		634		1,545
Total assets	$	486,789	$	452,625

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued liabilities	$	27,927	$	24,662
Operating lease liability		260		113
Finance lease liability		218		260
Contingent consideration		4,840		—
Current portion of long-term loans payable		7,504		7,786
Dividends payable		21		21
Current liabilities held for sale		830		1,199
Total current liabilities	$	41,600	$	34,041
Long-term liabilities
Operating lease liability, net of current portion		5,457		447
Finance lease liability, net of current portion		129		180
Loans payable, net of current portion		12,099		13,433
Long-term liabilities held for sale		469		512
Total liabilities	$	59,754	$	48,613

CLEANSPARK, INC. CONSOLIDATED BALANCE SHEETS (continued) ($ in thousands, except par value and share amounts)

	December 31, 2022		September 30, 2022
	(Unaudited)
Stockholders' equity
Common stock; $0.001 par value; 100,000,000 shares authorized; 71,743,930 and 55,661,337 shares issued and outstanding, respectively		72		56
Preferred stock; $0.001 par value; 10,000,000 shares authorized; Series A shares; 2,000,000 authorized; 1,750,000 and 1,750,000 issued and outstanding, respectively		2		2
Additional paid-in capital		651,907		599,898
Accumulated other comprehensive income		139		110
Accumulated deficit		(225,085)		(196,054)
Total stockholders' equity		427,035		404,012

Total liabilities and stockholders' equity	$	486,789	$	452,625

CLEANSPARK, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited, in thousands, except per share and share amounts)

	For the three months ended
	December 31, 2022		December 31, 2021
Revenues, net
Bitcoin mining revenue, net	$	27,746	$	36,975
Other services revenue		73		150
Total revenues, net	$	27,819	$	37,125

Costs and expenses
Cost of revenues (exclusive of depreciation and amortization shown below)		20,416		5,636
Professional fees		2,831		3,102
Payroll expenses		9,802		7,328
General and administrative expenses		3,724		1,816
Loss on disposal of assets		—		278
Other impairment expense (related to bitcoin)		83		6,222
Realized loss (gain) on sale of bitcoin		517		(9,995)
Depreciation and amortization		19,329		7,427
Total costs and expenses	$	56,702	$	21,814

(Loss) Income from operations		(28,883)		15,311

Other income (expense)
Change in fair value of contingent consideration		485		55
Realized gain on sale of equity security		—		1
Unrealized loss on equity security		—		(2)
Unrealized (loss) gain on derivative security		(1,271)		299
Interest income		70		33
Interest expense		(889)		(53)
Total other (expense) income		(1,605)		333

(Loss) Income before income tax (expense) or benefit		(30,488)		15,644
Income tax expense		—		—
(Loss) income from continuing operations	$	(30,488)	$	15,644

Discontinued operations
Income (loss) from discontinued operations	$	1,457	$	(1,158)
Income tax (expense) or benefit		—		—
Income (loss) on discontinued operations	$	1,457	$	(1,158)

Net (loss) income	$	(29,031)	$	14,486

Preferred stock dividends		—		315

Net (loss) income attributable to common shareholders	$	(29,031)	$	14,171

Other comprehensive income		29		18

Total comprehensive (loss) income attributable to common shareholders	$	(29,002)	$	14,189

CLEANSPARK, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)(Continued) (Unaudited, in thousands, except per share and share amounts)

	For the three months ended
	December 31, 2022		December 31, 2021
(Loss) income from continuing operations per common share - basic	$	(0.46)	$	0.38

Weighted average common shares outstanding - basic		66,395,174		40,279,938

(Loss) income from continuing operations per common share - diluted		(0.46)		0.38

Weighted average common shares outstanding - diluted		66,395,174		40,485,761

Income (loss) on discontinued operations per common share - basic	$	0.02	$	(0.03)

Weighted average common shares outstanding - basic		66,395,174		40,279,938

Income (loss) on discontinued operations per common share - diluted	$	0.02	$	(0.03)

Weighted average common shares outstanding - diluted		67,400,334		40,279,938

Non-GAAP Measure

The Company presents Adjusted EBITDA, which is not a measurement of financial performance under generally accepted accounting principles in the United States ("GAAP"). The Company's non-GAAP "Adjusted EBITDA" represents earnings before interest, taxes, depreciation and amortization that excludes (i) impacts of interest, taxes, and depreciation; (ii) share-based compensation expense, unrealized gains/losses on securities, and, changes in the fair value of contingent consideration in respect of previously completed acquisitions, all of which are non-cash items that the Company believes are not reflective of its general business performance, and for which the accounting requires management judgment, and the resulting expenses could vary significantly in comparison to other companies; (iii) non-cash impairment losses related to long-lived (including goodwill) and digital assets, which include the company's bitcoin for which the accounting requires significant estimates and judgment, and where the resulting expenses could vary significantly in comparison to other companies; (iv) realized gains and losses on sales of bitcoin and equity securities, the amounts of which are directly related to the unrealized gains and losses that are also excluded; (v) legal fees related to litigation and various transactions, which fees management does not believe are reflective of the Company's ongoing operating activities; (vi) gains and losses on disposal of assets, majority of which are related to obsolete or unrepairable machines that are no longer deployed; and (vii) gains and losses related to discontinued operations that would not be applicable to the Company's future business activities. The Company's management believes that providing a non-GAAP financial measure that excludes these items allows for meaningful comparisons between what the Company's management considers to be the Company's core business operating results and those of other companies, as well as providing the Company's management with an important tool for financial and operational decision making and for evaluating its own core business operating results over different periods of time. In addition to management's internal use of non-GAAP Adjusted EBITDA, the Company's management believes that this non-GAAP financial measure is also useful to investors and analysts in comparing the Company's performance across reporting periods on a consistent basis. The Company's management believes the foregoing to be the case even though some of the excluded items involve cash outlays and some of them recur on a regular basis (although management does not believe any of such items are normal operating expenses necessary to generate our bitcoin related revenues). For example, the Company expects that share-based compensation expense, which is excluded from Adjusted EBITDA, will continue to be a significant recurring expense over the coming years and is an important part of the compensation provided to certain employees, officers, and directors. The Company has also excluded impairment losses on assets, including impairments of its bitcoin in its non-GAAP financial measures, which may continue to occur in future periods as a result of the Company's continued holdings of significant amounts of bitcoin .

The Company's Adjusted EBITDA measure may not be directly comparable to similar measures provided by other companies in its industry, as other companies in its industry may calculate non-GAAP financial results differently. The Company's Adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered as an alternative to operating income (loss) or any other measure of performance derived in accordance with GAAP. Although, the Company's management utilizes internally and presents Adjusted EBITDA, the Company only utilizes that measure supplementally and does not consider it to be a substitute for, or superior to, the information provided by GAAP financial results.

Accordingly, the Company's non-GAAP financial measure is not meant to be considered in isolation of, and should be read in conjunction with the information contained in the Company's consolidated financial statements, which have been prepared in accordance with GAAP.

See below for a reconciliation of non-GAAP Adjusted EBITDA to the most directly comparable performance measure presented in accordance with GAAP (i.e., net loss).

CLEANSPARK, INC. RECONCILIATION OF ADJUSTED EBITDA (UNAUDITED)
	Three Months Ended December 31,
	2023					2022
Revenues, net
Bitcoin mining, net	$	27,746				$	36,975
Other services revenue		73					150
Total revenues, net	$	27,819				$	37,125

Net (loss) income	$	(29,031)				$	14,486
Adjustments:
(Gain) loss on discontinued operations	$	(1,457)				$	1,158
Other impairment expense (related to bitcoin)		83					6,222
Depreciation and amortization		19,329					7,427
Share-based compensation expense		5,878					5,749
Change in fair value of contingent consideration		(485)					(55)
Realized loss (gain) on sale of bitcoin		517					(9,995)
Realized gain on sale of equity security		—					(1)
Unrealized loss on equity security		—					2
Unrealized loss (gain) on derivative security		1,271					(299)
Interest income		(70)					(33)
Interest expense		889					53
Loss on disposal of assets			—					278
Legal fees related to litigation	1,163					136
Legal fees related to financing & business development transactions	542					—
Total Adjusted EBITDA	$	(1,371)				$	25,128

				Three months ended September 30, 2022
Revenues, net
Bitcoin mining, net				$	26,118
Other services revenue					55
Total revenues, net				$	26,173

Net loss				$	(42,301)
Adjustments:
Loss on discontinued operations				$	1,147
Other impairment expense (related to bitcoin)					758
Impairment expense – other					250
Impairment expense – goodwill					12,048
Depreciation and amortization					16,385
Share-based compensation expense					13,949
Change in fair value of contingent consideration					40
Realized gain on sale of bitcoin					(541)
Unrealized gain on derivative security					(194)
Interest income					(53)
Interest expense					703
Legal fees related to litigation					126
Legal fees related to financing & business development transactions				597
Severance expenses				15
Total Adjusted EBITDA				$	2,929

Investor Relations Contact
Matt Schultz , Executive Chairman
ir@cleanspark.com

Media Contacts
Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com

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SOURCE CleanSpark, Inc.

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CleanSpark Releases January 2023 Bitcoin Mining Update

Feb 2, 2023 9:00 AM

CleanSpark Releases January 2023 Bitcoin Mining Update

Company mines a record 697 bitcoins for the month, up 50% from prior month and 129% from same prior year period; Company’s bitcoin holdings grow 32%

LAS VEGAS, Feb. 02, 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 January 31, 2023.

“We had a banner month, and not just because we mined a record number of bitcoin,” said Zach Bradford, CEO. “We also had our most reliable month ever, achieving 98% uptime across all of our sites. This remarkable achievement is the direct result of some of the hardest working and most dedicated teams in the public bitcoin mining sector. This fact is one of the hallmarks of the CleanSpark way and it is foundational to our operational strategy as one of the largest proprietary miners in North America.

“As a proprietary miner we exercise tremendous control over our ability to meet targets by building our own infrastructure and installing our equipment according to our own schedule. Additionally, we have greater control over our resources, which translates to higher uptime. This month’s mining update is a perfect example of this approach in action, which has allowed us to grow fast and operate reliably.”

