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CleanSpark Inc. (CLSK)

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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

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 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.

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, 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

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

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.

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, 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
News Provided by GlobeNewswire via QuoteMedia

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

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.

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, 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

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

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.

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.

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

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

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

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 resiliency for local communities, such as Washington, GA. As part of the facility expansion, CleanSpark also expects to hire about 20 employees, most of which will come from Washington and the surrounding community.

CleanSpark will host an open house for local media, community leaders, and interested citizens at the new site on September 8. Details will be announced in the coming weeks and available on the events section of www.cleanspark.com .

The Washington site is CleanSpark’s third campus in Georgia, with other locations in College Park and Norcross. CleanSpark draws power predominantly from low-carbon sources, such as nuclear energy.

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. 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.

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, 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
News Provided by GlobeNewswire via QuoteMedia

Aug 9, 2022 4:00 PM

CleanSpark Reports Third Quarter FY2022 Financial Results

CleanSpark Reports Third Quarter FY2022 Financial Results

PR Newswire

Third quarter revenue of $ 31.0 million, net GAAP loss of $(29.3) million and Adjusted EBITDA of $15.2 million ; Mined 964 Bitcoin and Increased Hashrate by 22%; Increases 2023 Year-end Hashrate Guidance to 22.4 EH/s

LAS VEGAS , Aug. 9, 2022 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company"), America's Bitcoin Miner™, today reported financial results for the three and nine months ended June 30, 2022 .

"CleanSpark continued to grow by mining a record number of bitcoin and substantially increasing our hashrate," said Zach Bradford , Chief Executive Officer. "We are optimizing uptime and maximizing profits with our wholly owned locations. We have also made efficient use of our capital by putting new miner purchases to work quickly. Despite macroeconomic headwinds, our results demonstrate the resiliency of our strategy, and we expect to grow in what is otherwise a bear market."

Bradford continued: "In line with our strategy to make CleanSpark a top five publicly traded miner, today we announced two transformative matters. Foremost, we have entered into an asset purchase agreement for the acquisition of a third wholly owned facility, located in Washington, GA. This new facility has 86MW of total capacity, 36MW of which is online and available immediately. An additional 50MW is expected to be available in 2023. We are also announcing that CleanSpark is formally selling its energy business assets. We are now a pure play bitcoin miner. These two announcements represent the closing of one chapter and the opening of another, and I look forward to where our strategic direction is taking us."

"The importance of our Adjusted EBITDA margins is not to be overlooked," said Gary A. Vecchiarelli , CFO. "Our Adjusted EBITDA for the third quarter was approximately $15 million , which represents margins on revenue of 49%. These are great margins and why we are in the bitcoin mining business. Furthermore, our decision to divest energy assets will allow us to focus our time, people, and resources on our core business."

In connection with the decision to classify its energy business assets as "held for sale," the Company has met the accounting criteria for the energy business to be classified as discontinued operations. All results and comparisons for the periods reported are presented on a continuing operations basis with the energy business reported as discontinued operations in certain statements and schedules accompanying this report.

Q3 Financial Highlights

Financial Results for the Three Months Ended June 30, 2022

  • Revenues for the quarter grew to $31.0 million , an increase of 22.0 million, or 243%, from $9.0 million for the same prior year period.
  • The Company recognized a net loss for the three months ended June 30, 2022 , of $(29.3) million increased 76% compared to $(16.7) million for the same prior year period.
  • Adjusted EBITDA increased to $15.2 million , reversing negative Adjusted EBITDA of $(1.7) million from the same prior year period.
  • The Company also saw sequential revenues decrease in the third quarter compared to the previous quarter. Revenues decreased $6.2 million , or 17%, from the second quarter. Net loss for the third quarter was $(29.3) million , increasing $29.1 million from the second quarter net loss of $(0.2) . Adjusted EBITDA was $15.2 million , decreasing 30% from $21.6 million in the second quarter.

In connection with the reclassification of its energy business as discontinued operations, CleanSpark has recorded an impairment charge of ($10.6) million , which is included in the line item "loss from discontinued operations" in the consolidated statements of operations and comprehensive loss.

Balance Sheet Highlights as of June 30, 2022

Assets

  • Cash: $2.7 million
  • Digital Currency: $10.5 million
  • Total Current assets: $29.4 million
  • Total Mining assets (including prepaid deposits & deployed miners): $357.4 million
  • Total Assets: $411.1 million

Liabilities and Stockholders' Equity

  • Current Liabilities: $20.0 million
  • Total Liabilities: $34.2 million
  • Total Stockholders' Equity: $376.9 million

The Company had working capital of $9.5 million and $18.3 million of debt as of June 30, 2022 .

Investor Conference Call and Webcast

The Company will hold its third quarter 2022 earnings presentation and business update for investors and analysts today, August 9, 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.

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. 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, equity compensation, business strategy, 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; 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 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.

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.

Non-GAAP Measures

Adjusted EBITDA 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, CleanSpark 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 with an important tool for financial and operational decision making and for evaluating its own core business operating results over different periods of time.

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 or as an indication of operating performance or any other measure of performance derived in accordance with GAAP. Our management does not consider Adjusted EBITDA to be a substitute for, or superior to, the information provided by GAAP financial results.

We are providing supplemental financial measures for (i) non-GAAP adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") that excludes the impact of interest, taxes, depreciation, amortization, our share-based compensation expense, and impairment of assets, unrealized gains/losses on securities, certain financing costs, other non-cash items, certain non-recurring expenses, and impacts related to discontinued operations; and (ii) non-GAAP Adjusted EBITDA that excludes the impact of interest, taxes, depreciation, amortization, our share-based compensation expense, and impairment of assets, unrealized gains/losses on securities, certain financing costs, other non-cash items, and impacts related to discontinued operations. These supplemental financial measures are not measurements of financial performance under GAAP and, as a result, these supplemental financial measures may not be comparable to similarly titled measures of other companies. Management uses these non-GAAP financial measures internally to help understand, manage, and evaluate our business performance and to help make operating decisions.

We believe that these non-GAAP financial measures are also useful to investors and analysts in comparing our performance across reporting periods on a consistent basis. Adjusted EBITDA excludes (i) impacts of interest, taxes, and depreciation; (ii) significant non-cash expenses such as our share-based compensation expense, unrealized gains/losses on securities, certain financing costs, other non-cash items that we believe are not reflective of our general business performance, and for which the accounting requires management judgment, and the resulting expenses could vary significantly in comparison to other companies; (iii) significant impairment losses related to long-lived and digital assets, which include our 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 our 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, we expect 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.

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

CLEANSPARK, INC.
CONSOLIDATED BALANCE SHEETS






June 30, 2022
(Unaudited)



September 30,
2021


ASSETS







Current assets







Cash and cash equivalents, including restricted cash


$

2,661,682



$

18,040,327


Accounts receivable, net



102,781




307,067


Inventory






79,811


Prepaid expense and other current assets



3,734,586




2,137,803


Digital currency



10,538,120




23,603,210


Derivative investment asset



2,761,780




4,905,656


Investment in equity security



250,000




260,772


Investment in debt security, AFS, at fair value



569,996




494,608


Current assets held for sale



8,829,728




7,897,067


Total current assets


$

29,448,673



$

57,726,321









Property and equipment, net


$

322,185,923



$

137,477,735


Operating lease right of use asset



1,285,146




1,488,240


Intangible assets, net



6,807,130




9,913,441


Deposits on mining equipment



31,856,635




87,959,910


Other long-term asset



6,587,274




875,536


Goodwill



12,048,419




12,048,419


Long-term assets held for sale



839,624




9,983,519


Total assets


$

411,058,824



$

317,473,121









LIABILITIES AND STOCKHOLDERS' EQUITY







Current liabilities







Accounts payable and accrued liabilities


$

12,995,578



$

6,982,517


Operating lease liability



323,951




256,195


Finance lease liability



274,222




403,410


Acquisition liability






300,000


Contingent consideration






820,802


Loans payable



5,359,904





Dividends payable



20,828





Current liabilities held for sale



1,011,811




1,300,098


Total current liabilities


$

19,986,294



$

10,063,022


Long-term liabilities







Operating lease liability, net of current portion



977,517




1,235,325


Finance lease liability, net of current portion



249,706




422,679


Loans payable, net of current portion



12,978,512





Long-term liabilities held for sale






35,629


Total liabilities


$

34,192,029



$

11,756,655









Stockholders' equity







Common stock; $0.001 par value; 100,000,000 shares authorized; 41,300,241 and
37,395,945 shares issued and outstanding as of June 30, 2022 and
September 30, 2021, respectively



41,299




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 June 30, 2022 and September 30, 2021, respectively



1,750




1,750


Additional paid-in capital



530,506,510




444,074,832


Accumulated other comprehensive income (loss)



69,996




(5,392)


Accumulated deficit



(153,752,760)




(138,392,118)


Total stockholders' equity



376,866,795




305,716,466









Total liabilities and stockholders' equity


$

411,058,824



$

317,473,121


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






For the three months ended



For the nine months ended




June 30,
2022



June 30,
2021



June 30,
2022



June 30,
2021


Revenues, net













Digital currency mining revenue, net


$

30,941,726



$

8,649,440



$

104,882,043



$

16,098,643


Other services revenue



86,055




402,628




469,518




1,209,616


Total revenues, net



31,027,781




9,052,068




105,351,561




17,308,259















Costs and expenses













Cost of revenues (exclusive of depreciation and amortization shown below)



10,341,026




1,147,281




24,607,950




2,161,937


Professional fees



1,432,747




1,939,907




5,588,980




5,835,434


Payroll expenses



7,617,576




10,959,362




24,209,787




15,418,166


General and administrative expenses



2,113,414




1,194,340




6,708,440




2,938,543


(Gain) on disposal of assets









(642,691)





Other impairment expense (related to Digital Currency)



4,418,714




3,720,481




11,452,405




3,720,481


Realized (gain) loss on sale of digital currency



5,234,482




(36,438)




(2,026,427)




(672,065)


Depreciation and amortization



14,811,291




2,107,449




32,659,747




3,553,945


Total costs and expenses



45,969,250




21,032,382




102,558,191




32,956,441















Income (loss) from operations



(14,941,469)




(11,980,314)




2,793,370




(15,648,182)















Other income (expense)













Other income






1,414




308,038




542,235


Change in fair value of contingent consideration









345,791





Realized gain on sale of equity security






105,908




665




105,908


Unrealized gain (loss) on equity security






(170,586)




(1,847)




98,914


Unrealized gain (loss) on derivative security



(1,032,579)




(2,060,774)




(2,143,876)




5,319,361


Interest income



52,355




48,242




137,608




150,705


Interest expense



(314,383)




(18,885)




(374,959)




(46,299)


Total other income (expense)



(1,294,607)




(2,094,681)




(1,728,580)




6,170,824















Income (loss) before income tax (expense) or benefit



(16,236,076)




(14,074,995)




1,064,790




(9,477,358)


Income tax expense













Income (loss) from continuing operations


$

(16,236,076)



$

(14,074,995)



$

1,064,790



$

(9,477,358)















Discontinued operations













Loss from discontinued operations


$

(13,104,147)



$

(2,602,132)



$

(16,089,993)



$

(6,967,261)


Income tax (expense) or benefit













Loss on discontinued operations


$

(13,104,147)



$

(2,602,132)



$

(16,089,993)



$

(6,967,261)















Net loss


$

(29,340,223)



$

(16,677,127)



$

(15,025,203)



$

(16,444,619)















Preferred stock dividends









335,439




177,505















Net loss attributable to common shareholders


$

(29,340,223)



$

(16,677,127)



$

(15,360,642)



$

(16,622,124)















Other comprehensive income



28,796







75,388


















Total comprehensive loss attributable to common shareholders


$

(29,311,427)



$

(16,677,127)



$

(15,285,254)



$

(16,622,124)















Income (loss) from continuing operations per common share - basic


$

(0.39)



$

(0.41)



$

0.02



$

(0.35)















Weighted average common shares outstanding - basic



41,277,090




34,014,221




41,010,826




27,355,111















Income (loss) from continuing operations per common share - diluted


$

(0.39)




(0.41)



$

0.02




(0.35)















Weighted average common shares outstanding - diluted



41,277,090




34,014,221




41,092,028




27,355,111















Loss on discontinued operations per common share - basic


$

(0.32)



$

(0.08)



$

(0.39)



$

(0.25)















Weighted average common shares outstanding - basic



41,277,090




34,014,221




41,010,826




27,355,111















Loss on discontinued operations per common share - diluted


$

(0.32)



$

(0.08)



$

(0.39)



$

(0.25)















Weighted average common shares outstanding - diluted



41,277,090




34,014,221




41,092,028




27,355,111


CLEANSPARK, INC.
RECONCILIATION OF ADJUSTED EBITDA
(UNAUDITED)




Three months ended June 30,



2022



2021

Revenues, net






Digital currency mining revenue, net


$

30,941,726



$

8,649,440

Other services revenue



86,055




402,628

Total revenues, net


$

31,027,781



$

9,052,068







Net loss


$

(29,340,223)



$

(16,677,127)

Adjustments:








Loss on discontinued operations


$

13,104,147



$

2,602,132

Other impairment expense (related to Digital Currency)



4,418,714




3,720,481

Depreciation and amortization



14,811,291




2,107,449

Stock based compensation



5,212,776




3,399,371

Other income






(1,414)

Change in fair value of contingent consideration






Realized loss (gain) on sale of digital currency



5,234,482




(36,438)

Realized gain on sale of equity security






(105,908)

Unrealized gain on equity security






170,586

Unrealized loss on derivative security



1,032,579




2,060,774

Interest income


(52,355)



(48,242)

Interest expense


314,383



18,885

One-time legal fees related to litigation


143,378



1,054,814

One-time legal fees related to financing & business development transactions


189,101



Severance expenses


102,117



Total Adjusted EBITDA


$

15,170,390



$

(1,734,637)



Three months ended

March 31, 2022

Revenues, net



Digital currency mining revenue, net


$

36,965,739

Other services revenue



233,494

Total revenues, net


$

37,199,233




Net loss


$

(170,735)

Adjustments:




Gain on discontinued operations


$

(103,208)

Other impairment expense (related to Digital Currency)



811,345

Depreciation and amortization



11,377,734

Stock based compensation



6,553,984

Other income



(308,038)

Change in fair value of contingent consideration



(290,249)

Realized gain on sale of digital currency



2,733,882

Realized gain on sale of equity security



Unrealized loss on equity security



Unrealized gain on derivative security



1,410,146

Interest income


(51,782)

Interest expense


7,311

Gain on disposal of assets


(860,861)

One-time legal fees related to litigation


116,377

One-time legal fees related to financing & business development transactions


41,047

Severance expenses


288,588

Total Adjusted EBITDA


$

21,555,541

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

Media Contacts
Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com

Cision View original content: https://www.prnewswire.com/news-releases/cleanspark-reports-third-quarter-fy2022-financial-results-301602887.html

SOURCE CleanSpark, Inc.

News Provided by PR Newswire via QuoteMedia

Aug 9, 2022 7:00 AM

CleanSpark Acquires Plug-in Ready Bitcoin Mining Facility Scalable to 86 Megawatts, or 2.6 EH/s

The new site in Washington, Georgia, currently at 36 megawatts, is expected to add 1.1 EH/s to CleanSpark’s hashrate in current quarter, a 38% increase

LAS VEGAS, Aug. 09, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the “Company”), America’s Bitcoin Miner™, today announced it has entered into a definitive agreement to acquire an active bitcoin mining facility located in Washington, Georgia, for $16.2 million.

The Company has also purchased approximately 3,400 of the latest generation Antminer S19 series of machines for approximately $8.9 million. These machines, already operating at the acquired site, will add over 340 petahashes per second (PH/s) of computing power. The Company will fill the balance of the 36 MW with machines already paid for and on hand. The site has exclusive rights to an additional 50 MW of power, making the site scalable to 86 MW.

“We are excited to expand our footprint in Georgia,” said Zach Bradford, CleanSpark’s CEO. “The market has been preparing all summer for consolidation, and we are pleased to be on the acquiring side. Our focus on sustainability and maximizing value for our stakeholders have put us in a unique position to take advantage of the unprecedented opportunities that the current market has created. We are especially excited to be working with the citizens of Washington, GA, who have been so welcoming to us. We look forward to maintaining and growing jobs and infrastructure at our new campus in Washington.”

The site is CleanSpark’s third clean-energy campus in Georgia, with other locations in College Park and Norcross. It draws power predominantly from low-carbon sources, such as nuclear energy.

“We are thrilled to welcome CleanSpark to Washington, Georgia,” said Washington Mayor Bill deGolian. “This partnership will diversify our local industry, create rural technology jobs, expand our electric customer base, and invest in our community. We look forward to a long and prosperous mutual relationship with CleanSpark.”

CleanSpark seized on current market conditions to acquire the site from Waha Technologies, a low-carbon bitcoin miner, which includes the mining facility and machines. The majority of the acquired machines are either the Antminer S19 or S19J Pro models, which are among the most power-efficient bitcoin mining machines on the market. The Company expects to close on the transaction within the next 30 days, subject to customary closing conditions.

“We started our first bitcoin mining business in Washington, Georgia, because they had idle infrastructure and excess power,” said Chris Bissell, CEO and Cofounder of WAHA Technologies. “We are proud of what we brought to their community and are very excited to pass the baton to CleanSpark, which will elevate the ability to help the City of Washington thrive.”

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. 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.

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, 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
News Provided by GlobeNewswire via QuoteMedia

Aug 3, 2022 9:00 AM

CleanSpark Announces July 2022 Bitcoin Mining Update

CleanSpark hit its all-time-high of 13.25 BTC mined per day while monthly production increased by over 13%

LAS VEGAS, Aug. 03, 2022 (GLOBE NEWSWIRE) -- CleanSpark Inc. (Nasdaq: CLSK), America’s bitcoin miner, today released its unaudited bitcoin mining and operations update for the calendar year-to-date ending July 31, 2022.

Bitcoin Mining & Operations Update (unaudited)

  • Bitcoin mined in July: 384
  • Calendar year-to-date bitcoin mined: 2,247
  • Total BTC holdings as of July 31: 519
  • Total BTC converted for operations and growth in July: 426
  • Currently deployed fleet of approximately 30,450 latest-generation bitcoin miners with a total hashrate of 2.9 EH/s

CleanSpark fully funded growth and operations through the sale of 426 bitcoins in July 2022 at an average of approximately $20,768 per BTC. Sales of BTC equated to proceeds of approximately $8.8 million. July daily BTC mined reached a high of 13.25.

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

Jul 29, 2022 9:00 AM

CleanSpark Executives to Discuss Fiscal Third Quarter 2022 Financial Results Via Webcast

LAS VEGAS, July 29, 2022 (GLOBE NEWSWIRE) -- CleanSpark Inc. (Nasdaq: CLSK), America’s bitcoin miner, will discuss fiscal third quarter 2022 financial results via a live webcast beginning 4:30 p.m. ET / 1:30 p.m. PT on Tuesday, August 9, 2022.  Results will be released after the close of regular trading on August 9, 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
Nishant Sharma
cleanspark@blocksbridge.com


Isaac Holyoak
CleanSpark, Inc.
702-989-7694
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Jul 14, 2022 9:00 AM

CleanSpark Expands Bitcoin Mining Capacity by over 90 Petahashes with Acquisition of Latest Generation Machines

Newly acquired machines are already fully operational; “This is an incredible market for builders,” said CEO Zach Bradford

LAS VEGAS, July 14, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the “Company”), a sustainable bitcoin mining and energy technology company, today announced it has acquired 1,061 Whatsminer M30S machines that are already mining bitcoin at Coinmint’s renewable-powered co-location facility. The move adds about 93 petahashes per second (PH/s) of computing power to the Company’s existing mining capacity.

“We are seeing unprecedented opportunities in this market,” said Zach Bradford, CEO of CleanSpark. “Our tried-and-true hybrid approach of co-locating our machines while expanding our own mining facilities puts us in an excellent position to sustainably grow our bitcoin mining capacity in what is shaping up to be an incredible market for builders.”

The Company bought the machines at a substantially discounted price compared to the spot market price from just a few months ago. This is the Company’s second bulk purchase of machines in approximately one month. Just after the market downturn in June, the Company acquired , at an exceptionally discounted price, a purchase contract for 1,800 units of the Antminer S19 XP bitcoin mining machines.

The Company’s computing power has increased by 47% over the last six months, while its monthly bitcoin production has grown 50% over the same time period. “These important KPIs underscore the fact that our growth is outpacing global hashrate, particularly our ability to stay ahead of network difficulty adjustments. We believe that our operational strategy focused on efficiency, up-time and execution will allow these metrics to continually improve,” said Bradford.

About CleanSpark

CleanSpark, Inc. (Nasdaq: CLSK), a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is solving modern energy challenges. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

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 include, but are not limited to, statements regarding our future deliveries of miners and other related infrastructure, future deliveries of immersion cooling equipment, and future deployment of energy infrastructure,  industry and business trends, our business and financial/capital strategy, 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; the timely completion of mining facilities or expansions thereof; recognizing the full benefits of immersion cooling; future hashrate growth; the expectations of future revenue growth may not be realized;  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 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.

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, 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

Jul 6, 2022 9:00 AM

CleanSpark Announces June 2022 Bitcoin Production

Production hits all-time-high of 12.1 BTC per day; hashrate increases 12% month-over-month

LAS VEGAS, July 06, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, today released its unaudited bitcoin production and operations update for the calendar year-to-date ending June 30, 2022.

Bitcoin Production & Operations Update (unaudited)

  • June monthly production: 339
  • Calendar year-to-date production ending June 30: 1863
  • Total BTC holdings as of June 30: 561
  • Total BTC converted for operations and growth in June: 328
  • Currently deployed fleet of approximately 28,500 latest-generation bitcoin miners with a hashrate exceeding 2.8 EH/s

The Company fully funded growth and operations through the sale of 328 bitcoins in June 2022 at an average of approximately $25,644 per BTC. Sales of BTC equated to proceeds of approximately $8.4 million. June daily BTC production reached a high of 12.1.

Energy Business Update

CleanSpark is one step closer to being a pure play bitcoin miner after achieving the important milestone last month of exiting the switchgear business. The agreement releases the Company from all liabilities related to its prior switchgear business, while retaining certain receivable rights from existing contracts. Additionally, certain prepaid deposits are expected to be returned to CleanSpark. “This move strengthens our balance sheet and frees up working and human capital for our high-value, bitcoin mining business,” said Zach Bradford, CEO.

About CleanSpark

CleanSpark, Inc., a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is solving modern energy challenges. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

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 include, but are not limited to, statements regarding our future deliveries of miners and other related infrastructure, future deliveries of immersion cooling equipment, and future deployment of energy infrastructure,  industry and business trends, our business and financial/capital strategy, 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; the timely completion of mining facilities or expansions thereof; recognizing the full benefits of immersion cooling; future hashrate growth; the expectations of future revenue growth may not be realized;  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 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.

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
News Provided by GlobeNewswire via QuoteMedia

Jun 21, 2022 9:00 AM

CleanSpark to Participate in Bank of America's Web3 & Digital Assets Day

CleanSpark CEO will discuss bitcoin mining at the in-person event for the bank’s top clients

LAS VEGAS, June 21, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the “Company”), a sustainable bitcoin mining and energy technology company, today announced it will participate in Bank of America’s (BofA) Web3 & Digital Assets Day. Organized for BofA’s top clients, the private event will take place on June 23rd at the BofA Tower in New York City.

The event agenda includes leaders of some of the most well known companies from the Web3 and digital assets industry. CleanSpark’s CEO Zach Bradford will join panelists from two other companies that operate in the mining world.

As Web3 and digital assets become more popular, the infrastructure layer of proof-of-work networks continues to generate increasing interest among energy companies and institutional investors. There are currently over 25 publicly traded cryptocurrency mining companies, with over 10 of them going public in the last year alone. Many others are currently in the process of getting publicly listed.

“As a leading bitcoin mining company with a clean energy background, CleanSpark has been focused on sustainability since its earliest days,” said Isaac Holyoak, VP of strategic communications at CleanSpark. “We go above and beyond to provide investors with the information they need to be part of a sustainable bitcoin future, and this forum presents a great opportunity for that.”

About CleanSpark

CleanSpark, Inc. (Nasdaq: CLSK), a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is solving modern energy challenges. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

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

Jun 16, 2022 9:00 AM

CleanSpark Acquires Contract for Best-in-class Mining Machines, Partners with TMGcore to Expand Immersion-cooled Operations

CleanSpark has secured the fastest and most power-efficient bitcoin mining machines at a significantly discounted price—along with immersion-cooling infrastructure

LAS VEGAS, June 16, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the “Company”), a sustainable bitcoin mining and energy technology company, today announced it has taken over an existing purchase contract for 1800 Antminer S19 XP units as it continues to expand its infrastructure. Once fully deployed, the machines are expected to add over 252 petahashes per second (PH/s) to the Company’s bitcoin mining capacity.

Further, the company announced a partnership with TMGcore Inc., a global leader in the development, commercialization and deployment of high performance computing solutions, which includes ASIC mining applications, to expand its immersion-cooled infrastructure for sustainable mining.

As per the acquired contract, the Antminer S19 XP machines will start arriving at CleanSpark's facilities sometime in August, and shipping will continue through the next six months. The contract was brokered by Cryptech , a leading US-based supplier of cryptocurrency mining machines and longtime partner of the Company.

“We were able to secure the contract at an exceptional price because of our strategic relationships and the unique circumstances that current market conditions have created,” said CEO Zach Bradford. “Our infrastructure-first approach has given us substantial opportunities in the face of ever-changing market conditions, ultimately positioning us to deliver incredible value to our shareholders as we continue the important work of securing the bitcoin blockchain.”

Underscoring the Company’s commitment to the sustainable future of bitcoin mining, CleanSpark has concurrently secured cutting-edge immersion-cooling infrastructure from TMGcore, the Home of Immersion™.

The new partnership with TMGcore includes 257 units of TMGcore’s proprietary immersion-cooled tanks that are specifically designed to improve the performance of mining machines while substantially decreasing their failure rates over long term use. Each tank fits 28 Antminer S19j Pro mining machines. The units will be deployed in batches at the Company’s College Park, GA, property and other locations as determined. The alliance also provides CleanSpark with 2 megawatts (MW) of colocation capacity at TMGcore’s state-of-the-art immersion-cooled mining facility in Plano, Texas.

“We are thrilled to partner with CleanSpark, one of the largest bitcoin mining companies, and a company that is demonstrating its leadership in sustainable bitcoin mining by procuring TMGcore’s HPC immersion-cooling solutions. Our immersion solutions use up to 77% less water and are up to 4,000 times more efficient than traditional air cooling.” said JD Enright, Sr., CEO of TMGcore, Inc. “Our expertise in thermal science directly translates into engineering commercial-grade solutions which will provide CleanSpark a unique advantage in sustainably mining Bitcoin.”

Liquid immersion cooling, where the machines are fully immersed in a specialized cooling liquid, plus firmware, has proven to significantly increase the hashrate of bitcoin mining machines, reduce power consumption, and extend the competitive life of the machines—thereby maximizing financial gains. In December, CleanSpark announced one of North America’s first immersion-cooled datacenters of scale at its mining facility in Norcross, Georgia. Of the datacenter's 20 megawatts (MW), 8 are already fully operational, while the remaining 12 MW are expected later this year.

About CleanSpark

CleanSpark, Inc. (Nasdaq: CLSK), a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is solving modern energy challenges. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

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 include, but are not limited to, statements regarding our future deliveries of miners and other related infrastructure, future deliveries of immersion cooling equipment, and future deployment of energy infrastructure,  industry and business trends, our business and financial/capital strategy, 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; the timely completion of mining facilities or expansions thereof; recognizing the full benefits of immersion cooling; future hashrate growth; the expectations of future revenue growth may not be realized;  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 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.

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, 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

Jun 2, 2022 9:00 AM

CleanSpark Announces May 2022 Bitcoin Production

The Company’s bitcoin holdings increased 23%

LAS VEGAS, June 02, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, today released its unaudited bitcoin production and operations update for the calendar year-to-date ending May 31, 2022.

Bitcoin Production & Operations Update (unaudited)

  • May monthly production: 312
  • Calendar year-to-date production ending May 31: 1,523
  • Total BTC holdings as of May 31: 550
  • Total BTC converted for operations and growth in May: 210
  • Currently deployed fleet of over 25,000 latest-generation bitcoin miners with a hashrate over 2.5 EH/s

The Company fully funded growth and operations through the sale of 210 bitcoins in May 2022 at an average of approximately $32,639 per BTC. Sales of BTC equated to proceeds of approximately $6.9 million. May daily BTC production reached a high of 10.69.