January Bitcoin Mining Update (unaudited)

Bitcoin mined in January: 697, up 50% from December 2022
2023 Calendar year bitcoin mined: 697
Total BTC holdings as of January 31: 301 BTC, up 32% from December 2022
Total BTC converted for operations and growth in January: 624
Currently deployed fleet of about 66,000 latest-generation bitcoin miners with a hashrate of 6.6 EH/s, up 7% from December 2022 and up 214% from January 2022

The Company funded growth and operations through the sale of 624 bitcoins in January 2023 at an average of approximately $19K per BTC. Sales of BTC equated to proceeds of approximately $11.9 million. January daily BTC mined averaged about 22.5 and reached a high of 24.2.

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 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

Isaac Holyoak
CleanSpark Inc.
702-989-7694
pr@cleanspark.com

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CORRECTION: CleanSpark Executives to Discuss Fiscal First Quarter 2023 Financial Results via Webcast

Jan 30, 2023 12:26 PM

CORRECTION: CleanSpark Executives to Discuss Fiscal First Quarter 2023 Financial Results via Webcast

An earlier version of this press announcement incorrectly listed the day of CleanSpark's upcoming earnings call as Wednesday, February 9; the correct day is Thursday, February 9

LAS VEGAS, Jan. 30, 2023 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company"), America's Bitcoin Miner™, will discuss fiscal first quarter 2023 financial results via a live webcast beginning 4:30 p.m. EST / 1:30 p.m. PST on Thursday, February 9, 2023. Results will be released after the close of regular trading on February 9, 2023.

To view the webcast, please visit https://www.cleanspark.com/investor-relations .

Downloadable files, including transcripts, will be available on the company website 48 hours after the event.

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, Executive Chairman
ir@cleanspark.com

Media Contacts

Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com

Isaac Holyoak
CleanSpark Inc.
702-989-7694
pr@cleanspark.com

News Provided by GlobeNewswire via QuoteMedia

CleanSpark Breaks Ground on 50 Megawatt Bitcoin Mining Expansion

Jan 19, 2023 9:00 AM

CleanSpark Breaks Ground on 50 Megawatt Bitcoin Mining Expansion

The nearly $16M expansion, with projected completion in late spring, will hold up to 16,000 miners and cements CleanSpark’s position among North America’s top bitcoin miners; Once completed, the Company’s hashrate is expected to reach as high as 8.7 EH/s

LAS VEGAS, Jan. 19, 2023 (GLOBE NEWSWIRE) -- CleanSpark Inc. (Nasdaq: CLSK) (“CleanSpark'' or the “Company”), America’s Bitcoin Miner™, announced today that it has started construction on the second phase of one of its newest sites in Washington, Georgia. The Company acquired this campus in August of 2022 as part of its recent bear-market growth campaign. Upon completion, the new phase, which is expected to employ only the newest generation of bitcoin mining machines, will add up to 2.2 exahashes per second (EH/s) of computing power to the Company’s mining capacity.

The mining machine fleet at the new phase will consist of Antminer S19j Pro and Antminer S19 XP models, the newest and most power-efficient models of bitcoin mining machines available today. Depending on the final number of each model in the mix, the total computing power that will be added to CleanSpark’s bitcoin mining capacity will range from 1.6 EH/s to 2.2 EH/s - a 25% to 34% increase from its current hashrate of 6.5 EH/s.

“When we purchased the Washington site in August, we were confident about our ability to quickly expand, adding this 50MW to the existing 36MW of infrastructure,” said Zach Bradford, Chief Executive Officer. “This second phase more than doubles the size of the existing operation. We are looking forward to expanding our relationship with the Washington City community and to be able to support the construction jobs that will come with this expansion.”

“The community of Washington and the team on site have played a crucial role in the successful deployment of the first phase of the site, which uses mainly low-carbon sources of power, employs newest generation tech, and is among the most power-efficient and sustainable bitcoin mining operations,” said Scott Garrison, Vice President of Business Development. “This partnership will go a long way in not only the timely completion of the next phase but also making it one of the most reliable mining operations.”

CleanSpark mines predominantly with renewable or low-carbon sources of energy and continues to follow a capital management strategy of selling a major portion of its mined bitcoins to reinvest in growth. This strategy allowed the company to increase its hashrate from 2.1 EH/s, in January 2022, to 6.2 EH/s, in December 2022, despite a downturn in the cryptocurrency markets.

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 .

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding expectations for expansion of the Company’s Washington, Georgia bitcoin mining facility, the resulting anticipated benefits to CleansSpark (including as to anticipated additions to CleanSpark’s hashrate and the timing thereof) and plans to expand the facility. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this press release may be forward-looking statements. 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. Forward-looking statements contained in this press release, but are not limited to statements regarding our future results of operations and financial position, industry and business trends, business strategy, expansion plans, market growth and our objectives for future operations.

The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve 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 anticipated timing of the expansion; the risk that the electrical power available to the facility 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 and any subsequent filings with the SEC. The forward-looking statements in this press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

Investor Relations Contact

Matt Schultz, Executive Chairman
ir@cleanspark.com

Media Contacts

Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
cleanspark@blocksbridge.com

Isaac Holyoak
CleanSpark Inc.
702-989-7694
pr@cleanspark.com

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CleanSpark Earns 2022 Great Place to Work Certification

Jan 11, 2023 9:00 AM

CleanSpark Earns 2022 Great Place to Work Certification

The recognition comes on the heels of an anonymous companywide employee survey

LAS VEGAS, Jan. 11, 2023 (GLOBE NEWSWIRE) -- CleanSpark Inc. , America’s Bitcoin Miner™, announced today that it has achieved the Great Place to Work® certification. Company employees submitted answers to an anonymous survey about their experiences working for CleanSpark. Approximately 97% of employees said CleanSpark is a great place to work.

“I’m proud of our management teams for working so hard to create a culture where employees feel at home,” said Zach Bradford, CleanSpark’s CEO. “Our teams have achieved incredible milestones over the last year and this certification underscores the fact that at CleanSpark we are embodying the values of grit and fairness.”

The survey covered workplace culture and retention, leadership behaviors, development opportunities, compensation and benefits, diversity and fairness, trust and transparency, general employee experience, and company innovation.

Highlights from open-ended employee responses included:

“This company truly values each and every one of its employees. They know how to celebrate accomplishments, no matter how small!”
“Great executive management, great co-workers, and an overall fun and rewarding place to work.”
“This company goes above and beyond to make sure all employees feel at home, are treated fairly, and given equal opportunities to learn and advance themselves professionally while also compensating them fairly at the same time.”

“We continually strive to make CleanSpark a great place to work by supporting our people and rolling out initiatives that impact our teams in meaningful ways,” said Zurii D’Ambra, director of human resources. “A few of our recent enhancements to the employee experience include financial preparedness seminars and generous stipends for employee development so they can continue their education. In addition, employees receive generous PTO, company shares, health care, and performance bonuses among other benefits.”

Great Place to Work Certification™ is based entirely on what employees report about their workplace experience.

“It isn’t something that comes easily – it takes ongoing dedication to the employee experience,” said Sarah Lewis-Kulin, vice president of global recognition at Great Place to Work. “It’s the only official recognition determined by employees’ real-time reports of their company culture. Earning this designation means that CleanSpark is one of the best companies to work for in the country.”

About Great Place to Work Certification™

Great Place to Work® Certification™ is the most definitive “employer-of-choice” recognition that companies aspire to achieve. It is the only recognition based entirely on what employees report about their workplace experience – specifically, how consistently they experience a high-trust workplace. Great Place to Work Certification is recognized worldwide by employees and employers alike and is the global benchmark for identifying and recognizing outstanding employee experience. Every year, more than 10,000 companies across 60 countries apply to get Great Place to Work-Certified.

About CleanSpark

Investor Relations Contact
Matt Schultz
ir@cleanspark.com

Media Contacts
Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com

Isaac Holyoak
CleanSpark Inc.
702-989-7694
pr@cleanspark.com

News Provided by GlobeNewswire via QuoteMedia

CleanSpark Releases December 2022 Bitcoin Mining Update

Jan 4, 2023 9:00 AM

CleanSpark Releases December 2022 Bitcoin Mining Update

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

Investor Relations Contact:
Matt Schultz
ir@cleanspark.com

Media Contacts:
Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com

Isaac Holyoak
CleanSpark Inc.
702-989-7694
pr@cleanspark.com

News Provided by GlobeNewswire via QuoteMedia

CleanSpark Surpasses Revised Year End Hashrate of 6 EH/s

Dec 21, 2022 9:00 AM

CleanSpark Surpasses Revised Year End Hashrate of 6 EH/s

The Company’s hashrate has tripled this year; this latest achievement means it has met its updated 2022 guidance

LAS VEGAS, Dec. 21, 2022 (GLOBE NEWSWIRE) -- CleanSpark Inc. (Nasdaq: CLSK) (the “Company”), America’s Bitcoin Miner™, today announced its bitcoin mining hashrate has reached 6 EH/s, a three-fold increase in just one year.

“As we said on our earnings call last week, we expected to hit 6 EH/s before year’s end and today we are pleased to announce that we have,” said Zach Bradford, CEO. “This achievement is in part due to some of the machines that we were hosting for Mawson being moved out earlier than anticipated. Of course, that only tells a portion of the story. The real achievement here is the tremendous work being done by our operational teams who continue to rack machines even in Georgia’s currently frigid temperatures. We’d also like to wish all our team, shareholders, and other stakeholders, particularly the communities in which we operate in Georgia, a very Happy Holiday season.”

CleanSpark owns and operates four bitcoin mining campuses in the state of Georigia, operating a fleet of approximately 62,000 bitcoin mining machines, powered primarily by low-carbon energy. The Company is projecting to hit 16 EH/s by the end of 2023.

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 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 .

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our anticipated hashrate at the end of 2023. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this press release may be forward-looking statements. 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. Forward-looking statements contained in this press release, but are not limited to statements regarding our future results of operations and financial position, industry and business trends, business strategy, expansion plans, market growth and our objectives for future operations.

The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve 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 anticipated benefits of future acquisitions; the success of our 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; 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 and any subsequent filings with the SEC. The forward-looking statements in this press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

Investor Relations Contact

Matt Schultz, Executive Chairman
ir@cleanspark.com

Media Contacts

Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
cleanspark@blocksbridge.com

Isaac Holyoak
CleanSpark Inc.
702-989-7694
pr@cleanspark.com

News Provided by GlobeNewswire via QuoteMedia

CleanSpark Reports Fourth Quarter and Year End FY2022 Financial Results

Dec 14, 2022 4:02 PM

CleanSpark Reports Fourth Quarter and Year End FY2022 Financial Results

PR Newswire

2022 Revenue of $131.5 million , net loss of $(57.3) million and Adjusted EBITDA of $65.7 million

Q4 revenue of $26.2 million , net loss of $(42.3) million and Adjusted EBITDA of $2.9 million

Current hashrate surpasses 5.8 EH/s and daily mining high reaches 21.7 BTC

LAS VEGAS , Dec. 14, 2022 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company"), America's Bitcoin Miner™, today reported financial results for the three and twelve months ended September 30, 2022 .