About CleanSpark

CleanSpark, Inc., a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is solving modern energy challenges. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

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

May 10, 2022 5:07 PM

CleanSpark Reports Second Quarter FY2022 Financial Results

CleanSpark Reports Second Quarter FY2022 Financial Results

PR Newswire

Second quarter revenue of $41.6 million , net loss of $(0.17) million and Adjusted EBITDA of $22.5 million ; Company continues to execute its strategic plan and make significant headway in mining operations

LAS VEGAS , May 10, 2022 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company"), a sustainable bitcoin mining and energy technology company, today reported financial results for the three and six months ended March 31, 2022 .

"The theme for this quarter has been operational and financial execution," said Zach Bradford , Chief Executive Officer. "While the whole industry faced macro headwinds, primarily driven by a lower average bitcoin price, we continued to execute on our infrastructure-first strategy. We have line-of-sight on 600MW of power, driven in large part by the recent agreement we signed with Lancium at the end of the quarter. We continue to make strides in our commitment to ESG principles, most notably by working on attracting and retaining a diverse and highly qualified workforce. As for our capital strategy, our growth capex was funded 100% from the conversion of bitcoin. We have not utilized the shelf offering since November and we continue to right size our capital structure through means of non-dilutive capital."

Q2 Financial Highlights

Financial Results for the Three Months Ended March 31, 2022

  • Revenues for the quarter grew to $41.6 million , an increase of $33.5 million , or 4x, from $8.1 million for the same prior year period.
  • The Company recognized a net loss for the three months ended March 31, 2022 , of $(0.17) million or $(0.00) basic loss per share compared to net income of $7.4 million or $0.28 basic earnings per share for the same prior year period.
  • Adjusted EBITDA 1 improved significantly to $22.5 million , compared to Adjusted EBITDA 1 of $1.9 million from the same prior year period.
  • The Company also saw sequential revenues grow slightly in the second quarter compared to the previous quarter. Revenues increased $0.4 million , or 1%, from the first quarter. Net loss for the second quarter was $(0.17) million , reversing net income of $14.5 million in the first quarter. Adjusted EBITDA 1 was $22.5 million , decreasing 7.2% from $24.2 million in the first quarter.

Balance Sheet Highlights as of March 31, 2022

Assets

  • Cash: $1.9 million
  • Digital Currency: $17.0 million
  • Total Current assets: $42.0 million
  • Total Mining assets (including prepaid deposits & deployed miners): $326.0 million
  • Total Assets: $424.8 million

Liabilities and Stockholders' equity

  • Current Liabilities: $22.6 million
  • Total Liabilities: $23.9 million
  • Total Stockholders' Equity: $400.9 million

The Company had working capital of $19.4 million and no long-term debt as of March 31, 2022 .

Investor Conference Call and Webcast

The Company will hold its second quarter 2022 earnings presentation and business update for investors and analysts today, May 10, 2022, at 1:30 p.m. PST/ 4:30 p.m. EST .

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

Participant Dial-in (Toll free): 1-877-270-2148

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.

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, equity compensation, business strategy, 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; the successful deployment of energy solutions for residential and commercial applications; 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 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.

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.

Non-GAAP Measures

Adjusted EBITDA 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, CleanSpark 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 with an important tool for financial and operational decision making and for evaluating its own core business operating results over different periods of time.

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 or as an indication of operating performance or any other measure of performance derived in accordance with GAAP. Our management does not consider Adjusted EBITDA to be a substitute for, or superior to, the information provided by GAAP financial results.

We are providing supplemental financial measures for (i) non-GAAP adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") that excludes the impact of interest, taxes, depreciation, amortization, our share-based compensation expense, and impairment of assets, unrealized gains/losses on securities, certain financing costs, other non-cash items, certain non-recurring expenses, and impacts related to discontinued operations; and (ii) non-GAAP Adjusted EBITDA that excludes the impact of interest, taxes, depreciation, amortization, our share-based compensation expense, and impairment of assets, unrealized gains/losses on securities, certain financing costs, other non-cash items, and impacts related to discontinued operations. These supplemental financial measures are not measurements of financial performance under GAAP and, as a result, these supplemental financial measures may not be comparable to similarly titled measures of other companies. Management uses these non-GAAP financial measures internally to help understand, manage, and evaluate our business performance and to help make operating decisions.

We believe that these non-GAAP financial measures are also useful to investors and analysts in comparing our performance across reporting periods on a consistent basis. Adjusted EBITDA excludes (i) impacts of interest, taxes, and depreciation; (ii) significant non-cash expenses such as our share-based compensation expense, unrealized gains/losses on securities, certain financing costs, other non-cash items that we believe are not reflective of our general business performance, and for which the accounting requires management judgment, and the resulting expenses could vary significantly in comparison to other companies; (iii) significant impairment losses related to long-lived and digital assets, which include our 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 our 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, we expect 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.

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

About CleanSpark

CleanSpark, Inc., a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is solving modern energy challenges. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

CLEANSPARK, INC.

CONSOLIDATED BALANCE SHEETS




March 31,
2022
(Unaudited)



September 30,
2021


ASSETS







Current assets







Cash and cash equivalents, including restricted cash


$

1,912,947



$

18,040,327


Accounts receivable, net



6,836,253




2,619,957


Inventory



1,259,423




2,672,744


Prepaid expense and other current assets



10,316,242




5,129,047


Digital currency



17,045,640




23,603,210


Derivative investment asset



3,794,359




4,905,656


Investment in equity security



250,000




260,772


Investment in debt security, AFS, at fair value



541,200




494,608


Total current assets


$

41,956,064



$

57,726,321









Property and equipment, net


$

276,330,089



$

137,674,739


Operating lease right of use asset



1,353,557




1,488,240


Intangible assets, net



10,262,761




12,699,177


Deposits on mining equipment



69,902,321




87,959,910


Other long-term assets



5,943,314




875,536


Goodwill



19,049,198




19,049,198


Total assets


$

424,797,304



$

317,473,121









LIABILITIES AND STOCKHOLDERS' EQUITY







Current liabilities







Accounts payable and accrued liabilities


$

21,385,732



$

7,975,263


Contract liabilities



188,929




296,964


Operating lease liability



321,600




256,195


Finance lease liability



345,817




413,798


Acquisition liability



-




300,000


Contingent consideration



-




820,802


Dividends payable



335,439




-


Total current liabilities



22,577,517




10,063,022


Long-term liabilities







Operating lease liability, net of current portion



1,043,931




1,235,325


Finance lease liability, net of current portion



257,952




458,308


Total liabilities


$

23,879,400



$

11,756,655









Stockholders' equity







Common stock; $0.001 par value; 100,000,000 shares authorized; 41,290,587 and
37,395,945 shares issued and outstanding as of March 31, 2022, and
September 30, 2021, respectively



41,291




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 March 31, 2022, and September 30, 2021, respectively



1,750




1,750


Additional paid-in capital



525,246,200




444,074,832


Accumulated other comprehensive income (loss)



41,200




(5,392)


Accumulated deficit



(124,412,537)




(138,392,118)


Total stockholders' equity



400,917,904




305,716,466









Total liabilities and stockholders' equity


$

424,797,304



$

317,473,121


CLEANSPARK, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)




For the three months ended



For the six months ended




March 31,
2022



March 31,
2021



March 31,
2022



March 31,
2021


Revenues, net













Digital currency mining revenue, net


$

36,965,739



$

6,715,792



$

73,940,317



$

7,449,202


Energy hardware, software and services revenue



4,585,971




1,313,530




8,556,181




2,827,233


Other services revenue



86,282




90,366




383,463




100,824


Total revenues, net



41,637,992




8,119,688




82,879,961




10,377,258















Costs and expenses













Cost of revenues (exclusive of depreciation and amortization shown below)



12,127,120




1,537,683




20,925,046




2,879,197


Professional fees



900,976




2,456,554




4,218,795




4,169,277


Payroll expenses



10,542,025




3,262,097




19,425,072




6,576,298


General and administrative expenses



3,182,946




1,243,154




5,071,046




2,193,293


(Gain) on disposal of assets



(920,861)







(642,691)





Other impairment expense (related to Digital Currency)



811,345







7,033,691





Depreciation and amortization



11,661,633




2,117,172




19,359,201




3,226,263


Total costs and expenses



38,305,184




10,616,660




75,390,160




19,044,328















Income (loss) from operations



3,332,808




(2,496,972)




7,489,801




(8,667,070)















Other income (expense)













Other income



308,038




541,576




308,038




541,576


Change in fair value of contingent consideration



290,249







345,791





Realized gain (loss) on sale of digital currency



(2,733,882)




585,709




7,260,909




635,627


Realized gain on sale of equity security









665





Unrealized gain (loss) on equity security






343,000




(1,847)




269,500


Unrealized gain (loss) on derivative security



(1,410,146)




8,400,629




(1,111,297)




7,380,135


Interest income



51,782




54,479




85,253




102,463


Interest expense



(9,584)




(28,381)




(62,293)




(29,721)


Total other income (expense)



(3,503,543)




9,897,012




6,825,219




8,899,580















Income (loss) before income tax (expense) or benefit



(170,735)




7,400,040




14,315,020




232,510


Income tax (expense) or benefit













Net income (loss)


$

(170,735)



$

7,400,040



$

14,315,020



$

232,510















Preferred stock dividends



20,828



$

177,505




335,439



$

177,505















Net income (loss) attributable to common shareholders


$

(191,563)



$

7,222,535



$

13,979,581



$

55,005















Other comprehensive income



28,479







46,592


















Total comprehensive income (loss) attributable to common shareholders


$

(163,084)



$

7,222,535



$

14,026,173



$

55,005















Income (loss) per common share - basic


$

(0.00)



$

0.28



$

0.34



$

0.00















Weighted average common shares outstanding - basic



41,336,342




25,925,259




40,802,319




24,025,557















Income (loss) per common share - diluted


$

(0.00)



$

0.22



$

0.34



$

0.00















Weighted average common shares outstanding - diluted



41,336,342




32,697,863




40,861,052




30,798,161















CLEANSPARK, INC.

RECONCILIATION OF ADJUSTED EBITDA

(UNAUDITED)




Three months ended March 31,




2022



2021


Revenues, net







Digital currency mining revenue, net


$

36,965,739



$

6,715,792


Energy hardware, software and services revenue



4,585,971




1,313,530


Other services revenue



86,282




90,366


Total revenues, net


$

41,637,992



$

8,119,688









Net income (loss)


$

(170,735)



$

7,400,040


Adjustments:









Other impairment expense (related to Digital Currency)


$

811,345



$


Depreciation and amortization



11,661,633




2,117,172


Stock based compensation



6,583,999




849,015


Change in fair value of contingent consideration



(290,249)





Other income






(10,407)


Realized loss (gain) on sale of digital currency



2,733,882




(585,709)


Unrealized gain on equity security






(343,000)


Unrealized loss (gain) on derivative security



1,410,146




(8,400,629)


Interest income


(51,782)



(88,391)


Interest expense


9,584



62,293


Gain on disposal of assets


(920,861)




One-time legal fees related to litigation


116,377



1,429,725


One-time legal fees related to financing & business development transactions


41,047




Severance expenses


571,729




PPP debt forgiveness




(531,169)


Total Adjusted EBITDA


$

22,506,115



$

1,898,940











Three months ended

December 31, 2021



Revenues, net





Digital currency mining revenue, net


$

36,974,578



Energy hardware, software and services revenue



3,970,210



Other services revenue



297,181



Total revenues, net


$

41,241,969








Net income


$

14,485,755



Adjustments:






Other impairment expense (related to Digital Currency)


$

6,222,346



Depreciation and amortization



7,697,568



Stock based compensation



5,749,107



Change in fair value of contingent consideration



(55,542)



Realized gain on sale of digital currency



(9,994,791)



Realized gain on sale of equity security



(665)



Unrealized loss on equity security



1,847



Unrealized gain on derivative security



(298,849)



Interest income


(33,471)



Interest expense


52,709



Loss on disposal of assets


278,170



One-time legal fees related to litigation


136,092



Total Adjusted EBITDA


$

24,240,276








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

Media Contacts
Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com

Cision View original content: https://www.prnewswire.com/news-releases/cleanspark-reports-second-quarter-fy2022-financial-results-301544436.html

SOURCE CleanSpark, Inc.

News Provided by PR Newswire via QuoteMedia

May 5, 2022 9:00 AM

CleanSpark Announces April 2022 Bitcoin Production

LAS VEGAS, May 05, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, today released its unaudited bitcoin production and operations update for the calendar year-to-date ending April 30, 2022.

Bitcoin Production & Operations Update (unaudited)

  • April monthly production: 313
  • Calendar year-to-date production ending April 30: 1,211
  • Total BTC holdings as of April 30: 448
  • Total BTC converted for operations and growth in April: 285
  • Currently deployed fleet of over 24,000 latest-generation bitcoin miners with a total hashrate of 2.4 EH/s

The Company fully funded growth and operations through the sale of 285 bitcoins in April 2022 at an average of approximately $41,764 per BTC. Sales of BTC equated to proceeds of approximately $11.9 million, most of which were used for growth capital expenditures at the company’s Norcross facility. April daily BTC production reached a high of 10.75.

Location-specific Operational Updates

  • Norcross . Miner installations continue, with about 1,200 immersion-cooled S19j pros hashing as of April 30. “We are executing in phases to ensure maximum value in terms of overclocking and efficiency,” said Zach Bradford, CEO. “We expect to see our installations and associated hashrate continue to increase as we fine-tune our processes.”
  • College Park . The Company is delivering on efficiency and uptime, with approximately 12,000 latest generation miners hashing at the facility.
  • Coinmint. The Company continues to expand its relationship with approximately 11,000 machines hashing at the facility.
  • Lancium . An agreement for up to 500MW was signed in late March with operations expected to commence in Q4 2022.

About CleanSpark

CleanSpark, Inc., a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is solving modern energy challenges. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

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, equity compensation, business strategy, 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; the successful deployment of energy solutions for residential and commercial applications; 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 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.

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
News Provided by GlobeNewswire via QuoteMedia

May 3, 2022 9:00 AM

CleanSpark Announces Timing of Second Quarter FY2022 Earnings Release

LAS VEGAS, May 03, 2022 (GLOBE NEWSWIRE) -- CleanSpark Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, today announced it will release its second quarter financial results on May 10 after the U.S. market closes. The earnings release will be followed by an investor conference call at 4:30 p.m. EST to discuss the results.

CleanSpark Second Quarter FY2022 Financial Results

Tuesday, May 10, 4:30 p.m. EST

Webcast URL available at: www.cleanspark.com/investor-relations

Participant Dial-in (Toll-free): 1-877-270-2148

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

About CleanSpark
CleanSpark, Inc., a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is solving modern energy challenges. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

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

Apr 28, 2022 9:00 AM

CleanSpark Partners With Sustainable Bitcoin Standard to Double Down on Clean Bitcoin Mining

SBS provides miners and investors with verifiable ‘Proof of Sustainable Mining’ certificates

LAS VEGAS, April 28, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, and Sustainable Bitcoin Standard (“SBS”), an organization that incentivizes clean bitcoin mining, jointly announced that CleanSpark is now a partner of SBS.

Both parties share a common mission to make bitcoin mining cleaner via transparent and verifiable industry standards. SBS will provide CleanSpark with verifiable proof for the bitcoins that the Company sustainably mines as part of the partnership.

The stigma around the energy consumption of cryptocurrency mining, and the absence of verifiable standards for the use of renewable energy in bitcoin mining, limit the asset’s adoption by institutional investors, who are increasingly required to meet ESG commitments. SBS solves this problem by awarding bitcoin miners who use verified clean energy by issuing Sustainable Bitcoin Certificates (SBC) for each bitcoin they mine sustainably. This approach allows investors to add “Proof of Sustainable Mining” to their bitcoin holdings. SBS’s other mining partners include Jihan Wu’s BitDeer and Luxxfolio (formerly Westblock).

“CleanSpark has been focused on using clean energy since day one. In fact, this focus pre-dates our bitcoin mining operations,” said Matt Schultz, CleanSpark’s executive chairman. “We have partnered with SBS because we believe that it's important for the industry to use verified clean energy aligned with existing renewable energy frameworks.”

“SBS was designed to allow ‘Proof of Sustainable Mining’ to be transferred between bitcoin miners who use renewable energy and investors without disrupting the fungibility of Bitcoin,” said Bradford van Voorhees, co-founder of SBS. “We are proud to have a top sustainable bitcoin mining company, which is also one of the biggest publicly traded bitcoin miners, as a mining partner of SBS.”

In September, CleanSpark announced it would work with Georgia Power to invest in a $2 million power expansion, benefiting power customers and community members living near its bitcoin mining facility in Norcross. Last month, it announced an increase in the starting salary of all existing entry-level positions in its mining operations to better the lives of its team members. And most recently, CleanSpark revealed that it was expanding its mining operations in Texas with up to 500 megawatts of renewable energy.

About CleanSpark

CleanSpark, Inc. (Nasdaq: CLSK), a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is solving modern energy challenges. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

About Sustainable Bitcoin Standard

Sustainable Bitcoin Standard (SBS) is a global sustainability protocol designed to help  BTC become our planet’s most sustainable asset class, while preserving fungibility and long term integrity of the network. SBS works closely with leading nonprofits and standard bodies in renewable energy and energy audits, to issue Sustainable Bitcoin Certificates (SBCs) to miners who are verified to use renewable and clean energy. SBS’s investors include BitDeer, Hawksburn Capital, New Layer Capital, BlackPine, Stacks Accelerator and prominent angels in institutional finance. For more information about SBS or to become a SBS partner, visit www.sustainablebtc.org

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

Apr 26, 2022 9:00 AM

CleanSpark Finalizes $35 Million in Financing from Trinity Capital

The move delivers on CleanSpark’s commitment to rightsizing its capital structure

LAS VEGAS, April 26, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, today announced that it has finalized $35 million in non-dilutive financing from Trinity Capital Inc. , (Nasdaq: TRIN) ("Trinity"), a provider of venture debt financing. The three-year equipment financing agreement is backed by 3,336 new S19j Pro miners and carries an annual interest rate of 9.9%.

CleanSpark intends to use the proceeds from the facility for growth capital expenditures. Currently, CleanSpark has a fleet of over 23,000 latest-generation bitcoin mining machines in operation, with approximately 12,000 machines pending delivery and deployment in batches through October 2022.

“As we mentioned in our Q1 earnings call, debt capital is currently the lowest cost of capital available to the Company,” said Gary Vecchiarelli, CFO of CleanSpark. “This non-dilutive facility is an example of us delivering on our capital strategy and the expectations we have previously communicated. We intend to continue our efforts of obtaining non-dilutive capital to finance our growth capex needs. It is worth noting that we have not drawn on our ATM since November.”

“We are excited to partner with the team at CleanSpark, which is on a mission to mine bitcoin responsibly, using a mix of sustainable energy including nuclear, hydroelectric, solar, and wind,” said Ryan Little, Managing Director of Equipment Financing at Trinity Capital. “Cleanspark is an excellent addition to our portfolio and recently earned a spot among the top 50 fastest-growing companies on a Financial Times’ list. We look forward to being a part of their growth story.”

The financing is intended to strengthen CleanSpark’s sustainable business strategy whereby the Company converts some of its bitcoin (BTC) holdings to fund operations and expansion, with a goal of limiting shareholder dilution and stably maximizing returns for shareholders.

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 include, but are not limited to, statements regarding our future results of operations and financial position, including the use of proceeds from the loan, the availability and delivery of new mining equipment, industry and business trends, our business and financial/capital strategy, 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; the successful deployment of energy solutions for residential and commercial applications; 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 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.

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.

About CleanSpark

CleanSpark, Inc. (Nasdaq: CLSK), a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is solving modern energy challenges. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

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

Apr 13, 2022 9:00 AM

CleanSpark Among Top 50 Fastest Growing Companies

The Company Earned a Top Spot on the Financial Times’ List of the 500 Fastest Growing Companies in the Americas

LAS VEGAS, April 13, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, has earned the 44th spot on the Financial Times’ list of the 500 fastest growing companies in the Americas.

The list identifies the top 500 companies based in twenty North, Central and South American countries, ranked by revenue growth rate from 2017 to 2020. An in-depth analysis was conducted by the Financial Times in partnership with Statista to determine which companies made the list. Winners were required to generate revenue of at least $100,000 in 2017 and $1.5 million in 2020.

CleanSpark has seen tremendous growth in its sustainable bitcoin mining operations. The Company operates two bitcoin mining facilities in the Atlanta, GA, suburbs, co-locates machines in upstate New York, and recently signed a contract for a 200MW co-location site in West Texas .

“CleanSpark is a top bitcoin miner, not only in terms of our network strength and other bitcoin-specific metrics, but also in terms of our financial strength. Accolades like this confirm what our team has known for a long time—we're making a name for ourselves as a leading North American sustainable bitcoin miner,” said Zach Bradford, CEO.

“This is a strong testament to the strength of our operational strategy. It shows how being mindful of dilution, selective of energy, aggressive with technology and transparent with our partners and stakeholders can generate impressive results,” said Executive Chairman Matthew Schultz.

About CleanSpark
CleanSpark, Inc., a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is solving modern energy challenges. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

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

Apr 5, 2022 9:00 AM

CleanSpark Announces March 2022 Bitcoin Production

LAS VEGAS, April 05, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, today released its unaudited bitcoin production and operations update for the calendar year-to-date ending March 31, 2022.

Bitcoin Production & Operations Update (unaudited)

  • March monthly production: 318
  • Calendar year-to-date production ending March 31: 898
  • Total BTC holdings as of March 31: 420
  • Total BTC converted for operations and growth in March: 391
  • Currently deployed fleet of over 23,000 latest-generation bitcoin miners with a total hashrate of 2.3 EH/s

The Company fully funded growth and operations through the sale of 420 bitcoins in March 2022 at an average of approximately $42,294 per BTC. Sales of BTC equated to proceeds of approximately $17.6 million, most of which was used for growth capital expenditures at the company’s Norcross facility. March daily BTC production reached a high of 10.57.

Location-specific Operational Updates

  • Norcross . CleanSpark’s Norcross campus saw significant progress during March, with about 600 immersion-cooled S19j pros hashing as of March 31. The Company has experienced delays with its utility partner related to weather and construction. All machines needed to fill the facility to capacity have been received and are being prepared for immersion cooling and deployment. The Company expects the number of machines hashing to rapidly increase over the coming quarter.
  • Coinmint . CleanSpark has 31MW operational at Coinmint, one of the Company’s co-hosting partners. An additional 2MW is expected to go live in May, bringing the total hashrate at Coinmint to 1.06 EH/s, backed by over 11,500 machines.
  • Lancium . CleanSpark’s newly executed contract with Lancium for 200MW is expected to increase the Company’s total hashrate to over 10 EH/s by Spring 2023. The contract also includes the option of an additional 300MW for CleanSpark. With the 300MW option fully deployed, CleanSpark expects to have a total of about 600MW in its portfolio, which would power about 200,000 latest generation miners and contribute approximately 20 EH/s to the network. Please see the chart (attached below) for further details.

About CleanSpark

CleanSpark, Inc., a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is solving modern energy challenges. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations.

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, equity compensation, business strategy, 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; the successful deployment of energy solutions for residential and commercial applications; 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 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.

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

Attachment


Isaac Holyoak
CleanSpark, Inc.
702-989-7694
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Mar 31, 2022 9:00 AM

CleanSpark to Expand Mining Operations in Texas with up to 500 Megawatts of Renewable Power

The expansion at full deployment adds up to 16.0 EH/s to CleanSpark’s existing hashrate

LAS VEGAS, March 31, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, today announced that it has signed an agreement with Houston-based Lancium to secure an initial 200 megawatts (MW) at Lancium’s renewably-powered datacenters in West Texas, with an option to add 300 MW more in the future.

It is expected that approximately 50 MW of the purchased capacity will be operational by December 31, 2022, while the remaining 150 MW will be fully operational during Spring 2023. After completely using this capacity with the latest generation of bitcoin mining machines, CleanSpark will add an estimated 16.0 EH/s to its current forecasted hashrate of 4.0 EH/s — strengthening its position as one of the top bitcoin miners in North America.

Lancium is an energy technology and infrastructure company dedicated to accelerating the energy transition. Lancium’s Clean Campuses are located in regions with access to low-cost renewable energy. Enabled by the company’s proprietary Lancium Smart Response technology, these Campuses act as “Controllable Load Resources” (CLRs) which provide for enhanced reliability of the power grid and encourage the growth of additional renewable energy.  In September 2021, the company announced it had broken ground on its first “Clean Campus” located in Fort Stockton, Texas.

“Lancium’s facilities are best-in-class, scalable and, importantly, draw their power from renewable-rich West Texas, which made Lancium an ideal partner for us to co-locate our machines,” said Zach Bradford, CEO of CleanSpark. “This move is in keeping with our strategy of focusing on infrastructure first. We continue to build more capacity at our own bitcoin mining facilities while we partner with colocation service providers. This hybrid approach helps us ensure that we always have rackspace ready to deploy new machines when they are delivered to us by the manufacturers. Such speed and optionality is critical as we scale our mining operations from megawatts to gigawatts in the coming years.”

“Our Clean Campuses provide a unique solution that will provide both green and low cost power for customers that are interruptible and use large amounts of power,” said Michael McNamara CEO and co-founder of Lancium. “Beyond the benefits to clients like CleanSpark, we believe the size of our renewably-powered Clean Campuses, when combined with Lancium Smart Response technology, provide additional benefits in terms of enhanced power grid stability and the further development of renewable energy.”

As of February 28, CleanSpark has over 22,000 bitcoin mining machines in operation, with over 20,000 Bitmain S19 series rigs pending delivery and deployment in batches through October 2022. The Company employs a sustainable business strategy of converting a portion of its BTC holdings to fund operations and expansion, with a goal of limiting shareholder dilution and stably maximizing returns for shareholders.

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, equity compensation, business strategy, 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; the successful deployment of energy solutions for residential and commercial applications; 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 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.

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.

About CleanSpark

CleanSpark, Inc., a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is solving modern energy challenges. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

About Lancium

Headquartered in The Woodlands, Texas, Lancium is dedicated to accelerating the energy transition through technologies and infrastructure designed to enable more clean energy production while also balancing and stabilizing the power grid. Lancium’s Clean Campuses are designed to provide a low-cost, sustainable solution for large-scale, energy-intensive customers through its propriety Smart Response™ technology. For more information, visit www.lancium.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

For Lancium:
pr@lancium.com


Isaac Holyoak
CleanSpark, Inc.
702-989-7694
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Mar 3, 2022 9:00 AM

CleanSpark Announces February 2022 Bitcoin Production

LAS VEGAS, March 03, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, today released its unaudited bitcoin production and operations update for the calendar year-to-date ending February 28, 2022.

Bitcoin Production & Operations Update (unaudited)

  • February monthly production: 276
  • Calendar year-to-date production ending February 28: 581
  • Total BTC holdings as of February 28: 494
  • Total BTC converted for operations and growth in February: 253
  • Currently deployed fleet of over 22,000 latest-generation bitcoin miners with a total hashrate of 2.2 EH/s

The Company fully funded growth and operations through the sale of 253 bitcoins in February 2022 at an average of approximately $39,740 per BTC. Sales of BTC equated to proceeds of approximately $10.1 million, most of which was used for growth capital expenditures at the company’s Norcross facility. February daily BTC production reached a high of 10.15.

About CleanSpark
CleanSpark, Inc., a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is solving modern energy challenges. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

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, equity compensation, business strategy, 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; the successful deployment of energy solutions for residential and commercial applications; 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 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.

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
702-989-7694

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com


Isaac Holyoak
CleanSpark, Inc.
702-989-7694
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Mar 1, 2022 9:00 AM

CleanSpark Increases Salaries of Mining Operations Workers to Attract and Develop A-Players

The move, aimed at bettering the lives of team members, is part of CleanSpark’s ESG commitment

LAS VEGAS, March 01, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, today announced that it has increased the starting salary of all existing entry-level positions in its mining operations to $19 per hour. The hourly pay of the Company is now more than that of similar positions at the biggest e-commerce or cloud-computing companies in the United States.

As the Company focuses on its bitcoin mining operations, its commitment to society and governance remains as strong as ever. In addition to the most competitive employee benefits such as employer-paid health insurance and generous paid time off, the Company now provides all existing and future employees with salaries on par with the highest in the same and comparable industries.

“We want to attract the A-players with great pay and benefits,” says Matt Schultz, Chairman at CleanSpark. “Like the biggest tech giants, we want to be known for having strong talent that gets paid well.”

“Our mining operations compensation plan is designed to show our employees how much we value their efforts,” said Zurii Mershant-D'Ambra, Human Resources Manager at CleanSpark. “CleanSpark wants to set the precedence for mining tech salaries in the bitcoin mining industry.”