"Our business model and capital strategy continue to be standouts in our industry," said Zach Bradford , CEO. "Despite macro headwinds in the economy and bitcoin mining industry, our infrastructure first approach and financial discipline have allowed us to grow in this bear market. We continue to execute our business plans with best-in-class efficient mining operations and by identifying potential accretive acquisitions while maintaining very little leverage on our balance sheet. This team continues to exceed my expectations and I'm so proud of them."

"This is a world class team that has doubled, tripled and even quadrupled multiple key performance indicators this fiscal year," said Gary A. Vecchiarelli , CFO. "Our revenue for fiscal year 2022, which ended on September 30 , was $131.5M , almost a 250% increase over the prior year. However, we recognized a net loss of $57.3M for the year, of which $42.3M occurred in the fourth quarter. The majority of these fourth quarter losses were primarily due to impairment of goodwill and bitcoin balances, as well as non-cash charges due to modification of equity instruments. Even then, our adjusted EBITDA was $65.7M , a 500% increase over the prior year, which represents the power and scale of our business model. Our rapid growth has continued subsequent to our fiscal year end as we approach 6.0 EH/s, exceeding our calendar year end guidance once again. We have four impressive sites that we own 100% with no partners and little debt, which resulted in mining 3,750 bitcoins, a 320% increase in production for the fiscal year."

Financial Highlights of Fiscal Year 2022

Financial Results for the Fiscal Year Ended September 30, 2022

Revenues for the year grew to $131.5 million , an increase of $92.2 million , or 235%, from $39.3 million in the prior year.
The Company recognized a net loss for the year of $(57.3) million , an increase of 163% compared to $(21.8) million in the prior year.
Adjusted EBITDA ¹ increased to $65.7 million , an increase of $54.5 million or 487% from $11.2 million in the prior year.

Financial Highlights of Fourth Quarter 2022

Financial Results for the Three Months Ended September 30, 2022

Revenues for the quarter grew to $26.2 million , an increase of $3.3 million , or 14%, from $22.9 million for the same prior year period.
The Company recognized a net loss for the three months ended September 30, 2022 , of $(42.3) million , an increase of 683% compared to $(5.4) million for the same prior year period.
Adjusted EBITDA ² decreased to $2.9 million , a decrease of 73% from $10.6 million in the same prior year period.
The Company also saw sequential revenues decrease in the fourth quarter compared to the previous quarter. Revenues decreased from $31.0 million to $26.2 million , a change of $4.8 million or 15% from the third quarter. Net loss for the fourth quarter was $(42.3) million , increasing $13.0 million from the third quarter net loss of $(29.3) million . Adjusted EBITDA was $2.9 million , decreasing 81% from $15.2 million in the preceding quarter.

Balance Sheet Highlights as of September 30, 2022

Assets

Cash: $20.5 million
Bitcoin : $11.1 million
Total Current assets: $50.8 million
Total Mining assets (including prepaid deposits & deployed miners): $386.6 million
Total Assets: $452.6 million

Liabilities and Stockholders' Equity

Current Liabilities: $34.0 million
Total Liabilities: $48.6 million
Total Stockholders' Equity: $404.0 million

The Company had working capital of $16.8 million and $21.2 million of debt as of September 30, 2022 .

2023 Outlook and Commentary

Management will discuss plans for 2023, including a revision to its calendar 2023 year-end guidance, on its conference call today. Earlier this year, the Company announced a partnership with Lancium. As part of the agreement, Lancium agreed to build clean campuses in west Texas to host 200 MW, or about 6.6 EH/s. Lancium informed CleanSpark that capital constraints have affected their ability to meet their commitments. Expected completion dates have been pushed into late 2023 and, based on current market conditions, perhaps even later. For this reason, CleanSpark's management team is revising 2023 calendar year-end guidance to 16 EH/s.

Investor Conference Call and Webcast

The Company will hold its fourth quarter and year end 2022 earnings presentation and business update for investors and analysts today, December 14, 2022 , at 1:30p.m. PT / 4:30p.m. ET .

Webcast URL: https://www.cleanspark.com/investor-relations/clsk-earnings

The webcast will be accessible for at least 30 days on the Company's website and a transcript of the call will be available on the Company's website following the call.

¹ See "Non-GAAP Measure" and the related reconciliation below.

² See "Non-GAAP Measure" and the related reconciliation below.

About CleanSpark

CleanSpark (NASDAQ: CLSK) is America's Bitcoin Miner™. In 2014, we started helping 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 .

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical facts contained in this press release may be forward-looking statements. 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. Forward-looking statements contained in this press release include, but are not limited to statements under "2023 Outlook and Commentary" and other statements regarding the Company's future results of operations and financial position, industry and business trends, equity compensation, business strategy, plans, market growth and its objectives for future operations.

The forward-looking statements in this press release are only predictions. The Company has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that the Company believes may affect its business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause its 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 success of the Company's bitcoin mining activities; the volatile and unpredictable cycles in the emerging and evolving industries in which the Company operates, 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; ongoing demand for the Company's software products and related services; the impact of global pandemics (including COVID-19) on logistics and shipping and the demand for the Company's products and services; 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, 2022 and any subsequent filings with the SEC. The forward-looking statements in this press release are based upon information available to the Company as of the date of this press release, and while the Company believes such information forms a reasonable basis for such statements, such information may be limited or incomplete, and the Company's statements should not be read to indicate that it has conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

You should read this press release with the understanding that the Company's actual future results, performance and achievements may be materially different from what it expects. The Company qualifies all of its forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this press release. Except as required by applicable law, the Company does not plan to publicly update or revise any forward-looking statements contained in this press release, whether as a result of any new information, future events or otherwise.

Non-GAAP Measure

The Company presents Adjusted EBITDA, which is not a measurement of financial performance under generally accepted accounting principles in the United States ("GAAP"). Because of varying available valuation methodologies, subjective assumptions and the variety of equity instruments that can impact a company's non-cash operating expenses, the Company's management believes that providing a non-GAAP financial measure that excludes non-cash and non-recurring expenses allows for meaningful comparisons between the Company's core business operating results and those of other companies, as well as providing the Company's management with an important tool for financial and operational decision making and for evaluating its own core business operating results over different periods of time. In addition to management's internal use of non-GAAP Adjusted EBITDA, the Company believes that this non-GAAP financial measure is also useful to investors and analysts in comparing the Company's performance across reporting periods on a consistent basis.

The Company's Adjusted EBITDA measure may not provide information that is directly comparable to that provided by other companies in its industry, as other companies in its industry may calculate non-GAAP financial results differently, particularly related to non-recurring, unusual items. The Company's Adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered as an alternative to operating income (loss) or as an indication of operating performance or any other measure of performance derived in accordance with GAAP. The Company's management does not consider Adjusted EBITDA to be a substitute for, or superior to, the information provided by GAAP financial results.

The Company's non-GAAP "Adjusted EBITDA" represents earnings before interest, taxes, depreciation and amortization that excludes (i) impacts of interest, taxes, and depreciation; (ii) significant non-cash expenses such as share-based compensation expense, unrealized gains/losses on securities, certain financing costs, other non-cash items that the Company believes are not reflective of its general business performance, and for which the accounting requires management judgment, and the resulting expenses could vary significantly in comparison to other companies; (iii) impairment losses related to long-lived and digital assets, which include the Company's bitcoin for which the accounting requires significant estimates and judgment, and the resulting expenses could vary significantly in comparison to other companies; and (iv) and impacts related to discontinued operations that would not be applicable to the Company's future business activities.

Non-GAAP financial measures are subject to material limitations as they are not in accordance with, or a substitute for, measurements prepared in accordance with GAAP. For example, The Company expects that share-based compensation expense, which is excluded from Adjusted EBITDA, will continue to be a significant recurring expense over the coming years and is an important part of the compensation provided to certain employees, officers, and directors.

The Company has also excluded impairment losses on assets, including impairments of its bitcoin in its non-GAAP financial measures, which may continue to occur in future periods as a result of the Company's continued holdings of significant amounts of bitcoin . The Company's non-GAAP financial measures are not meant to be considered in isolation and should be read only in conjunction with the Company's Consolidated Financial Statements, which have been prepared in accordance with GAAP. The Company relies primarily on such Consolidated Financial Statements to understand, manage, and evaluate its business performance and uses the non-GAAP financial measures only supplementally.

See below for a reconciliation of non-GAAP Adjusted EBITDA to the most directly comparable performance measure presented in accordance with GAAP (i.e., net loss).