In September, CleanSpark announced a partnership with Georgia Power to invest in a $2 million power expansion to benefit power customers and community members living near its bitcoin mining facility in Norcross. The Company uses a mix of sustainable energy for its bitcoin mining operations including nuclear, hydroelectric, solar and wind. It also participates in Georgia’s Simple Solar program to boost it’s renewable energy commitments.

About CleanSpark
CleanSpark, Inc., a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is solving modern energy challenges. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

Investor Relations Contact
Matt Schultz
ir@cleanspark.com

Media Contacts
Isaac Holyoak
pr@cleanspark.com
702-989-7694

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com


Isaac Holyoak
CleanSpark, Inc.
702-989-7694
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Feb 9, 2022 4:05 PM

CleanSpark Reports Record First Quarter FY2022 Financial Results

Company Reports Record Revenues of $41.2 million, Significant Gross & Net Margin Expansion; Management to Communicate Revised Strategy & Long-Term Vision on Earnings Call

LAS VEGAS, Feb. 09, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the “Company”), a sustainable bitcoin mining and energy technology company, today reported financial results for the three months ended December 31, 2021.

“December 16th marked our one-year anniversary of sustainable bitcoin mining and since then we have brought the Company to record revenues and profit,” said Zach Bradford, CleanSpark’s Chief Executive Officer. “As of the date of this release, we have 20,900 machines in operation with a total hashrate exceeding 2.1 EH/s and producing approximately 10 bitcoin per day.

“Given our success with bitcoin mining,” Bradford continued, “CleanSpark is considering strategic alternatives for our legacy energy business.  Focusing our efforts on our bitcoin mining segment allows the Company to capitalize on the tremendous opportunity bitcoin presents.  We look forward to sharing our corporate vision on our first quarter earnings call and discussing the strategic pillars we believe are crucial to our long-term success.”

“Our strong financial results are evidence of the operating leverage of our business model,” said Gary A. Vecchiarelli, Chief Financial Officer. “Gross margins remain high at almost 80%, and much of that profitability translates to the bottom line as we saw $14.5m of net income and $24.1m of Adjusted EBITDA [1] , which represents net margins of approximately 35% and 58%, respectively.  CleanSpark also has zero long-term debt, and we will be looking to use our strong balance sheet and operating cash flows as a springboard for future growth expansion.”

Q1 Financial Highlights

Financial Results for the Three Months Ended December 31, 2021

  • The Company increased its quarterly revenues to $41.2 million, an increase of $38.9 million or 17x from $2.3 million for the same prior year period.
  • Net income for the three months ended December 31, 2021 was $14.5m or $0.35 basic income per share compared to a loss of $(7.2) million or $(0.32) loss per share for the same prior year period.
  • Adjusted EBITDA1 improved significantly to $24.1 million, compared to Adjusted EBITDA1 of $(2.7) million from the same prior year period.
  • The Company also saw substantial sequential revenues growth in the first quarter compared to the previous quarter.  Revenues increased $14.1 million or 52% from the fourth quarter.  Net income for the first quarter was $14.5 million reversing a net loss of $(5.4) million in the fourth quarter.  Adjusted EBITDA1 was $24.1 million, increasing almost 700% from $3.6 million in the fourth quarter.

Balance Sheet Highlights as of December 31, 2021

Assets

  • Cash: $5.2 million
  • Digital Currency: $30.2 million
  • Total Current assets: $58.7 million
  • Total Mining assets (including prepaid deposits & deployed miners): $286.9m
  • Total Assets: $418.1 million

Liabilities and Stockholders’ equity

  • Current Liabilities: $22.5 million
  • Total Liabilities: $24.1 million
  • Total Stockholders’ Equity: $394.1 million

The Company had working capital of $36.2 million and no long-term debt as of December 31, 2021.

Investor Conference Call and Webcast

The Company will hold its first quarter 2022 earnings presentation and business update for investors and analysts today,February 9, 2022, at 2:00 p.m. PST/5:00 p.m. EST. 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.

Participant Dial-in (Toll free): 1-877-270-2148.

A transcript of the call will be available on the Company’s website following the call.

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, equity compensation, business strategy, 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; the successful deployment of energy solutions for residential and commercial applications; 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 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.

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.

Non-GAAP Measures

Adjusted EBITDA 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, CleanSpark 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 with an important tool for financial and operational decision making and for evaluating its own core business operating results over different periods of time.

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 or as an indication of operating performance or any other measure of performance derived in accordance with GAAP. Our management does not consider Adjusted EBITDA to be a substitute for, or superior to, the information provided by GAAP financial results.

We are providing supplemental financial measures for (i) non-GAAP adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”) that excludes the impact of interest, taxes, depreciation, amortization, our share-based compensation expense, and impairment of assets, unrealized gains/losses on securities, certain financing costs, other non-cash items, certain non-recurring expenses, and impacts related to discontinued operations; and (ii) non-GAAP Adjusted EBITDA that excludes the impact of interest, taxes, depreciation, amortization, our share-based compensation expense, and impairment of assets, unrealized gains/losses on securities, certain financing costs, other non-cash items, and impacts related to discontinued operations. These supplemental financial measures are not measurements of financial performance under GAAP and, as a result, these supplemental financial measures may not be comparable to similarly titled measures of other companies. Management uses these non-GAAP financial measures internally to help understand, manage, and evaluate our business performance and to help make operating decisions.

We believe that these non-GAAP financial measures are also useful to investors and analysts in comparing our performance across reporting periods on a consistent basis. Adjusted EBITDA excludes (i) impacts of interest, taxes, and depreciation; (ii) significant non-cash expenses such as our share-based compensation expense, unrealized gains/losses on securities, certain financing costs, other non-cash items that we believe are not reflective of our general business performance, and for which the accounting requires management judgment, and the resulting expenses could vary significantly in comparison to other companies; (iii) significant impairment losses related to long-lived and digital assets, which include our 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 our 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, we expect 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.

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

About CleanSpark

CleanSpark, Inc., a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is solving modern energy challenges. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

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

Media Contacts
Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com

CLEANSPARK, INC.

CONSOLIDATED BALANCE SHEETS

December 31,

2021

(Unaudited)
September 30,

2021
ASSETS
Current assets
Cash and cash equivalents, including restricted cash $ 5,212,414 $ 18,040,327
Accounts receivable, net 4,622,002 2,619,957
Inventory 1,432,110 2,672,744
Prepaid expense and other current assets 11,245,426 5,129,047
Digital currency 30,203,387 23,603,210
Derivative investment asset 5,204,505 4,905,656
Investment in equity security 250,000 260,772
Investment in debt security, AFS, at fair value 512,721 494,608
Total current assets $ 58,682,565 $ 57,726,321
Property and equipment, net $ 198,490,355 $ 137,674,739
Operating lease right of use asset 1,421,252 1,488,240
Capitalized software, net 477,191 503,685
Intangible assets, net 10,996,442 12,195,492
Deposits on mining equipment 125,700,523 87,959,910
Other long-term asset 3,327,245 875,536
Goodwill 19,049,198 19,049,198
Total assets $ 418,144,771 $ 317,473,121
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued liabilities $ 20,237,550 $ 7,975,263
Contract liabilities 386,740 296,964
Operating lease liability 261,101 256,195
Finance lease liability 366,728 413,798
Acquisition liability 300,000 300,000
Contingent consideration 615,249 820,802
Dividends payable 314,611
Total current liabilities 22,481,979 10,063,022
Long-term liabilities
Operating lease liability, net of current portion 1,167,779 1,235,325
Finance lease liability, net of current portion 419,563 458,308
Total liabilities $ 24,069,321 $ 11,756,655
Stockholders' equity
Common stock; $0.001 par value; 100,000,000 shares authorized; 41,474,062 and
37,395,945 shares issued and outstanding as of December 31, 2021 and
September 30, 2021, respectively
41,475 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 December 31, 2021 and September 30, 2021, respectively
1,750 1,750
Additional paid-in capital 518,240,478 444,074,832
Accumulated other comprehensive income (loss) 12,721 (5,392)
Accumulated deficit (124,220,974) (138,392,118)
Total stockholders' equity 394,075,450 305,716,466
Total liabilities and stockholders' equity $ 418,144,771 $ 317,473,121

CLEANSPARK, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

Three months ended
December 31,
2021
December 31,
2020
Revenues, net
Digital currency mining revenue, net $ 36,974,578 $ 733,410
Energy hardware, software and services revenue 3,970,210 1,213,870
Other services revenue 297,181 310,290
Total revenues, net 41,241,969 2,257,570
Costs and expenses
Cost of revenues (exclusive of depreciation and amortization shown below) 8,797,926 1,332,890
Professional fees 3,317,819 1,712,723
Payroll expenses 8,883,047 3,314,201
General and administrative expenses 1,888,100 950,139
Other impairment expense (related to Digital Currency) 6,222,346
Depreciation and amortization 7,697,568 1,117,715
Total costs and expenses 36,806,806 8,427,668
Income (loss) from operations 4,435,163 (6,170,098)
Other income/(expense)
Change in fair value of contingent consideration 55,542
Realized gain on sale of digital currency 9,994,791 49,918
Realized gain on sale of equity security 665
Unrealized loss on equity security (1,847) (73,500)
Unrealized gain (loss) on derivative security 298,849 (1,020,494)
Interest income 33,471 47,984
Interest expense (52,709) (1,340)
Loss on write off and disposal of assets (278,170)
Total other income (expense) 10,050,592 (997,432)
Income (loss) before income tax (expense) or benefit 14,485,755 (7,167,530)
Income tax (expense) or benefit
Net income (loss) $ 14,485,755 $ (7,167,530)
Preferred stock dividends 314,611
Net income (loss) attributable to common shareholders $ 14,171,144 $ (7,167,530)
Other comprehensive income 18,113
Total comprehensive income (loss) attributable to common shareholders $ 14,189,257 $ (7,167,530)
Income (loss) per common share - basic $ 0.35 $ (0.32)
Weighted average common shares outstanding - basic 40,279,938 22,146,992
Income (loss) per common share - diluted $ 0.35 $ (0.32)
Weighted average common shares outstanding - diluted 40,485,761 22,146,992

CLEANSPARK, INC.

RECONCILIATION OF ADJUSTED EBITDA

(UNAUDITED)

Three months ended December 31,
2021 2020
Revenues, net
Digital currency mining revenue, net $ 36,974,578 $ 733,410
Energy hardware, software and services revenue 3,970,210 1,213,870
Other services revenue 297,181 310,290
Total revenues, net $ 41,241,969 $ 2,257,570
Net income (loss) $ 14,485,755 $ (7,167,530)
Adjustments:
Other impairment expense (related to Digital Currency) $ 6,222,346 $
Depreciation and amortization 7,697,568 1,117,715
Stock based compensation 5,749,107 4,350,643
Change in fair value of contingent consideration 55,542
Realized gain on sale of digital currency (9,994,791) (49,918)
Realized gain on sale of equity security (665)
Unrealized loss on equity security 1,847 73,500
Unrealized gain (loss) on derivative security (298,849) (1,020,494)
Interest income (33,471) (47,984)
Interest expense 52,709 1,340
Loss on write off and disposal of assets 278,170
Total Adjusted EBITDA $ 24,104,184 $ (2,742,728)

Three months ended

September 30, 2021
Revenues, net
Digital currency mining revenue, net $ 22,747,990
Energy hardware, software and services revenue 4,017,574
Other services revenue 379,230
Total revenues, net $ 27,144,794
Net loss $ (5,367,391)
Adjustments:
Other impairment expense (related to Digital Currency) $ 3,441,917
Depreciation and amortization 5,361,348
Stock based compensation 52,317
Change in fair value of contingent consideration (84,198)
Realized gain on sale of digital currency (2,432,313)
Realized gain on sale of equity security (73,138)
Unrealized loss on equity security 104,067
Unrealized loss on derivative security 2,528,974
Interest expense, net 33,958
Other income (1,761)
Total Adjusted EBITDA $ 3,563,780


[1] Non-GAAP financial metric; see “Non-GAAP Measures” and “Reconciliation of Adjusted EBITDA” in this press release.


Isaac Holyoak
CleanSpark, Inc.
702-989-7694
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Feb 3, 2022 9:00 AM

CleanSpark Announces January 2022 Bitcoin Production

Month-to-month bitcoin production increased 35%

LAS VEGAS, Feb. 03, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, today released its unaudited bitcoin production and operations update for the calendar year-to-date ending January 31, 2022.

Bitcoin Production & Operations Update (unaudited)

  • January monthly production: 305
  • Total BTC holdings as of January 31: 471
  • Total BTC converted for operations and growth in January: 467
  • Currently deployed fleet of approximately 20,500 latest-generation bitcoin miners with a total hashrate of 2.1 EH/s

The Company fully funded growth and operations through the sale of 467 bitcoins in January 2022 at an average of approximately $41,000 per BTC. January daily BTC production reached a high of 10.4.

About CleanSpark
CleanSpark, Inc., a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is solving modern energy challenges. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

Forward-Looking Statements
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "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. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

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

Feb 2, 2022 5:11 PM

CleanSpark Announces Timing of First Quarter FY2022 Earnings Release

LAS VEGAS, Feb. 02, 2022 (GLOBE NEWSWIRE) -- CleanSpark Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, today announced it will release first quarter financial results February 9 after the U.S. market closes. The release will be followed by an investor conference call at 5:00 p.m. EST to discuss the results.

CleanSpark First Quarter FY2022 Financial Results

Wednesday, February 9, 5:00 p.m. EST

Webcast URL: https://services.choruscall.com/mediaframe/webcast.html?webcastid=C2mkfutj

Participant Dial-in (Toll free): 1-877-270-2148

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

About CleanSpark
CleanSpark, Inc., a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is solving modern energy challenges. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations.

Forward-Looking Statements
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, deployment of miners, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "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. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

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

Jan 27, 2022 9:00 AM

Gwinnett Technical College Students Awarded Scholarships As Part of CleanSpark's Community Commitment

LAS VEGAS, Jan. 27, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the “Company” or “CleanSpark”), a sustainable bitcoin mining and energy technology company, has established a scholarship at Gwinnett Technical College for five students seeking an associate degree in the computer sciences program (computer programming, cybersecurity, game development, networking specialist, and website development and design).

The CleanSpark Scholarship for Technological Innovation covers full tuition and books for five students. Students were awarded the scholarship during their 2021 winter break. Cybersecurity student Macy Bazzell was one of the five students selected for the scholarship.