CLEANSPARK, INC. CONSOLIDATED BALANCE SHEETS

	September 30, 2022			September 30, 2021
ASSETS
Current assets
Cash and cash equivalents, including restricted cash	$	20,462,570		$	18,040,327
Accounts receivable, net		27,029			307,067
Inventory		216,404			79,810
Prepaid expense and other current assets		7,930,614			2,137,801
Bitcoin		11,147,478			23,603,210
Derivative investment asset		2,955,890			4,905,660
Investment in equity security		—			260,772
Investment in debt security, AFS, at fair value		610,108			494,608
Current assets held for sale		7,425,881			7,897,066
Total current assets	$	50,775,974		$	57,726,321

Property and equipment, net	$	376,781,380		$	137,621,546
Operating lease right of use asset		550,930			663,802
Intangible assets, net		6,485,051			8,222,872
Deposits on mining equipment		12,497,111			87,959,910
Other long-term asset		3,989,652			875,538
Goodwill		—			12,048,419
Long-term assets held for sale		1,544,674			12,354,713
Total assets	$	452,624,772		$	317,473,121

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued liabilities	$	24,661,860		$	6,982,514
Operating lease liability		112,955			104,131
Finance lease liability		260,387			413,798
Acquisition liability		—			300,000
Contingent consideration		—			820,802
Current portion of long-term loans payable		7,786,049			—
Dividends payable		20,828			—
Current liabilities held for sale		1,198,696			1,441,777
Total current liabilities	$	34,040,775	.	$	10,063,022
Long-term liabilities
Operating lease liability, net of current portion		447,591			560,546
Finance lease liability, net of current portion		179,997			458,308
Loans payable, net of current portion		13,433,068			—
Long-term liabilities held for sale		511,530			674,779
Total liabilities	$	48,612,961		$	11,756,655

Stockholders' equity
Common stock; $0.001 par value; 100,000,000 shares authorized; 55,661,337 and 37,395,945 shares issued and outstanding as of September 30, 2022 and September 30, 2021, respectively		55,662			37,394
Preferred stock; $0.001 par value; 10,000,000 shares authorized; Series A shares; 2,000,000 authorized; 1,750,000 and 1,750,000 issued and outstanding as of September 30, 2022 and September 30, 2021, respectively		1,750			1,750
Additional paid-in capital		599,898,202			444,074,832
Accumulated other comprehensive income (loss)		110,108			(5,392)
Accumulated deficit		(196,053,911)			(138,392,118)
Total stockholders' equity		404,011,811			305,716,466

Total liabilities and stockholders' equity	$	452,624,772		$	317,473,121

CLEANSPARK, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

	For the year ended

	September 30, 2022		September 30, 2021
Revenues, net
Bitcoin mining revenue, net	$	130,999,686	$	38,846,633
Other services revenue		524,759		440,472
Total revenues, net		131,524,445		39,287,105

Costs and expenses
Cost of revenues (exclusive of depreciation and amortization shown below)		41,233,650		5,263,029
Professional fees		6,469,064		6,538,062
Payroll expenses		40,920,163		21,181,905
General and administrative expenses		10,422,716		5,716,465
Gain on disposal of assets		(642,691)		—
Other impairment expense (related to bitcoin)		12,210,269		6,608,076
Impairment expense - other		250,000		—
Impairment expense - goodwill		12,048,419		—
Realized gain on sale of bitcoin		(2,567,101)		(3,104,378)
Depreciation and amortization		49,044,877		8,982,123
Total costs and expenses		169,389,366		51,185,282

Loss from operations		(37,864,921)		(11,898,177)

Other income (expense)
Other income		308,036		544,777
Change in fair value of contingent consideration		305,731		84,198
Realized gain on sale of equity security		665		179,046
Unrealized loss on equity security		(1,847)		(5,153)
Unrealized (loss) gain on derivative security		(1,949,770)		2,790,387
Interest income		190,540		221,488
Interest expense		(1,077,827)		(145,728)
Total other (expense) income		(2,224,472)		3,669,015

Loss before income tax expense or benefit		(40,089,393)		(8,229,162)
Income tax expense		—		—
Loss from continuing operations	$	(40,089,393)	$	(8,229,162)

Discontinued operations
Loss from discontinued operations	$	(17,236,961)	$	(13,582,848)
Income tax (expense) or benefit		—		—
Loss on discontinued operations	$	(17,236,961)	$	(13,582,848)

Net loss	$	(57,326,354)	$	(21,812,010)

Preferred stock dividends		335,439		177,502

Net loss attributable to common shareholders	$	(57,661,793)	$	(21,989,512)

Other comprehensive income (loss)		115,500		(5,392)

Total comprehensive loss attributable to common shareholders	$	(57,546,293)	$	(21,994,904)

Loss from continuing operations per common share - basic	$	(0.95)	$	(0.29)

Weighted average common shares outstanding - basic		42,614,197		29,441,364

Loss from continuing operations per common share - diluted	$	(0.95)	$	(0.29)

Weighted average common shares outstanding - diluted		42,614,197		29,441,364

Loss on discontinued operations per common share - basic	$	(0.40)	$	(0.46)

Weighted average common shares outstanding - basic		42,614,197		29,441,364

Loss on discontinued operations per common share - diluted	$	(0.40)	$	(0.46)

Weighted average common shares outstanding - diluted		42,614,197		29,441,364

CLEANSPARK, INC. RECONCILIATION OF ADJUSTED EBITDA

(UNAUDITED)	Fiscal Year ended September 30,
	2022				2021
Revenues, net
Bitcoin mining, net	$	130,999,686			$	38,846,633
Other services revenue		524,759				440,472
Total revenues, net	$	131,524,445			$	39,287,105

Net loss	$	(57,326,354)			$	(21,812,010)
Adjustments:
Loss on discontinued operations	$	17,236,961			$	13,582,848
Other impairment expense (related to bitcoin)		12,210,269				6,608,076
Impairment expense - other		250,000				—
Impairment expense - goodwill		12,048,419				—
Depreciation and amortization		49,044,877				8,982,123
Share-based compensation expense		31,464,994				8,546,712
Other income		(308,036)				(544,777)
Change in fair value of contingent consideration		(305,731)				(84,198)
Realized gain on sale of bitcoin		(2,567,101)				(3,104,378)
Realized gain on sale of equity security		(665)				(179,046)
Unrealized loss of equity security		1,847				5,153
Unrealized loss (gain) of derivative security		1,949,770				(2,790,387)
Interest income		(190,540)				(221,488)
Interest expense		1,077,827				145,728
Gain on disposal of assets		(642,691)						—
Legal fees related to litigation	522,338				2,577,555
Legal fees related to financing & business development transactions	827,136				46,760
Severance expenses			404,749				—
PPP debt forgiveness			—				(531,169)
Total Adjusted EBITDA	$	65,698,069			$	11,227,502

			Three months ended September 30,
			2022				2021
Revenues, net
Bitcoin mining, net			$	26,117,643			$	22,747,990
Other services revenue				55,241				142,862
Total revenues, net			$	26,172,884			$	22,890,852

Net loss			$	(42,301,149)			$	(5,367,390)
Adjustments:
Loss on discontinued operations			$	1,146,968			$	7,527,592
Other impairment expense (related to bitcoin)				757,864				2,887,595
Impairment expense - other				250,000				—
Impairment expense - goodwill				12,048,419				—
Depreciation and amortization				16,385,130				5,428,178
Share-based compensation expense				13,949,127				(52,317)
Other income				—				(2,542)
Change in fair value of contingent consideration				40,060				(84,198)
Realized gain on sale of bitcoin				(540,674)				(2,432,313)
Realized gain on sale of equity security				—				(73,138)
Unrealized loss of equity security				—				104,067
Unrealized loss (gain) of derivative security				(194,106)				2,528,974
Interest income				(52,932)				(70,783)
Interest expense				702,868				99,429
Legal fees related to litigation			126,491				93,016
Legal fees related to financing & business development transactions			596,988				46,760
Severance expenses			14,044				—
Total Adjusted EBITDA			$	2,929,098			$	10,632,930

	Three months ended June 30, 2022
Revenues, net
Digital currency mining revenue, net	$	30,941,726
Other services revenue		86,055
Total revenues, net	$	31,027,781

Net loss	$	(29,340,223)
Adjustments:
Loss on discontinued operations	$	13,104,147
Other impairment expense (related to bitcoin)		4,418,714
Depreciation and amortization		14,811,291
Share-based compensation expense		5,212,776
Realized loss on sale of bitcoin		5,234,482
Unrealized loss of derivative security		1,032,579
Interest income		(52,355)
Interest expense		314,383
Legal fees related to litigation		143,378
Legal fees related to financing & business development transactions	189,101
Severance expenses	102,117
Total Adjusted EBITDA	$	15,170,390

Investor Relations Contact
Matt Schultz , Executive Chairman
ir@cleanspark.com

Media Contacts
Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com

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SOURCE CleanSpark, Inc.

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CleanSpark Releases November 2022 Bitcoin Mining Update

Dec 2, 2022 9:00 AM

CleanSpark Releases November 2022 Bitcoin Mining Update

Company meets yearend hashrate guidance early with high of 5.5 EH/s, up over 320% from this time last year (November 2021)

LAS VEGAS, Dec. 02, 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 November 30, 2022.

“Our teams have worked hard this month to maintain phenomenal uptime while racking new machines and identifying operational and power efficiencies. Our efforts ultimately resulted in material gains to our hashrate to where we once again have exceeded our yearend guidance,” said Zach Bradford, CEO. “Our teams and technology are continuing to make meaningful and innovative gains as we manage toward maximizing margins.”

Bitcoin Mining Update (unaudited)

Bitcoin mined in November: 535
Calendar year-to-date bitcoin mined: 4,157
Total BTC holdings as of November 30: 281
Total BTC converted for operations and growth in November: 544
Currently deployed fleet of about 55,000 latest-generation bitcoin miners with a hashrate of 5.5 EH/s as of November 30, up 8% from October 2022

The Company funded growth and operations through the sale of 544 bitcoins in November 2022 at an average of approximately $17,300 per BTC. Sales of BTC equated to proceeds of approximately $9.4 million. November daily BTC mined averaged 17.8 and reached a high of 19.4.

Operational Updates

Exceeds revised guidance. The Company exceeded its updated guidance of 5.5 EH/s in part due to efficiency gains, including record uptime and effective overclocking at its immersion-cooled campus in Norcross, Georgia. While continuing to explore opportunities for disciplined, measured growth, the management team does not anticipate another substantial increase to its hashrate before yearend, unless 30 MW of pending capacity at the Company’s Sandersville, GA, campus comes online earlier than expected. In the meantime, the Company is starting Phase 2 expansion of its Washington, GA, site. Design and procurement are already underway, and construction is expected to begin in January 2023, adding an additional 50MW to the campus.

Power optimization. The Company expects to head into a period of active power optimization over the next few weeks as it balances its portfolio of power agreements with current Bitcoin prices and otherwise seeks to maximize its margins. In keeping with that focus, the Company continues to divest portions of its legacy energy business and has since reduced almost all related expenditures.

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 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 .

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding expectations for completion of the acquisition Mawson’s bitcoin mining facility, the resulting anticipated benefits to CleansSpark (including as to anticipated additions to CleanSpark’s hashrate and the timing thereof) and plans to expand the facility. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this press release may be forward-looking statements. 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. Forward-looking statements contained in this press release, but are not limited to statements regarding our future results of operations and financial position, industry and business trends, business strategy, expansion plans, market growth and our objectives for future operations.

The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve 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 risk that the closing conditions are not satisfied and other risks that could affect the completion of the acquisition of Mawson’s bitcoin mining facility and the anticipated benefits of the acquisitions, including the risk that the electrical power available to the facility 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; the impact of global pandemics (including COVID-19) on logistics and shipping and the demand for our products and services; 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 and any subsequent filings with the SEC. The forward-looking statements in this press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

Investor Relations Contact
Matt Schultz
ir@cleanspark.com

Media Contacts
Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com

Isaac Holyoak
CleanSpark Inc.
702-989-7694
pr@cleanspark.com

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CleanSpark Expands Board of Directors with Appointment of Bitcoin Policy Expert Amanda Cavaleri

Dec 1, 2022 9:00 AM

CleanSpark Expands Board of Directors with Appointment of Bitcoin Policy Expert Amanda Cavaleri

Cavaleri, board chair of the non-profit Bitcoin Today Coalition, brings extensive advocacy and policy experience to CleanSpark’s board of directors

LAS VEGAS, Dec. 01, 2022 (GLOBE NEWSWIRE) -- CleanSpark Inc. (Nasdaq: CLSK) (the “Company”), America’s Bitcoin Miner™, today announced the appointment of Amanda Cavaleri to its board of directors.

“Amanda’s deep experience, wisdom, and relationships in policy and advocacy, not to mention her energy-first approach to bitcoin mining, make her a valuable member of our board as regulatory and political scrutiny grows in the coming years,” said Matthew Schultz, CleanSpark’s executive chairman. “But what I like most about Amanda is her own experience as a bitcoin miner. She understands better than most what is at stake when it comes to proof-of-work mining—not just for the Bitcoin system, but for the greater energy system. We are fortunate to have her join the board.”

Cavaleri is CEO of a Wyoming-based company that is developing a mining site leveraging stranded energy. She is also a partner at an alternative investment firm and managing director of a Bitcoin advisory firm. Cavaleri has consulted within the Bitcoin ecosystem for clients ranging from hedge and venture funds to financial services and mining. She is a former Innovation Fellow with AARP and Thought Leader with Carnegie Mellon University & UPMC's Quality of Life Technology Center. She received her Master of Science in technology commercialization from the University of Texas McCombs School of Business.

“CleanSpark has a reputation for intelligently balancing growth with risk management,” said Cavaleri. “The Company's leadership has what it takes to not just weather the bear market, but to be optimally positioned for sustainable growth over the coming years.

“I am especially excited about CleanSpark's leadership in mining bitcoin with nuclear generated power,” she added. “Bitcoin mining is poised to help balance and make our country’s grid more resilient at a crucial moment in the evolution of energy infrastructure in the United States—and CleanSpark is well situated to navigate future opportunities as energy markets evolve.”

In addition to her commercial and private work, Cavaleri co-authored Bitcoin and the American Dream: The New Monetary Technology Transcending our Political Divide. Cavaleri chairs the Bitcoin Today Coalition’s board of directors. Bitcoin Today is increasing Bitcoin literacy among America’s legislators, regulators, and other policymakers in an effort to ensure that the United States maintains its competitive edge as a major innovator on the world stage.

“Amanda brings an extraordinary skillset to our board as one of the most thoughtful voices and contributors in the Bitcoin community right now,” said Zach Bradford, CleanSpark’s CEO. “I’m excited to welcome Amanda to the CleanSpark team as a member of our board of directors.”

Cavaleri will also serve on the board’s nomination committee, which is responsible for identifying candidates for board positions.

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 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 .

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this press release may be forward-looking statements. 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. Forward-looking statements contained in this press release, but are not limited to statements regarding our future results of operations and financial position, industry and business trends, business strategy, expansion plans, market growth and our objectives for future operations.

The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve 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 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; the impact of global pandemics (including COVID-19) on logistics and shipping and the demand for our products and services; 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 and any subsequent filings with the SEC. The forward-looking statements in this press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

Investor Relations Contact

Matt Schultz, Executive Chairman
ir@cleanspark.com

Media Contacts

Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
cleanspark@blocksbridge.com

Attachments

Isaac Holyoak
CleanSpark Inc.
702-989-7694
pr@cleanspark.com

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CleanSpark Executives to Discuss Fiscal Full Year and Fourth Quarter 2022 Financial Results Via Webcast

Nov 30, 2022 9:00 AM

CleanSpark Executives to Discuss Fiscal Full Year and Fourth Quarter 2022 Financial Results Via Webcast

LAS VEGAS, Nov. 30, 2022 (GLOBE NEWSWIRE) -- CleanSpark Inc. (Nasdaq: CLSK), America’s Bitcoin Miner™, will discuss fiscal full year and fourth quarter 2022 financial results via a live webcast beginning 4:30 p.m. EST / 1:30 p.m. PST on Wednesday, December 14, 2022. Results will be released after the close of regular trading on December 14, 2022.

To view the webcast, please visit www.cleanspark.com/investor-relations .

Downloadable files, including transcripts, will be available on the company website 48 hours after the event.

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
cleanspark@blocksbridge.com

Isaac Holyoak
CleanSpark Inc.
702-989-7694
pr@cleanspark.com

News Provided by GlobeNewswire via QuoteMedia

CleanSpark Earns Top Spot on Deloitte's 2022 Technology Fast 500 List

Nov 17, 2022 9:00 AM

CleanSpark Earns Top Spot on Deloitte's 2022 Technology Fast 500 List

Award recognizes fastest-growing public and private technology companies in North America

LAS VEGAS, Nov. 17, 2022 (GLOBE NEWSWIRE) -- CleanSpark Inc. (Nasdaq: CLSK) (the “Company”), America’s Bitcoin Miner™, today announced it was named to the number 13 spot on Deloitte’s 2022 Technology Fast 500™ List.

The award recognizes the top 500 fastest growing and innovative companies in North America. Revenue growth from fiscal years 2018 to 2021 determined the rankings. Both company research and data from applications were applied to the results.

CleanSpark has grown substantially over the time specified, leaning into its energy background to acquire and build two bitcoin mining facilities in 2020 and 2021. Today, CleanSpark operates four bitcoin mining campuses in Georgia and has deployed over 54,000 bitcoin mining machines with a hashrate exceeding 5.1 EH/s. This computing power equates to more than 1.5% of the total global hashrate. CleanSpark was one of the first large-scale operations to employ immersion cooling technology, which is on average 20% more efficient than traditional air-cooled mining. CleanSpark was also one of the first publicly traded companies to sell mined Bitcoin to fund operations.

“The strategies we’re applying, both operationally and financially, are paying off. But our people are at the heart of this growth. We have an incredible team that works hard to make CleanSpark’s vision a reality. We look forward to continuing to make a name for ourselves as one of the fastest growing Bitcoin miners in North America,” said Zach Bradford, CEO.

About CleanSpark

Investor Relations Contact

Matt Schultz, Executive Chairman
ir@cleanspark.com

Media Contacts

Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
cleanspark@blocksbridge.com

Isaac Holyoak
CleanSpark Inc.
702-989-7694
pr@cleanspark.com

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CleanSpark Releases October 2022 Bitcoin Mining Update

Nov 3, 2022 9:00 AM

CleanSpark Releases October 2022 Bitcoin Mining Update

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

Isaac Holyoak
CleanSpark Inc.
702-989-7694
pr@cleanspark.com

News Provided by GlobeNewswire via QuoteMedia

CleanSpark Expands Bitcoin Mining Fleet with Purchase of 3,853 Latest Generation Machines

Nov 1, 2022 9:00 AM

CleanSpark Expands Bitcoin Mining Fleet with Purchase of 3,853 Latest Generation Machines

Total Machines Purchased Since Bear Market Conditions Began in June Now Exceeds 26,500

LAS VEGAS, Nov. 01, 2022 (GLOBE NEWSWIRE) -- CleanSpark Inc. (Nasdaq: CLSK) (the “Company”), America’s Bitcoin Miner™, today announced it acquired 3,843 units of the Antminer S19J Pro bitcoin mining machines for $5.9 million, or approximately $15.50 per terahash, bringing the total number of machines purchased by the Company since bear market conditions began to over 26,500.

“This most recent purchase demonstrates how CleanSpark continues to execute in distressed markets,” said Zach Bradford, CleanSpark CEO. “Our unwavering focus on sustainability has provided us with a strong balance sheet and operating strategy that has allowed us to acquire machines at incredible prices, grow our hashrate, and increase our daily bitcoin production in anticipation of market conditions improving over the next several months.”

In October, CleanSpark finalized the acquisition of an 80MW facility in Sandersville, Georgia , which included nearly 6,500 mining machines. In September, the Company bought 10,000 brand-new Bitmain Antminer S19j Pro units . And in August the Company acquired a 36MW facility in Washington, Georgia , which included 3,400 machines.

Those acquisitions came on the heels of several strong summer purchases. During the month of July , CleanSpark acquired 1,061 substantially discounted Whatsminer machines that increased mining capacity by 93 PH/s. The Company kicked off the summer in June with a purchase contract takeover of 1,800 Antminer S19 XP units and a partnership with TMGCore Inc. for an immersion cooling expansion.

CleanSpark mines predominantly with renewable or low-carbon sources of energy. It has four owned and operated facilities, about 50,000 bitcoin mining machines operational, and a daily production high of 19.2 bitcoin. CleanSpark reached its year-end guidance of 5 EH/s ahead of schedule earlier this month and has since raised its year-end guidance to 5.5 EH/s. The Company expects to meet its 2023 year-end guidance of 22.4 EH/s, an achievement that would make it one of the largest publicly-traded bitcoin mining companies in the world.

About CleanSpark

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding expectations for completion of the acquisition Mawson’s bitcoin mining facility, the resulting anticipated benefits to CleansSpark (including as to anticipated additions to CleanSpark’s hashrate and the timing thereof) and plans to expand the facility. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this press release may be forward-looking statements. 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. Forward-looking statements contained in this press release, but are not limited to statements regarding our future results of operations and financial position, industry and business trends, business strategy, expansion plans, market growth and our objectives for future operations.