“Continuing my education is my highest priority,” said Bazzell. “The CleanSpark Scholarship for Technological Innovation from the Gwinnett Tech Foundation will increase my ability to continue my education past the associate degree and allow me to continue to seize opportunities and expand my knowledge set. I hope to use my skills to advance myself, as well as others, while putting a little bit of good into the world.”

Gwinnett Technical College is a state-of-the-art institution with almost 13,000 students enrolled across two campuses and a 95.4% job placement rate. There are more than 140 degree, diploma and certificate programs. It has served students for more than three decades and was designated a Military Spouse Friendly® School once again for the 2021-2022 academic year.

“We were elated at the news that CleanSpark was interested in supporting our computer sciences program,” said Dr. D. Glen Cannon, Gwinnett Technical College President. “The technical skills acquired in our computer science associate degree programs prepare students for meaningful and lucrative careers in any industry. We appreciate CleanSpark and their recognition of our commitment to building a sustainable, qualified workforce and were compelled to invest in our students and college.”

The scholarships were granted as part of CleanSpark’s commitment to partnering with the communities it operates in. The company has two mining operations in the Atlanta suburbs, including one in Gwinnett County. CleanSpark expects to invest $145 million in capital improvements and jobs at its Norcross facility in Gwinnett County over the next five years.

“We’re always looking for ways to be good citizens in our communities,” said CleanSpark CEO Zach Bradford. “The county has been so welcoming to us, so we wanted to give back and support the industries we believe in. We look forward to seeing what our scholarship recipients accomplish in the years to come.”

About CleanSpark
CleanSpark, Inc., a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is focused on solving modern energy challenges. For more information about the Company, please visit the Company’s website at https://www.cleanspark.com/investor-relations .

About Gwinnett Technical College
Gwinnett Technical College, one of Georgia’s largest technical colleges, is committed to delivering relevant knowledge to meet the workforce training needs of its community. The College offers more than 140 associate degree, diploma, and certificate programs and hundreds of seminars, workshops, and courses providing specialized training. Gwinnett Tech is Gwinnett County’s largest corporate training provider and serves residents and businesses in north Fulton County. Gwinnett Technical College is accredited by the Southern Association of Colleges and Schools Commission on Colleges to award the associate degree. Contact the Commission on Colleges at 1866 Southern Lane, Decatur, Georgia 30033-4097 or call for questions about the accreditation of Gwinnett Technical College. In addition, some college programs hold separate licensure or accreditation status with appropriate agencies. For more information, visit GwinnettTech.edu. A unit of the Technical College System of Georgia.

Forward-Looking Statements
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s plans and expectations for expansion of its energy initiatives, operating results, business strategy,  deployment of miners, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as “expect," “target," “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. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company’s energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

Investor Relations Contact:
Matt Schultz
ir@cleanspark.com

Media Contacts:
Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com

Attachment


Isaac Holyoak
CleanSpark, Inc.
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Jan 24, 2022 9:00 AM

CleanSpark Achieves Major Milestone at 2 EH/s Hashrate

CleanSpark is a top publicly traded crypto mining company in terms of hashrate

LAS VEGAS, Jan. 24, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, today announced that its hashrate has recently exceeded 2 exahashes per second (EH/s), doubling over the past three months.

Hashrate, or the computing power to mine a cryptocurrency, is one of the most important metrics for evaluating publicly traded bitcoin miners because it determines how many bitcoins a miner is producing on a regular basis.

At 2 EH/s hashrate, CleanSpark now sustainably produces around 10 bitcoins a day and has an installed production capacity that puts it among the top of publicly traded North American miners.

“We have more capacity coming, in terms of both machines and access to additional energy,” said Zach Bradford, CEO. “In fact, we believe we are one of the most efficient miners in terms of hashrate per megawatt and we are on track to maintain that.”

Being a sustainable company, CleanSpark operates at top mining and energy efficiency levels, which is particularly important given that mining difficulty is growing along with global hashrate. One way CleanSpark achieves that is through the adoption of next-generation green technologies, like immersion cooling. CleanSpark is also preparing to install a solar array at its Norcross, GA, facility for sun-powered mining.

“Given how much network difficulty is increasing, if you’re not growing, you’re regressing,” said Matt Schultz, executive chairman. “Our accelerated growth is the direct result of our teams’ hard work and dedication to the Bitcoin network.”

To celebrate the achievement, CleanSpark is giving away a series of limited edition NFTs and general admission passes to the upcoming Bitcoin 2022 conference in Miami.

The giveaway runs January 31 to February 4 on Twitter. To win one of the free NFTs and passes, participants must follow @CleanSpark_Inc on Twitter and correctly identify the answer to a daily Bitcoin-related trivia question. The first two followers to respond correctly will be gifted an NFT and conference pass. Additional details will be posted on CleanSpark’s official Twitter account.

About CleanSpark
CleanSpark, Inc., a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is solving modern energy challenges. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

Forward-Looking Statements
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "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. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

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.
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Jan 20, 2022 2:02 PM

CleanSpark Applauds Congressional Hearing on Bitcoin Mining

Focused on sustainability, CleanSpark has long held that bitcoin mining is a boon to renewable energy infrastructure

LAS VEGAS, Jan. 20, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, today released a statement responding to this morning’s congressional hearing on crypto mining, Cleaning Up Cryptocurrency: The Energy Impacts of Blockchains.

“We are at the precipice of a lifetime opportunity to develop energy. And that’s because of Bitcoin. While it is true that bitcoin mining consumes a lot of energy, the energy it consumes is transparent and knowable in almost real-time. Bitcoin mining is also leading to the development of new energy infrastructure by allowing for a faster payback on renewable energy projects such as solar and wind.

“The question for regulators isn’t about how much energy bitcoin uses, but about what kind of energy it uses. We believe that bitcoin miners can be partners in the important work of decarbonizing our economy.”

About CleanSpark
CleanSpark, Inc., a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is solving modern energy challenges. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

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.
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Jan 10, 2022 9:00 AM

CleanSpark Joins Valkyrie Investments to Discuss Sustainable Bitcoin Mining

CEO Zach Bradford to Participate in Fireside Chat with Valkyrie CEO Leah Wald

LAS VEGAS, Jan. 10, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, today announced that CEO Zach Bradford will participate in a Valkyrie Investments webinar on sustainable bitcoin mining Thursday, January 13, 12:30 p.m. ET.

The event is the first of Valkyrie’s new Spotlights webinar series. Spotlights feature deep dive firesides with special guests. Bradford will be joined by mining expert Kristy-Leigh Minehan.

This virtual event is open to the public. Interested participants can register here: https://valkyrieinvest.com/webinars/spotlights/

About CleanSpark

CleanSpark, Inc., a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is solving modern energy challenges. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

Forward-Looking Statements

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "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. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

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.
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Jan 6, 2022 9:00 AM

CleanSpark Announces December 2021 Bitcoin Production

The Company added 500 PH/s in December, a 38% increase to its hashrate

LAS VEGAS, Jan. 06, 2022 (GLOBE NEWSWIRE) -- CleanSpark Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, today released its unaudited bitcoin production and operations update for the calendar year-to-date ending December 31, 2021.

Bitcoin Production & Operations Update (unaudited)

  • December monthly production: 226
  • Calendar year-to-date production ending December 31: 1,528
  • Total BTC holdings as of December 31: 633
  • Total BTC converted for operations and growth in CY2021: 909
  • Currently deployed fleet of over 18,800 latest-generation bitcoin miners with a total hashrate of 1.9 EH/s

The Company sold 414 bitcoin during December 2021 at an average of $49,791 per BTC to support growth and operations. As of the date of this release, daily BTC production has reached a high of 9.5.

“I’m tremendously proud of our teams that worked throughout the busy holiday season to get machines racked and ready,” said Zach Bradford, CEO. “As of today, we have added more than 550 PH/s of processing power in the three weeks since our December earnings call, and expect to reach our 2.0 EH/s milestone in the coming days.”

About CleanSpark

CleanSpark Inc., a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is solving modern energy challenges. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations.

Forward-Looking Statements

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "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. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

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.
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Dec 16, 2021 9:00 AM

CleanSpark Marks Its One-Year Anniversary of Sustainable Bitcoin Mining

Renewable energy mix used at Atlanta, GA, facilities since first bitcoin mined in December 2020

LAS VEGAS, Dec. 16, 2021 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, today announced the one-year anniversary of its bitcoin mining operations. CleanSpark implements an ESG approach by sourcing regional energy mixes with strong renewable energy portfolios for its mining facilities in Norcross and College Park, Georgia.

Bitcoin Mined

(December 2020 – November 2021)
Month/Year BTC
Dec-20 31
Jan-21 42
Feb-21 45
Mar-21 56
Apr-21 56
May-21 60
Jun-21 73
Jul-21 147
Aug-21 189
Sep-21 193
Oct-21 216
Nov-21 218

CleanSpark entered the bitcoin mining industry in December 2020 with its purchase of ATL Data Centers. A second data center, located in Gwinnett County, was acquired in August 2021 with plans to invest $145 million in capital and human investments over the next five years. CleanSpark draws on its clean energy background to take an efficient approach to Bitcoin’s high energy usage. The Company is now a leading sustainable miner and paving the way for clean mining best practices in the worldwide call-to-action.

"As a company, CleanSpark has consistently been committed to increasing clean, reliable, distributed energy into the world's electrical grids. Coupling our expanding cryptocurrency mining operations with additional clean energy resources both onsite and in the surrounding communities is integral to our core values as stewards for the environment. With increasing energy crises, it is more important now than ever to maximize efficiency and minimize the carbon footprint of our operations," said Rich Inman, vice president of technology.

The Company’s ESG strategy also helps the communities it operates in. Aside from using renewable energy mixes for its mining operations, CleanSpark facilitates more reliant transmission lines with infrastructure-level upgrades and invests in state solar power programs, such as Georgia’s Simple Solar. This approach is making a positive impact on the local economy by developing abandoned areas and creating new job opportunities.

“Our goal is to drive the adoption of clean and energy-efficient bitcoin mining while delivering value to our shareholders and communities we operate in,” CEO Zach Bradford said. “Finding ways to be good partners in surrounding neighborhoods is part of that vision.”

About CleanSpark
CleanSpark, Inc., a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is focused on solving modern energy challenges. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

Forward-Looking Statements
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, deployment of miners, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "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. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

Investor Relations Contact:
Matt Schultz
ir@cleanspark.com

Media Contacts:
Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com

Attachment


Isaac Holyoak
CleanSpark, Inc.
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Dec 15, 2021 9:00 AM

CleanSpark Names New Chief Financial Officer

Gary A. Vecchiarelli, CPA, succeeds outgoing CFO Lori Love

LAS VEGAS, Dec. 15, 2021 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, today announced that its board of directors has appointed Gary A. Vecchiarelli Chief Financial Officer of the Company. Vecchiarelli succeeds outgoing CFO, Lori Love.

Vecchiarelli, a certified public accountant in Nevada and California, possesses more than two decades of technical, operational, and strategic experience in finance and accounting. He has held senior positions with multiple publicly traded, high-growth companies, where he specialized in strategic planning, mergers and acquisitions, and debt financing.

“Gary is a great addition to CleanSpark,” said Zach Bradford, CEO. “We believe his substantial experience with capital markets and his ability to effectively lead and communicate strategic priorities will bring immediate value to shareholders.”

Vecchiarelli was most recently Chief Financial Officer for Imatrex, a high-tech medical imaging solutions company. Previously, he led finance operations for Golden Entertainment and Galaxy Gaming. Vecchiarelli brings deep experience in public accounting to CleanSpark, most notably for his role in opening BDO’s Las Vegas audit practice. During his tenure in public accounting, his clients ranged in size from $50 million to over $1 billion in various industries.

“CleanSpark is at an incredible stage of development, transforming energy-intensive bitcoin mining into a sustainable and efficient enterprise, all while protecting shareholder value.” Vecchiarelli said. “I’m thankful for the Board’s confidence and I look forward to leading the teams that have worked so diligently to advance CleanSpark’s standing on the global stage.”

Vecchiarelli begins his tenure effective today. Love will work in a limited capacity during the transition.

The Company engaged a national executive search firm and chose Vecchiarelli from a pool of exceptional candidates.

“Gary quickly rose to the top of our list based on his work with high-growth companies. He brings substantial institutional experience and leadership to CleanSpark.  His extensive audit experience will streamline our internal controls and reporting procedures,” said Matthew Schultz, CleanSpark’s Executive Chairman. “We look forward to having him on the team.”

About CleanSpark

CleanSpark, Inc., a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is solving modern energy challenges. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

Forward-Looking Statements

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "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. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

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.
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Dec 14, 2021 6:06 PM

CleanSpark Reports Fourth Quarter and Fiscal Year 2021 Financial Results

Twelve-month revenue increased nearly 400% to $49.4 million from one year ago period

LAS VEGAS, Dec. 14, 2021 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the “Company”), a sustainable bitcoin mining and energy technology company today reported financial results for its fourth quarter and 2021 fiscal year.

The Company’s Annual Report on Form 10-K and accompanying financial statements are available at www.sec.gov and the Company website at https://www.cleanspark.com/investor-relations/sec-filings/

As previously announced, the Company is holding its annual earnings call today at 2 p.m. PT/5 p.m. ET. A recording and transcript of the call will be available shortly thereafter on the company’s website. A live version of the call is available at: https://services.choruscall.com/mediaframe/webcast.html?webcastid=OxACvcYn

Financial Highlights

Year ended September 30, 2021

  • Revenues for the year ended September 30, 2021 were $49.4 million, an increase of $39.4 million, or 400%, from $10.0 million for the same prior year period.
  • Net loss for the 12 months ended September 30, 2021 was ($21.8) million, or ($0.75) loss per share, compared to a loss of ($23.3) million, or ($2.44) loss per share, for the same prior year period, an improvement of $1.70 per share.
  • Adjusted EBITDA, a non-GAAP term, for the year ended September 30, 2021 was $9.0 million, or $0.31 gain per share, compared to ($10.2) million, or ($1.07) loss per share, for the same prior year period.

Three months ended September 30, 2021

  • Revenues for the three months ended September 30, 2021, were $27.1 million, an increase of $25.15 million, or nearly 1300%, from $1.95 million for the same prior year period.