The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve 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 risk that the closing conditions are not satisfied and other risks that could affect the completion of the acquisition of Mawson’s bitcoin mining facility and the anticipated benefits of the acquisitions, including the risk that the electrical power available to the facility 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; the impact of global pandemics (including COVID-19) on logistics and shipping and the demand for our products and services; 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 and any subsequent filings with the SEC. The forward-looking statements in this press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

Investor Relations Contact

Matt Schultz, Executive Chairman
ir@cleanspark.com

Media Contacts

Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
cleanspark@blocksbridge.com

Isaac Holyoak
CleanSpark Inc.
702-989-7694
pr@cleanspark.com

News Provided by GlobeNewswire via QuoteMedia

CleanSpark Exceeds 2022 Guidance Two Months Early, Achieving 5 EH/s; Raises Year-end Hashrate Guidance by 10%

Oct 25, 2022 9:00 AM

CleanSpark Exceeds 2022 Guidance Two Months Early, Achieving 5 EH/s; Raises Year-end Hashrate Guidance by 10%

The Company’s hashrate has grown 150% since January; CleanSpark is updating its 2022 year-end hashrate guidance to 5.5 EH/s

LAS VEGAS, Oct. 25, 2022 (GLOBE NEWSWIRE) -- CleanSpark Inc. (Nasdaq: CLSK) (the “Company”), America’s Bitcoin Miner™, today announced its bitcoin mining hashrate has exceeded 5 EH/s, increasing 150% since January 2022.

With the new milestone, CleanSpark has surpassed its year-end guidance over 60 days ahead of schedule and is raising its year-end hashrate guidance 10%, to 5.5 EH/s. Hashrate, the computing power available for processing transactions and securing the bitcoin blockchain, is one of the most critical metrics for evaluating public bitcoin mining companies. It determines how much bitcoin a company mines.

“Our hashrate growth over the last few months has been helped along with the acquisition of the Washington and Sandersville facilities, but that only tells part of the story,” said Zach Bradford, CEO. “This milestone reflects operational prowess and efficiency gains that I believe are unmatched in our industry. In a period where the sector is experiencing reversals in forward-looking expectations, we are bucking that trend. We’ve hit our previously stated year-end guidance 60 days early thanks to our excellent teams and we are thus able to raise our year-end guidance to 5.5 EH/s.”

The Company’s significant growth is rooted in sound capital management.

“The effective deployment of our capital strategy has allowed us to exceed hashrate expectations,” said Gary A. Vecchiarelli, CFO. “Crucial to that strategy has been our long-held commitment to selling a portion of the bitcoin we mine to fund growth and operations. As our hashrate has grown, the amount of bitcoin we produce has also grown, creating a virtuous cycle that has allowed us to seize opportunities for growth and expansion.”

CleanSpark has four owned and operated facilities, about 50,000 bitcoin mining machines operational, and a daily production high of 19.2 bitcoin. CleanSpark’s revised year-end guidance now sits at 5.5 EH/s. The Company expects to meet its 2023 year-end guidance of 22.4 EH/s, an achievement that would make it one of the largest publicly traded bitcoin miners in the world.

About CleanSpark

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding expectations for completion of the acquisition Mawson’s bitcoin mining facility, the resulting anticipated benefits to CleansSpark (including as to anticipated additions to CleanSpark’s hashrate and the timing thereof) and plans to expand the facility. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this press release may be forward-looking statements. 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. Forward-looking statements contained in this press release, but are not limited to statements regarding our future results of operations and financial position, industry and business trends, business strategy, expansion plans, market growth and our objectives for future operations.

The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve 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 risk that the closing conditions are not satisfied and other risks that could affect the completion of the acquisition of Mawson’s bitcoin mining facility and the anticipated benefits of the acquisitions, including the risk that the electrical power available to the facility 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; the impact of global pandemics (including COVID-19) on logistics and shipping and the demand for our products and services; 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 and any subsequent filings with the SEC. The forward-looking statements in this press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

Investor Relations Contact

Matt Schultz, Executive Chairman
ir@cleanspark.com

Media Contacts

Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
cleanspark@blocksbridge.com

Isaac Holyoak
CleanSpark Inc.
702-989-7694
pr@cleanspark.com

News Provided by GlobeNewswire via QuoteMedia

Sustainable Bitcoin Miner CleanSpark Welcomes Investors and Analysts to its Mining Campuses in Atlanta

Oct 18, 2022 9:00 AM

Sustainable Bitcoin Miner CleanSpark Welcomes Investors and Analysts to its Mining Campuses in Atlanta

CleanSpark will host investors and analysts at two of its owned-and-operated bitcoin mining campuses; the event features campus tours and presentations from senior management

LAS VEGAS, Oct. 18, 2022 (GLOBE NEWSWIRE) -- CleanSpark Inc. (Nasdaq: CLSK) (“CleanSpark”), America’s Bitcoin Miner™, today announced it will host investors and analysts at two of its bitcoin mining campuses in Atlanta, Georgia, beginning 9:30 a.m. ET on November 3.

CleanSpark’s executive leadership team will present on the company’s significant growth opportunities, financial objectives, and corporate strategy surrounding low-carbon bitcoin mining, followed by a Q&A session with management.

In-person attendees have the chance to take pictures and videos, see the inner workings of an American bitcoin mining facility up close, and interact with CleanSpark’s senior leadership team. For more information regarding the November 3 investor and analyst day, please contact the investor team at ir@cleanspark.com .

There will be an open house at CleanSpark’s Norcross campus on November 2 for local dignitaries and media beginning at 9:30 a.m. ET. Interested parties can email pr@cleanspark.com .

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, Executive Chairman
ir@cleanspark.com

Media Contacts

Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
cleanspark@blocksbridge.com

Isaac Holyoak
CleanSpark Inc.
702-989-7694
pr@cleanspark.com

News Provided by GlobeNewswire via QuoteMedia

CleanSpark Completes Acquisition of Mawson's Sandersville Facility

Oct 11, 2022 9:00 AM

CleanSpark Completes Acquisition of Mawson's Sandersville Facility

The acquisition has already added 560 PH/s of low-carbon bitcoin mining to CleanSpark’s hashrate, bringing its total hashrate to over 4.7 EH/s; The site is expected to bring an additional 1 EH/s by year-end; Total planned capacity is 230 MW or 7.0 EH/s

LAS VEGAS, Oct. 11, 2022 (GLOBE NEWSWIRE) -- CleanSpark Inc . (Nasdaq: CLSK) (“CleanSpark”), America’s Bitcoin Miner™, today announced it has completed the acquisition of Mawson Infrastructure Group Inc.’s (Nasdaq: MIGI) (“Mawson”) bitcoin mining facility in Sandersville, Georgia, effective October 8. The acquisition includes nearly 6,500 miners, or about 560 petahashes per second (PH/s). Mawson’s former staff at the site have transitioned to CleanSpark’s team.

The Sandersville site is CleanSpark’s fourth campus in Georgia, with other locations in College Park, Norcross, and Washington. The company co-locates machines in Massena, NY, and has co-location agreements with Lancium in West Texas, slated to start hashing in 2023. Including Sandersville, CleanSpark operates about 220 MW of bitcoin miners with a hashrate of over 4.7 EH/s. CleanSpark draws power predominantly from low-carbon sources, such as nuclear energy, and boasts a clean energy profile that is over 90% non-carbon.

“Mawson has built a world-class facility, staffed by an incredible team, and we are looking forward to continuing their work in Sandersville, eventually building this site to its full potential of 230 MW as we work toward our 2023 year-end guidance of 22.4 EH/s,” said Zach Bradford, CleanSpark’s CEO. “We are equally committed to deepening and developing our relationship with the people of Sandersville as we build sustainable bitcoin infrastructure.”

CleanSpark has a strong tradition of supporting the communities it operates in. It has invested over $275 million in Georgia communities, which includes property and energy infrastructure upgrades, equipment and hardware investments, over 80 highly skilled and skilled jobs, scholarships, and various community sponsorships.

In accordance with the definitive agreements, Mawson received at closing consideration of approximately $34.3 million, which includes 1,590,175 shares of CleanSpark common stock, subject to certain holdbacks. Mawson may receive an additional $2 million in a seller-financed earn-out payable after 60 days post-closing once certain conditions are met.

H.C. Wainwright & Co. acted as financial advisor to CleanSpark. Baker Donelson and Katten Muchin Rosenman LLP served as legal counsel for CleanSpark in connection with the transaction.

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 .

Forward-Looking Statements

The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve 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 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; the impact of global pandemics (including COVID-19) on logistics and shipping and the demand for our products and services; 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 and any subsequent filings with the SEC. The forward-looking statements in this press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

Investor Relations Contact

Matt Schultz, Executive Chairman
ir@cleanspark.com

Media Contacts

Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
cleanspark@blocksbridge.com

Isaac Holyoak
CleanSpark, Inc.
702-989-7694
pr@cleanspark.com

News Provided by GlobeNewswire via QuoteMedia

CleanSpark Releases September 2022 Bitcoin Mining Update

Oct 4, 2022 9:00 AM

CleanSpark Releases September 2022 Bitcoin Mining Update

Company tops 4.16 EH/s, up 21% from August 2022; mines 448 bitcoin for the month, a 132% YoY increase; HODL grows 13% to 594 bitcoins

LAS VEGAS, Oct. 04, 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 September 30, 2022.

“We experienced impressive growth this month, increasing our hashrate by 21% in a single month. Our successes are the direct result of our extraordinary teams who are working to ensure CleanSpark maintains its coveted position in the top five of publicly traded mining companies in North America. In fact, by many measures, including monthly bitcoin production, we are firmly in the top three and we intend to stay there as we build our way out of current market conditions,” said Zach Bradford, Chief Executive Officer.

“Our bitcoin balance has increased by 13% month-over-month, making it one of the largest monthly increases in our HODL since we started releasing monthly mining updates. While we continue our strategy of deploying bitcoin to fund our growth and operations, the fact that our bitcoin treasury is increasing is testament to our growth strategy. The growth in our HODL balance is a direct reflection of our free cash flow resulting from our recent acquisitions, low operating costs and minimal debt service,” said Gary A. Vecchiarelli, Chief Financial Officer.

Bitcoin Mining & Operations Update (unaudited)

Bitcoin mined in September: 448, up 13% from August 2022
Calendar year-to-date bitcoin mined: 3,090
Total BTC holdings as of September 30: 594, a 13% increase in HODL balance
Total BTC converted for operations and growth in September: 380, or 2% less than August 2022
Currently deployed fleet of over 42,000 latest-generation bitcoin miners with a hashrate of 4.16 EH/s, up 21% from August 2022 and 316% from September 2021

The Company funded growth and operations through the sale of 380 bitcoins in September 2022 at an average of approximately $19,783 per BTC. Sales of BTC equated to proceeds of approximately $7.5 million. September daily BTC mined reached a high of 16.74.

About CleanSpark

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding expectations for completion of the acquisition Mawson’s bitcoin mining facility, the resulting anticipated benefits to CleansSpark (including as to anticipated additions to CleanSpark’s hashrate and the timing thereof) and plans to expand the facility. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this press release may be forward-looking statements. 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. Forward-looking statements contained in this press release, but are not limited to statements regarding our future results of operations and financial position, industry and business trends, business strategy, expansion plans, market growth and our objectives for future operations.

The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve 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 risk that the closing conditions are not satisfied and other risks that could affect the completion of the acquisition of Mawson’s bitcoin mining facility and the anticipated benefits of the acquisitions, including the risk that the electrical power available to the facility 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; the impact of global pandemics (including COVID-19) on logistics and shipping and the demand for our products and services; 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 and any subsequent filings with the SEC. The forward-looking statements in this press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

Investor Relations Contact:
Matt Schultz
ir@cleanspark.com

Media Contacts:
Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com

Isaac Holyoak
CleanSpark, Inc.
702-989-7694
pr@cleanspark.com

News Provided by GlobeNewswire via QuoteMedia

CleanSpark Exceeds Hashrate Guidance with Over 4 EH/s of Low-Carbon Network Strength

Sep 27, 2022 9:00 AM

CleanSpark Exceeds Hashrate Guidance with Over 4 EH/s of Low-Carbon Network Strength

The Company’s hashrate, the majority of which is drawn from low-carbon sources, has grown over 30% in less than a month; CleanSpark is on track to meet its 2022 year-end guidance of 5 EH/s

LAS VEGAS, Sept. 27, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the “Company”), America’s Bitcoin Miner™, today announced its bitcoin mining hashrate has exceeded 4 EH/s, increasing over 30 percent in less than a month.

Hashrate, the computing power available for processing transactions and securing the bitcoin blockchain, is one of the most critical metrics for evaluating bitcoin mining companies. It determines how much bitcoin a company mines.

"We are proud to bring so much clean energy-backed infrastructure onto the Bitcoin network, and I am grateful to the operational teams that have made this growth possible,” said Zach Bradford, CEO. "Bitcoin mining, when done with an eye toward low-carbon energy sources, can hasten the decarbonization of our economy. No other industry can do this like Bitcoin. In addition to being a technology that we believe will revolutionize our monetary system, Bitcoin is also a technology capable of revolutionizing our energy systems, making them more resilient, abundant, and clean.”

“Our rapid growth clearly indicates where our heads are in terms of market dynamics,” said Matthew Schultz, CleanSpark’s executive chairman. “All bear markets eventually end, and this one is no different. We are building the groundwork for significant acceleration when we eventually emerge on the other side of these extraordinary market conditions.”

CleanSpark has three fully owned and operated facilities, more than 41,000 bitcoin mining machines operational, and a daily production high of 16 bitcoins. A fourth fully owned and operated campus in Sandersville, GA, will join the CleanSpark ranks when the acquisition is completed in early October and is expected to add 1.4 EH/s to the Company’s hashrate before year end.

CleanSpark maintains its 2022 year-end guidance of 5 EH/s and expects to meet its 2023 year-end guidance of 22.4 EH/s, an achievement that would make it one of the largest publicly traded bitcoin miners in the world.

About CleanSpark

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding expectations for completion of the acquisition Mawson’s bitcoin mining facility, the resulting anticipated benefits to CleansSpark (including as to anticipated additions to CleanSpark’s hashrate and the timing thereof) and plans to expand the facility. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this press release may be forward-looking statements. 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. Forward-looking statements contained in this press release, but are not limited to statements regarding our future results of operations and financial position, industry and business trends, business strategy, expansion plans, market growth and our objectives for future operations.

The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve 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 risk that the closing conditions are not satisfied and other risks that could affect the completion of the acquisition of Mawson’s bitcoin mining facility and the anticipated benefits of the acquisitions, including the risk that the electrical power available to the facility 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; the impact of global pandemics (including COVID-19) on logistics and shipping and the demand for our products and services; 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 and any subsequent filings with the SEC. The forward-looking statements in this press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

Investor Relations Contact

Matt Schultz, Executive Chairman
ir@cleanspark.com

Media Contacts

Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
cleanspark@blocksbridge.com

Isaac Holyoak
CleanSpark, Inc.
702-989-7694
pr@cleanspark.com

News Provided by GlobeNewswire via QuoteMedia

CleanSpark Announces Participation at Upcoming Investor Conferences this September

Sep 12, 2022 9:00 AM

CleanSpark Announces Participation at Upcoming Investor Conferences this September

Executive team to discuss financial strengths and recent acquisitions at upcoming investor events

LAS VEGAS, Sept. 12, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (“CleanSpark”), America’s Bitcoin Miner™, today announced that Matthew Schultz, Executive Chairman, and Gary Vecchiarelli, CFO, will meet with investors and present at three conferences in September to discuss recent acquisitions .

Details of the events are as follows:

H.C. Wainwright 24th Annual Global Investment Conference
September 13, 2022, 10:00 a.m. ET
CleanSpark Executive Chairman Matthew Schultz

Click here to watch the live audio webcast. An archive of the event presentation will be available on CleanSpark’s website after the event.

BTIG Future of Digital Assets Conference
September 19, 2022, 11:00 a.m. ET
CleanSpark Executive Chairman Matthew Schultz

BTIG hosted events are intended for prospective and existing BTIG clients only. To listen to the live event, please contact your BTIG representative.

B. Riley Securities 2nd Annual Crypto Conference
September 29, 2022
CleanSpark Executive Chairman Matthew Schultz

To learn more or show interest please contact your B. Riley representative.

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, Executive Chairman
ir@cleanspark.com

Media Contacts

Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
cleanspark@blocksbridge.com

Isaac Holyoak
CleanSpark, Inc.
702-989-7694
pr@cleanspark.com

News Provided by GlobeNewswire via QuoteMedia

CleanSpark Announces Agreement with Mawson Infrastructure Group to Acquire Turnkey Bitcoin Mining Facility

Sep 9, 2022 7:42 AM

CleanSpark Announces Agreement with Mawson Infrastructure Group to Acquire Turnkey Bitcoin Mining Facility

The already operational site in Sandersville, Georgia, includes 80 MW of total capacity supporting 2.4 EH/s of bitcoin mining; Total planned capacity is 230 MW, expected to support 7.0 EH/s; Strategic acquisition serves to accelerate and consolidate CleanSpark’s standing at the top of the bitcoin mining sector

LAS VEGAS, Sept. 09, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (“CleanSpark”), America’s Bitcoin Miner™, today announced it has entered into definitive agreements with Mawson Infrastructure Group Inc. (Nasdaq: MIGI) (“Mawson”) to acquire Mawson’s turnkey bitcoin mining facility in Sandersville, Georgia, for up to $33 million. The transaction is expected to add 1.4 exahashes per second (EH/s) to CleanSpark’s hashrate before year-end, 2.4 EH/s in early 2023 and 7.0 EH/s by the end of 2023. This capacity supports CleanSpark’s target of over 22 EH/s by the end of 2023.

CleanSpark has also agreed to purchase from Mawson 6,468 of the latest generation mining ASICs for approximately $9.5 million in cash, at a cost of $17 per terahash. These machines, already operating at the acquired site, will add over 558 petahashes per second (PH/s) of computing power immediately upon closing.

Under the terms of the agreements for the facility and miners, Mawson will receive consideration of approximately $26.5 million in cash (including the $9.5 million for the miners) at closing; up to $11 million in CleanSpark stock (based upon the current trading price), $6.5 million which is issuable at closing and the remaining $4.5 million of which is subject to reaching certain earn-out commitments; $3 million in seller financing in the form of promissory notes; and, an additional $2 million in a seller-financed earn-out payable at least 60 days post-closing upon certain conditions being met. The maximum total purchase price for the facility and miners is $42.5 million.

“We are pleased to welcome Mawson’s Sandersville site and its operating teams into the CleanSpark family,” said Zachary Bradford, CleanSpark’s chief executive officer. “The site is nothing but impressive—well-run by over 20 dedicated professionals who have taken significant pride in the design, development, and maintenance of the site. We are enthusiastic about Georgia and believe that our expansion there will continue to build value for our shareholders and the communities we operate in throughout Georgia.”

The turn-key infrastructure is currently capable of supporting 24,108 latest-generation miners. There is an ongoing effort to expand the facility by an additional 150 MW by late 2023. Upon completion of the planned expansion, the site would be capable of supporting 70,000 latest generation miners capable of producing over 7.0 EH/s

As part of the agreement, CleanSpark will provide up to 30 MW of temporary hosting capacity, for up to 180 days, while Mawson transfers miners to its Pennsylvania operations. This process is slated to begin in early 2023. Immediately upon completion, CleanSpark will use the space for self-mining.

“We have thoroughly enjoyed working with the CleanSpark team on this transaction and look forward to working closely with them going forward,” said James Manning, CEO and Founder of Mawson. “We now intend to focus our attention on the continued development of our Pennsylvania and Texas facilities where we see the opportunity for compelling returns on capital. We would like to sincerely thank the City of Sandersville for welcoming us into their community and being high-quality partners over the last several years.”

The agreement has been approved by the organizations’ respective boards of directors and is subject to customary closing conditions. CleanSpark and Mawson expect to close the transaction in early October.

“Georgia has one of the most favorable operating environments in the country,” said Matthew Schultz, CleanSpark’s executive chairman. “We have strategically grown our operations in Georgia because of the state’s strong business ethic, competitive power rates, and an abundance of carbon-free energy, specifically nuclear. Georgia is a terrific place to do business and call home. We are committed to being socially and environmentally responsible partners in this great state.”

CleanSpark has a strong tradition of supporting the communities it operates in. It has invested over $275 million in Georgia communities, which includes property and energy infrastructure upgrades, equipment and hardware investments, over 75 highly skilled and skilled jobs, scholarships, and various community sponsorships.

H.C. Wainwright & Co. acted as financial advisor to CleanSpark. Baker Donelson and Katten Muchin Rosenman LLP served as legal counsel for CleanSpark in connection with the transaction.

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 .

About Mawson Infrastructure

Mawson Infrastructure Group (NASDAQ: MIGI) is a digital infrastructure provider, with multiple operations throughout the USA and Australia. Mawson’s vertically integrated model is based on a long-term strategy to promote the global transition to the new digital economy. Mawson matches sustainable energy infrastructure with next-generation mobile data centre (MDC) solutions, enabling low-cost Bitcoin production and on-demand deployment of infrastructure assets. With a strong focus on shareholder returns and an aligned board and management, Mawson Infrastructure Group is emerging as a global leader in ESG focused Bitcoin mining and digital infrastructure. For more information, visit: www.mawsoninc.com .