Balance Sheet Highlights as of September 30, 2021

Assets

  • Cash: $18.0 Million
  • Book Value of Digital Currency: $23.6 million, or 627 bitcoins (fair market value $27.5 million)
  • Total Current assets: $57.7 million
  • Total Mining equipment: $123.2 million
  • Total deposits for future mining equipment: $88.0 million
  • Total Assets: $317.5 Million

Liabilities and Stockholders’ equity

  • Current Liabilities: $10.1 million
  • Total Liabilities: $11.8 million
  • Total Stockholders’ Equity: $305.7 million

Working capital

Working capital of $47.7 million as of September 30, 2021, compared to $2.9 million as of September 30, 2020, for an increase of $44.8 million.

Operational Highlights – Year ended September 30, 2021

  • Substantial real estate and energy acquisitions, including Norcross, GA, data center (20MW) and College Park, GA, data center (45MW+).
  • Quarter-over-quarter increase in revenue of nearly 1300%.
  • Exponential hashrate increase of zero to 1.3 EH/s in under a year.

About CleanSpark

CleanSpark, Inc., a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is solving modern energy challenges. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

[Please see attached PDF for financial tables.]

Non-GAAP Measures

Adjusted EBITDA and Adjusted EPS 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, CleanSpark 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 with an important tool for financial and operational decision making and for evaluating its own core business operating results over different periods of time.

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 or as an indication of operating performance or any other measure of performance derived in accordance with GAAP. Our management does not consider adjusted EBITDA to be a substitute for, or superior to, the information provided by GAAP financial results.

We are providing supplemental financial measures for (i) non-GAAP adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”) that excludes the impact of interest, taxes, depreciation, amortization, our share-based compensation expense, and impairment of assets, unrealized gains/losses on securities, certain financing costs, other non-cash items, certain non-recurring expenses, and impacts related to discontinued operations; and (ii) non-GAAP adjusted EBITDA and non-GAAP earnings per share that excludes the impact of interest, taxes, depreciation, amortization, our share-based compensation expense, and impairment of assets, unrealized gains/losses on securities, certain financing costs, other non-cash items, and impacts related to discontinued operations. These supplemental financial measures are not measurements of financial performance under GAAP and, as a result, these supplemental financial measures may not be comparable to similarly titled measures of other companies. Management uses these non-GAAP financial measures internally to help understand, manage, and evaluate our business performance and to help make operating decisions.

We believe that these non-GAAP financial measures are also useful to investors and analysts in comparing our performance across reporting periods on a consistent basis. The first supplemental financial measure excludes (i) impacts of interest, taxes, and depreciation; (ii) significant non-cash expenses such as our share-based compensation expense, unrealized gains/losses on securities, certain financing costs, other non-cash items that we believe are not reflective of our general business performance, and for which the accounting requires management judgment, and the resulting expenses could vary significantly in comparison to other companies; (iii) significant impairment losses related to long-lived and digital assets, which include our 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 our 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, we expect that share-based compensation expense, which is excluded from the first two non-GAAP financial measures, 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.

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

The following is a reconciliation of our non-GAAP adjusted EBITDA to the most directly comparable financial measure stated in accordance with GAAP, which excludes the impact of (i) interest, taxes, depreciation, amortization; (ii) our share-based compensation expense; (iii) impairment expense; (iv) unrealized gains/losses on securities; (v) and (vi) impacts related to discontinued operations, to its most directly comparable GAAP measures for the periods indicated.

[Please see attached PDF for financial tables.]

The following is a reconciliation of our non-GAAP adjusted EBITDA earnings per share, in each case excluding the impact of (i) interest, taxes, depreciation, amortization; (ii) our share-based compensation expense; (iii) impairment expense; (iv) unrealized gains/losses on securities; (v) certain financing costs and other non-cash items; (vi) certain non-recurring expenses; and (vii) impacts related to discontinued operations:

[Please see attached PDF for financial tables.]

The following is a reconciliation of fair market value of our digital currency holdings to the current carrying value at September 30, 2021. We did not hold any digital currency as of September 30, 2020:

[Please see attached PDF for financial tables.]

Forward-Looking Statements

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, deployment of miners, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "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. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

Investor Relations Contact:
Matt Schultz
ir@cleanspark.com

Media Contacts:
Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com

Attachment


Isaac Holyoak
CleanSpark, Inc.
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Dec 10, 2021 9:00 AM

CleanSpark Invites Public to Fourth Quarter and Full Year 2021 Earnings Call

SALT LAKE CITY, Dec. 10, 2021 (GLOBE NEWSWIRE) -- CleanSpark Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, today invited shareholders, market analysts and other interested parties to its fourth quarter and full year 2021 earnings call.

CleanSpark Fourth Quarter and Full Year 2021 Financial Results

Tuesday, December 14, 5:00 p.m. ET

Webcast URL: https://services.choruscall.com/mediaframe/webcast.html?webcastid=OxACvcYn

For more information about CleanSpark, including the Company's sustainable bitcoin mining operations, visit www.cleanspark.com

About CleanSpark

CleanSpark, Inc., a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is solving modern energy challenges. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

Forward-Looking Statements

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, deployment of miners, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "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. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

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.
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Dec 9, 2021 9:00 AM

CleanSpark Announces New 20 MW Immersion Cooling Initiative at Norcross Bitcoin Mining Facility

It will be among the first large-scale datacenters of its type in North America

SALT LAKE CITY, Dec. 09, 2021 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, today announced purchase of immersion cooling infrastructure for its Norcross bitcoin mining facility. Phased installation starts immediately, with the first 8 MW expected to go live in February.

The new data center’s immersion cooling technology is expected to increase bitcoin mining efficiency by 20% or more, according to industry standards and the manufacturer. It is also expected to reduce operational expenses, enhancing CleanSpark’s competitive advantage that comes from the Company’s background in energy technology.

-------------------------
Highlights

  • 20 MW immersion-cooled solution at Norcross, GA facility
  • Expected efficiency increase of 20% or more, according to the manufacturer
  • 5940 fully-immersed Antminer S19j Pro machines, or about 600 PH/s total
  • Liquid is 100% biodegradable and safe

-------------------------

Liquid immersion cooling, where the machines are fully immersed in a specialized cooling liquid, has proven to significantly increase the hashrate of bitcoin mining machines, reduce power consumption, and extend the life of the machines—thereby maximizing financial gains.

A datacenter with such technology does not require regular re-outfitting, further improving the efficiency of a large mining operation and reducing operational expense. This approach is in stark contrast with air-cooled data centers—the current standard in the bitcoin mining industry—which require regular cleaning or replacement of the machine or filters because the constant flow of air carries minute particulate matter such as dust and pollen.

Upon completion, the 20 MW project will consist of 180 liquid-filled tanks, with each tank holding 33 units of the Antminer S19j Pro machines—the newest generation series of bitcoin miners on the market—fully immersed in a proprietary cooling liquid. The liquid is a synthetic hydrocarbon compound that has no electrical conductivity, is fully biodegradable and safe.

“This project expands our portfolio of energy efficient solutions, adding to the engineering tools at our disposal,” said Matthew Schultz, CleanSpark’s Executive Chairman.

“We are constantly seeking ways to make our operations more sustainable and productive while achieving maximum performance,” said Zach Bradford, CEO of CleanSpark. “Deploying an environment-friendly cooling technology that also increases the economics of our bitcoin mining operations was an obvious choice for us.”

CleanSpark acquired the Norcross, Georgia site in August. In September the Company announced expected capital and human investments of nearly $145 million over the next five years at the site.

About CleanSpark

CleanSpark, Inc., a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is solving modern energy challenges. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

Forward-Looking Statements

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, deployment of miners, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "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. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

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.
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Dec 6, 2021 9:00 AM

CleanSpark Announces November Bitcoin Mining Updates

Daily production is up 4.3% for November to 7.3 BTC per day

SALT LAKE CITY, Dec. 06, 2021 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, today released its unaudited bitcoin production and operations update for the calendar year-to-date ending November 30, 2021.

Bitcoin Production & Operations Update (unaudited)

  • November monthly production: 218
  • Calendar year-to-date production ending November 30: 1,301
  • Total BTC holdings as of November 30: 838
  • Total BTC converted for operational growth in CY2021: 478
  • Deployed fleet of approximately 12,900 latest-generation bitcoin miners with a total hashrate of 1.3 EH/s

About CleanSpark

CleanSpark, Inc., a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is solving modern energy challenges. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations.

Forward-Looking Statements

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "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. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

Investor Relations Contact:
Matt Schultz
ir@cleanspark.com

Media Contacts:
Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com

Attachment


Isaac Holyoak
CleanSpark, Inc.
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Nov 30, 2021 9:00 AM

CleanSpark Unveils New Brand Identity to Unify its Business Segments

New ‘look and feel’ unifies the company’s business segments—sustainable bitcoin mining and renewable energy technology

SALT LAKE CITY, Nov. 30, 2021 (GLOBE NEWSWIRE) -- CleanSpark Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, today unveiled a new logo, including a new wordmark and icon, and a new website. The new brand identity reflects the Company’s strategic focus on sustainable bitcoin mining using the Company’s background in energy technology.

As CleanSpark continues to expand capacity across its portfolio of mining facilities, the unique advantages of having a background in energy technology and management is becoming increasingly valuable: CleanSpark is developing some of the most efficient mining operations in the industry.

CleanSpark’s new brand identity reflects the competitive advantage of the Company while also emphasizing the Company’s brand as approachable, adaptable and trustworthy for shareholders and customers.

The new icon of a star-within-a-star distills the CleanSpark star into an easily recognizable symbol that reflects who the Company is at its core: a business with global reach that unites its two business segments—sustainable bitcoin mining and energy technology.

“Mining Bitcoin has become an increasingly important business segment for CleanSpark. We leverage our deep energy background to make our operation sustainable, which is important given how energy-intensive this industry is—so we wanted our updated brand to reflect that,” said Matthew Schultz, CleanSpark’s executive chairman. “I'm very proud of our in-house design team, who did a spectacular job of understanding and then depicting what we stand for.”

Danielle Nazareno, director of design, brought over a decade of experience designing for new and emerging brands to create the new logo.

“Refreshing our brand aligns our public image with the work we do, how we see ourselves, and how we want others to see us,” said Danielle.

CleanSpark’s new website is now live at www.cleanspark.com while its new brand commercial can be viewed at www.youtube.com/watch?v=DzDI8njXATA .

About CleanSpark

CleanSpark, Inc., a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is solving modern energy challenges. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

Forward-Looking Statements

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, deployment of miners, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "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. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

Investor Relations Contact :
Matt Schultz
ir@cleanspark.com

Media Contacts:
Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com

Attachment


Isaac Holyoak
CleanSpark, Inc.
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Nov 29, 2021 4:59 PM

CleanSpark Announces Timing of Fourth Quarter and Full Year 2021 Earnings Release

SALT LAKE CITY, Nov. 29, 2021 (GLOBE NEWSWIRE) -- CleanSpark Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, today announced it will release fourth quarter and full year 2021 financial results December 14 after the U.S. market closes. The release will be followed by an investor conference call at 5:00 p.m. ET to discuss the results.

The company invites investors to join a webcast for the earnings call at www.cleanspark.com/investor-relations . Downloadable files, including transcripts, will be available on the company website within 24 hours after the event.

About CleanSpark

CleanSpark, Inc., a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is solving modern energy challenges. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

Forward-Looking Statements

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, deployment of miners, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "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. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

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.
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Nov 19, 2021 9:00 AM

Seizing Spot Market Opportunity, CleanSpark Secures More Bitcoin Mining Machines for Immediate Delivery

The new S19 machines will increase CleanSpark’s hashrate by over 250 PH/s, a nearly 20% increase of its current hashrate

SALT LAKE CITY, Nov. 19, 2021 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, today announced the purchase of an additional 2,597 units of the Antminer S19 bitcoin (BTC) mining machines.

Delivery of the machines is scheduled to be immediate, adding to the 2,711 rigs already purchased and scheduled for delivery this month. These orders are expected to substantially add to the Company’s hashrate over the coming weeks.

CleanSpark employs a sustainable business strategy of converting a portion of its BTC holdings to fund operations and expansion, with a goal of limiting shareholder dilution.

“We continue to take advantage of favorable pricing in the spot market to purchase machines as opportunities present themselves, rather than locking up capital for long periods of time, while we use the standard strategy of future delivery contracts,” said Zach Bradford, CEO and President.

The Company currently operates more than 12,800 miners, providing a hashrate of 1.3 EH/s.

About CleanSpark
CleanSpark, Inc., a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is focused on solving modern energy challenges. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

Forward-Looking Statements
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, partnership with Coinmint, deployment of miners, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "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. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

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.
pr@cleanspark.com
News Provided by GlobeNewswire via QuoteMedia

Nov 4, 2021 9:00 AM

CleanSpark Announces Monthly Bitcoin Mining Data Updates to Increase Industry Transparency, Shares First Report

CleanSpark aims to bring more transparency to the mining industry with the monthly release of data about its bitcoin mining operations.

SALT LAKE CITY, Nov. 04, 2021 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, today released its unaudited bitcoin production and operations update for the calendar year-to-date ending October 31, 2021. Additionally, the Company announced that it will release such data every month to set new standards of transparency in the bitcoin mining industry.

Bitcoin Production & Operations Update (unaudited)

  • October monthly production: 216
  • Calendar year-to-date production ending October 31: 1,083
  • Total BTC holdings as of October 31: 729
  • Total BTC converted for operational growth in CY2021: 370
  • Deployed fleet of approximately 11,780 latest-generation bitcoin miners with a total hashrate of 1.2 EH/s

"These updates are part of our commitment to lead the industry's transparency efforts," said CleanSpark CEO, Zach Bradford. "We will continue to include key metrics in these updates as we scale our bitcoin mining operations at different locations."

Moving forward, the Company intends to publish monthly updates on key metrics on its website and Twitter account .

The bitcoin mining industry has been criticized for the lack of transparency by miners. CleanSpark is hoping to change how the space is perceived by being open about its operations.

CleanSpark operates and owns two facilities in the Atlanta, Georgia metro area. In addition to its owned facilities, it has a co-location agreement with Coinmint in Massena, NY.

CleanSpark's sustainability efforts account for variation in local energy mixes by purchasing carbon offsets, and, once facilities are at scale, by deploying distributed energy systems onsite. Energy mixes are highly variable, so CleanSpark participates in voluntary programs, like Georgia's Simple Solar, as part of its commitment to sustainability.