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding expectations for completion of the acquisition Mawson’s bitcoin mining facility, the resulting anticipated benefits to CleansSpark (including as to anticipated additions to CleanSpark’s hashrate and the timing thereof) and plans to expand the facility. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this press release may be forward-looking statements. 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. Forward-looking statements contained in this press release, but are not limited to statements regarding our future results of operations and financial position, industry and business trends, business strategy, expansion plans, market growth and our objectives for future operations.

The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve 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 risk that the closing conditions are not satisfied and other risks that could affect the completion of the acquisition of Mawson’s bitcoin mining facility and the anticipated benefits of the acquisitions, including the risk that the electrical power available to the facility 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; the impact of global pandemics (including COVID-19) on logistics and shipping and the demand for our products and services; 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 and any subsequent filings with the SEC. The forward-looking statements in this press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

Investor Relations Contact

Matt Schultz, Executive Chairman (CleanSpark)
ir@cleanspark.com

Media Contacts

Isaac Holyoak (CleanSpark)
pr@cleanspark.com

Brett Maas (Mawson Infrastructure)
646-536-7331
brett@haydenir.com

Attachments

Isaac Holyoak
CleanSpark, Inc.
702-989-7694
pr@cleanspark.com

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CleanSpark Buys 10,000 More Latest Generation Mining Machines, Extending Summer of Acquisitions

Sep 7, 2022 9:00 AM

CleanSpark Buys 10,000 More Latest Generation Mining Machines, Extending Summer of Acquisitions

The new Antminer S19j Pro units will expand the company’s bitcoin mining capacity by 1 EH/s at a significantly discounted price; CleanSpark’s hashrate currently exceeds 3.8 EH/s

LAS VEGAS, Sept. 07, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the “Company”), America’s Bitcoin Miner™, today announced it has entered into a purchase agreement with Cryptech Solutions (“Cryptech”) for 10,000 brand-new Bitmain Antminer S19j Pro units for a total price of $28.0 million, after credits and discounts. The servers are expected to be delivered to CleanSpark’s facilities by late October or early November of this year.

The Company’s sustainable growth strategy coupled with the current cryptocurrency market conditions enabled the Company to purchase the machines at a substantially discounted price compared to the spot market price earlier this year. Bitmain, the manufacturer and seller of the devices, sold the S19j Pro model on its official website in January for as much as $116 per TH/s whereas the Company purchased the 10,000 units for approximately $28.00 per TH/s.

"During the tail end of the bull market last year, we strategically focused on building infrastructure instead of following the then industry trend of pre-ordering equipment months in advance,” said Zach Bradford, CEO of CleanSpark. “This strategy positioned us to make purchases of landed rigs at significantly lower prices, thus reducing the time between deploying capital and hashing, accelerating our return on investment.”

“We prepared for challenging times, which allowed us to take advantage of unique opportunities created by the current market, accelerating our growth trajectory,” said Matt Schultz, Executive Chairman. “Simply put, we’ve strategically avoided lengthy delays in receiving machines and energizing circuits, quickly adding long-term value to our stakeholders.”

The purchase follows CleanSpark’s recent milestone of exceeding a bitcoin mining hashrate of 3.0 EH/s last week and the acquisition of its third mining site last month. The Company also made strategic purchases of over 5,000 units of the Antminer S19 series of machines and more than 1,000 units of the M30s series from June to August.

CleanSpark now has more than 40,000 bitcoin mining machines operational at all its sites with a daily production high of 14.9 bitcoins and a current hashrate of 3.8 EH/s. CleanSpark has cemented its position as a top five bitcoin mining company in terms of both hashrate and monthly production.

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 .

Forward-Looking Statements

The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve 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 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; the impact of global pandemics (including COVID-19) on logistics and shipping and the demand for our products and services; 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 and any subsequent filings with the SEC. The forward-looking statements in this press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

Investor Relations Contact

Matt Schultz, Executive Chairman
ir@cleanspark.com

Media Contacts
Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
cleanspark@blocksbridge.com

Isaac Holyoak
CleanSpark, Inc.
702-989-7694
pr@cleanspark.com

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CleanSpark Releases August 2022 Bitcoin Mining Update

Sep 2, 2022 9:00 AM

CleanSpark Releases August 2022 Bitcoin Mining Update

Company’s hashrate exceeds 3.4 EH/s, up 19 percent from July 2022; mines 395 bitcoin for the month

LAS VEGAS, Sept. 02, 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 August 31, 2022.

“We set out at the beginning of the year to become a top five publicly traded bitcoin mining company and with our outstanding operational performance in 2022 we can say we are now firmly in that category. We now own and operate three campuses in Georgia. Our hashrate has tripled over the last year. We are on a trajectory to nearly double that in less than half the time it took us to get from 1 EH/s to 3 EH/s. And we are about to hire our 100th employee. I’m extremely proud of our team and their tremendous work,” said Zach Bradford, Chief Executive Officer.

Bitcoin Mining & Operations Update (unaudited)

Bitcoin mined in August: 395, up 109% from August 2021
Calendar year-to-date bitcoin mined: 2,642
Total BTC holdings as of August 31: 526
Total BTC converted for operations and growth in August: 388, 9% less than July 2022
Currently deployed fleet of over 36,800 latest-generation bitcoin miners with a hashrate of 3.4 EH/s, up 19% from July 2022 and 331% from August 2021

The Company funded growth and operations through the sale of 388 bitcoins in August 2022 at an average of approximately $23,088 per BTC (an 11% increase over last month’s average price per BTC sold). Sales of BTC equated to proceeds of approximately $8.9 million. August daily BTC mined reached a high of 13.39.

Washington, GA, Site Update

Technical crews in Washington have worked around the clock to bring miners online. Since closing in late August, there are now over 6,000 miners online, out of the over 10,000 miners that are on site. The Company expects to energize the remaining miners next week.

Personnel Update

CleanSpark also welcomed Taylor Monnig to the company as its new Vice President of Mining Technology. Monnig was most recently Chief Operating Officer at TMGCore, where he worked to develop and commercialize technologies that support blockchain stability, growth, and sustainability. Monnig brings to CleanSpark eight years of experience in the bitcoin mining industry and has developed a reputation for his deep expertise in immersion-cooled bitcoin mining. He holds a bachelor’s degree from Arizona State University.

“Taylor is already making a meaningful impact on our operations and culture and we are thrilled to have him join the team,” said Zach Bradford, CEO.

Forward-Looking Statements

The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve 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 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; the impact of global pandemics (including COVID-19) on logistics and shipping and the demand for our products and services; 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 and any subsequent filings with the SEC. The forward-looking statements in this press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

About CleanSpark

Investor Relations Contact
Matt Schultz
ir@cleanspark.com

Media Contacts
Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com

Isaac Holyoak
CleanSpark, Inc.
702-989-7694
pr@cleanspark.com

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CleanSpark's Hashrate Exceeds 3 Exahashes Following Summer of Acquisitions

Aug 30, 2022 9:00 AM

CleanSpark's Hashrate Exceeds 3 Exahashes Following Summer of Acquisitions

Bear market strategies accelerated Company growth, tripling hashrate in less than a year

LAS VEGAS, Aug. 30, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the “Company”), America’s Bitcoin Miner™, today announced its bitcoin mining hashrate has exceeded 3 EH/s, tripling in less than a year.

Hashrate, which is the computing power available for processing transactions and securing the bitcoin blockchain, is one of the most important metrics for evaluating bitcoin mining companies. It ultimately determines how much bitcoin a company can mine.

CleanSpark’s accelerated growth can be attributed to new partnerships and a strategic financial roadmap that has helped the company navigate current market conditions. The Company now has three fully owned and operated facilities, more than 31,000 bitcoin mining machines operational, and a daily production high of 13.25 bitcoins. In terms of both hashrate and monthly production, CleanSpark has cemented itself as a top five bitcoin mining company in North America.

"I believe that our strong capital management and developing relationships with our partners and the communities we operate in has led to the tremendous opportunities we’ve been presented with,” said Zach Bradford, CEO. "I’m particularly grateful for our operational teams on the ground that have made so much of this growth possible."

“We prepared for a rough market, which allowed us to take advantage of unique opportunities and propel the Company further,” said Matt Schultz, executive chairman. “Because of that we’re growing our market share as a publicly traded bitcoin miner.”

In mid-August , the Company announced the acquisition of a bitcoin mining facility in Washington, GA—its third in the state—which is expected to add 1.1 EH/s to CleanSpark’s hashrate once fully operational. The site is scalable to 86 MW of largely renewable power, for a total hashrate increase of 2.6 EH/s. During the month of July , CleanSpark acquired 1,061 substantially discounted Whatsminer machines that increased mining capacity by 93 PH/s. The Company kicked off the summer in June with a purchase contract takeover of 1,800 Antminer S19 XP units and a partnership with TMGCore Inc. for an immersion cooling expansion.

About CleanSpark

Investor Relations Contact

Matt Schultz, Executive Chairman
ir@cleanspark.com

Media Contacts

Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
cleanspark@blocksbridge.com

Isaac Holyoak
CleanSpark, Inc.
702-989-7694
pr@cleanspark.com

News Provided by GlobeNewswire via QuoteMedia

CleanSpark Completes Acquisition of Recently Announced 86MW Facility in Georgia

Aug 19, 2022 9:00 AM

CleanSpark Completes Acquisition of Recently Announced 86MW Facility in Georgia

Transaction closes ahead of schedule, paving way for energization of 3,400 on-site machines in coming days; additional 8,283 machines to arrive on site within the week

LAS VEGAS, Aug. 19, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK), America’s Bitcoin Miner™, today announced it has closed on the acquisition of an active bitcoin mining facility located in Washington, Georgia. The site is expected to add 2.6 EH/s to CleanSpark’s hashrate once all 86MW of predominantly carbon-free power is fully operational in 2023.

“This is a tremendous opportunity for CleanSpark and our shareholders and we are thrilled to be moving so quickly on the deployment of this site,” said Matt Schultz, executive chairman. “The community in Washington has welcomed CleanSpark with open arms, and we look forward to being their partners as we continue to build the transformative and sustainable infrastructure that is bitcoin mining.”

Bitcoin mining plays an important role in CleanSpark’s ESG commitments because it increases grid r