About CleanSpark

CleanSpark, Inc., a Nevada corporation, is a clean bitcoin mining and energy technology company that is solving modern energy challenges. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

Forward-Looking Statements

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, partnership with Coinmint, deployment of miners, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "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. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

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. pr@cleanspark.com 
News Provided by GlobeNewswire via QuoteMedia

Oct 20, 2021 7:00 AM

As Bitcoin Reaches All-time Highs, Sustainable Bitcoin Miner CleanSpark Adds New Miners

Delivery of the rigs will add 225 PH/s of hashrate capacity; 26,830 new miners now slated for delivery over next 12 months

SALT LAKE CITY, Oct. 20, 2021 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and energy technology company, today announced the purchase of an additional 2,250 units of the Antminer S19j pro bitcoin (BTC) mining machine. Delivery of the machines are scheduled to start next month and be completed by July 2022.

CleanSpark estimates that its sustainable bitcoin mining capacity will increase by an additional 225 PH/s. The Company expects to have the data center space for the machines ready to plug and play in time for each consecutive delivery. The Company currently operates more than 10,000 miners. The total number of miners slated for delivery over the next 12 months is now 26,830.

CleanSpark announced earlier this month that it used some of the Company's BTC holdings towards the purchase of 4,500 units and intends to execute a similar strategy for future payments of these units.

About CleanSpark

CleanSpark, Inc., a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is focused on solving modern energy challenges. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

Forward-Looking Statements

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, partnership with Coinmint, deployment of miners, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "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. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

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. pr@cleanspark.com 
News Provided by GlobeNewswire via QuoteMedia

Oct 12, 2021 9:00 AM

CleanSpark Uses Bitcoin to Fund 4,500 Newest Generation Miners

CleanSpark Uses Bitcoin to Fund 4,500 Newest Generation Miners

Delivery of the miners, amounting to an additional hashrate of 450 PH/s, brings the total number of miners slated for delivery over the next 12 months to 24,580

PR Newswire

SALT LAKE CITY , Oct. 12, 2021 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and diversified energy company, today announced its purchase of 4,500 units of the Antminer S19 bitcoin (BTC) mining machine. The purchase was partially funded through a portion of the Company's BTC holdings. Delivery of the machines are scheduled to start next month and be completed by July 2022.

CleanSpark estimates that its sustainable bitcoin mining capacity will increase by a computing power of 450 PH/s, equivalent to almost 45% of the Company's current capacity, after the purchased machines are fully operational.

The Company expects to have the data center space for the machines ready to plug and play before each consecutive delivery. The Company currently operates over 10,000 miners. The total number of miners slated for delivery over the next 12 months is now 24,580.

In line with the interests of its shareholders, by selling some of its bitcoin, CleanSpark is converting a portion of its BTC holdings into bitcoin miners to increase revenues. CleanSpark believes that the value of digital currencies such as Bitcoin stems from their usefulness as a medium of exchange. By investing a portion of its mined bitcoins to buy additional miners, the Company aims to put those bitcoins back into circulation. The Company also intends to continue its holding strategy.

"By making a conscious effort to reinvest in additional production, we are taking a market-based approach to our mining operations and maximizing value for our shareholders. We understand that using our bitcoin to support our operations and expansion is a paradigm shift for the digital currency mining industry in North America ," said Zach Bradford , CEO of CleanSpark. "We hope to continue to lead the market with these bold moves."

Earlier in August, CleanSpark announced the purchase of a former Sprint/Nextel datacenter in Norcross, Georgia , to start a new mining operation that is expected to be 100% net carbon-neutral, achieved by participating in Georgia's Simple Solar program.

CleanSpark directly owns and operates facilities in Norcross and College Park, Georgia , that will bring a combined 65MW with a focus on clean and sustainable energy as it keeps ESG at the forefront of all its efforts.

About CleanSpark
CleanSpark, Inc., a Nevada corporation, is an energy technology and clean bitcoin mining Company that is focused on solving modern energy challenges. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

Forward-Looking Statements
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, partnership with Coinmint, deployment of miners, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "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. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

Investor Relations Contact:
Matt Schultz
ir@cleanspark.com

Media Contacts:
Isaac Holyoak
pr@cleanspark.com

BlocksBridge Consulting
Nishant Sharma
cleanspark@blocksbridge.com

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/cleanspark-uses-bitcoin-to-fund-4-500-newest-generation-miners-301398011.html

SOURCE CleanSpark, Inc.

News Provided by Canada Newswire via QuoteMedia

Sep 27, 2021 9:00 AM

CleanSpark Transitions Over One Exahash of Sustainable Bitcoin Mining Power to Foundry USA Pool

CleanSpark Transitions Over One Exahash of Sustainable Bitcoin Mining Power to Foundry USA Pool

100% of CleanSpark's Hashrate is Now Live on Foundry USA Pool, With Plans to Triple By Fall 2022

PR Newswire

SALT LAKE CITY , Sept. 27, 2021 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and diversified energy company, and Foundry Digital LLC ("Foundry"), a wholly-owned subsidiary of Digital Currency Group, Inc. ("DCG") focused on digital asset mining and staking, jointly announced that CleanSpark has transitioned all of its bitcoin mining power to Foundry USA Pool.

CleanSpark has now added computing power of more than one exahash, generated by over 10,000 latest-generation bitcoin mining machines, to the Foundry USA Pool. The Company plans to continue to deploy machines to reach its goal of 2 EH/s by the end of 2021 and 3.2 EH/s by fall 2022.

Mining pools are an important component of the bitcoin ecosystem because they allow miners to combine their mining power and increase the frequency as well as probability of earning bitcoins. Backed by its parent company DCG, Foundry USA Pool is the first North American cryptocurrency mining pool that pays its users through the Full-Pay-Per-Share ("FPPS") payout method without relying on an external party, guaranteeing stable, risk-free payouts.

"Mining pools historically have not been as transparent in the way they calculate their miners' earnings," said Bernardo Schucman, senior vice president of mining for CleanSpark. "Foundry USA Pool is an exception, however. Being an American mining pool with transparent and compliant methods, it provides all stakeholders with full disclosure of their earnings."

CleanSpark's decision to direct all of its bitcoin mining computing power to Foundry's US-based pool is also a step towards greater decentralization of the mining pool landscape, which experts like Schucman say is good for the overall health of the bitcoin network.

"Our relationship with Foundry is meaningful for our continued growth and productivity," said Zach Bradford , CleanSpark's CEO and President. "We will continue to pool our hashrate with Foundry as more of our machines are deployed in the coming months because we share a commitment to empowering decentralized networks."

Foundry USA Pool is focused on institutional mining businesses and is seamlessly integrated with DCG-owned cryptocurrency prime broker Genesis to provide institutional customers with various treasury management services, including high-security custody, Bitcoin collateralized lending, yield earnings on bitcoin holdings, derivative products and seamless liquidation. The pool's other major customers include Bit Digital, BitDeer, Bitfarms, Core Scientific, Greenidge, HIVE, Hut 8 and Foundry itself, among others.

"We are excited to have publicly traded companies such as CleanSpark join Foundry USA Pool, which is designed to provide its customers with institutional standards of transparency, compliance and services," said Mike Colyer , Foundry's CEO.

About CleanSpark
CleanSpark, Inc., a Nevada corporation, is an energy technology and clean bitcoin mining Company that is focused on solving modern energy challenges. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

About Foundry Digital LLC
A subsidiary of DCG, Foundry Digital LLC is a financing and advisory company focused on digital asset mining and staking. With the mission of empowering decentralized infrastructure for a digital world, Foundry provides North American digital asset mining businesses with capital and intelligence. Foundry is based in Rochester, NY . For more information, please visit foundrydigital.com

Forward-Looking Statements
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, partnership with Coinmint, deployment of miners, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "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. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

Investor Relations Contact:
Matt Schultz (CleanSpark)
ir@cleanspark.com

Media Contacts:
Isaac Holyoak (CleanSpark)
pr@cleanspark.com

Nishant Sharma
foundry@blocksbridge.com
BlocksBridge Consulting (Foundry)

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/cleanspark-transitions-over-one-exahash-of-sustainable-bitcoin-mining-power-to-foundry-usa-pool-301385378.html

SOURCE CleanSpark, Inc.

News Provided by PR Newswire via QuoteMedia

Sep 20, 2021 9:00 AM

CleanSpark's Executive Chairman to Participate in Fireside Chat on Bitcoin Mining at BTIG Conference

SALT LAKE CITY, Sept. 20, 2021 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and diversified energy company announced today that Matthew Schultz, Executive Chairman, will participate in a fireside chat at the BTIG Future of Digital Assets Conference Wednesday, September 22.

"We appreciate BTIG taking an important role in investor education by hosting an event specifically focused on digital assets," said Schultz. "Like CleanSpark, the team at BTIG has roots in energy and they have a fundamental understanding of the tremendous long-term value our energy expertise brings to our digital currency mining business."

Schultz will be joined by CleanSpark CEO and President Zach Bradford for individual meetings with institutional investors and analysts throughout the conference.

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

About CleanSpark
CleanSpark, Inc., a Nevada corporation, is a clean bitcoin mining and energy technology company that is focused on solving modern energy challenges. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

Forward-Looking Statements
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, partnership with Coinmint, deployment of miners, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "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. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

Contacts
Investor Relations:
CleanSpark, Inc.
Investor Relations
ir@cleanspark.com

Press:
Isaac Holyoak
pr@cleanspark.com


Isaac Holyoak CleanSpark, Inc. pr@cleanspark.com 
News Provided by GlobeNewswire via QuoteMedia

Sep 16, 2021 9:00 AM

CleanSpark Joins with Partnership Gwinnett to Announce $145 Million in Capital and Human Investments

SALT LAKE CITY, Sept. 16, 2021 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and diversified energy company, joined Partnership Gwinnett to announce expected capital and human investments of nearly $145 million over the next five years at CleanSpark's data center in Norcross, Georgia.

The $6.55 million purchase of the former Sprint/Nextel data center, announced earlier in August, is expected to bring 20 skilled and highly skilled jobs to the community, at an average yearly wage of approximately $50,000. CleanSpark expects the facility to be operational by late 2021.

CleanSpark is working with Partnership Gwinnett because of the organization's substantial role in the county and surrounding area. Partnership Gwinnett is supported by over one hundred companies, municipalities, and educational institutions to strengthen Gwinnett County's diverse economy and ability to compete in the global marketplace.

"Gwinnett County's momentum as a major player in job creation is distinct," said Gwinnett County Chairwoman Nicole Hendrickson. "With CleanSpark coming to Norcross, it means economic stability in a workforce tailored to providing solutions to modern energy challenges."

In addition to direct upgrades to the facility, CleanSpark is partnering with Georgia Power to invest in a $2 million power expansion. Improvements are expected to benefit power customers and community members living near CleanSpark's new facility. The Company will also participate in Georgia's Simple Solar program and anticipates the addition of onsite renewables, solar installations, and other microgrid energy solutions. The mining operations are expected to be 100 percent carbon neutral.

"We believe bitcoin mining can make a positive contribution to the neighborhoods we operate in," said Zach Bradford, CleanSpark CEO and President. "We are committed to being socially and environmentally responsible partners and are proud to work with Partnership Gwinnett as we grow our relationships with other businesses and governmental organizations in Georgia."

Over the next five years, CleanSpark's community investment is expected to include:

  • $7.5 million in property investment
  • $132 million in equipment & hardware investments
  • $4.1 million in people
  • 20 highly skilled and skilled jobs, ~$50,000 average annual wage
  • $2 million investment in power expansion with Georgia Power
  • Expectation of 100% net carbon-neutral

"We are delighted to add another company into the fold that reflects our commitment to sustainability," said Norcross Mayor Craig L. Newton. "We are also exceptionally honored that such an innovative and forward-looking corporation as CleanSpark intentionally selected Norcross as home to its newest data center. Economic viability and environmental stability are directly tied together, and Norcross is fortunate that a growing number of companies recognize our dedication to both. We look forward to welcoming CleanSpark and the many jobs it will bring to our city later this year."

Partnership Gwinnett also worked with Gateway 85 CID.

"Gateway85 CID and Partnership Gwinnett have been working hard to attract innovative companies like CleanSpark to the district," said Emory Morsberger, executive director - Gateway85 CID. "We're thrilled to have a company not only focused on solving today's energy challenges, but also adding more jobs to our economic base."

Deven Cason, Director of Business Retention and Expansion, represented Partnership Gwinnett in conjunction with the Metro Atlanta Chamber and Georgia Power on the project.

"In Gwinnett County, we are focused on technological innovation and creating an environment of advancement," said Cason. "We are excited to welcome CleanSpark to Norcross and Gwinnett County."

Forward-Looking Statements
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, partnership with Coinmint, deployment of miners, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "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. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

About CleanSpark
CleanSpark, Inc., a Nevada corporation, is a clean bitcoin mining and energy technology company that is focused on solving modern energy challenges.

For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

Contacts:
Investor Relations:
CleanSpark, Inc.
Investor Relations
(801) 244-4405

Press:
Isaac Holyoak
pr@cleanspark.com

About Partnership Gwinnett

Partnership Gwinnett is a public-private initiative dedicated to bringing new jobs and capital investment to Gwinnett County, Georgia. Since 2006, Partnership Gwinnett has worked with its local partners to attract and retain jobs, cultivate capital investment, support educational institutions, foster workforce development, and contribute to the exceptional quality of life found in Gwinnett. Fueled by the support of over one hundred companies, municipalities, Gwinnett County, K-12 and higher education systems, the mission of Partnership Gwinnett is to strengthen the community's diverse economy to compete in the global marketplace and position Gwinnett as the premiere place to live, work and play.

Media Contact:
Jaclyn Allison
Partnership Gwinnett, Director of Marketing, Communications & Events
jallison@partnershipgwinnett.com
770-232-8814


Isaac Holyoak CleanSpark, Inc. pr@cleanspark.com Jaclyn Allison Partnership Gwinnett jallison@partnershipgwinnett.com 
News Provided by GlobeNewswire via QuoteMedia

Aug 23, 2021 9:30 AM

CleanSpark to Discuss its Bitcoin Mining Growth with Water Tower Research

SALT LAKE CITY, Aug. 23, 2021 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a sustainable bitcoin mining and diversified energy company, announced today that CEO Zach Bradford will participate in Water Tower Research's Sustainable Investing Fireside Chat Series on Tuesday, August 24, 2021, at 1:30 p.m. EDT.

The fireside will take a deep dive into CleanSpark's bitcoin mining operation focusing on the recent increase in bitcoin production and hashrate capacity, the associated margin opportunity, and outlook for this business. The conversation will be moderated by Shawn Severson, Water Tower's Head of Sustainable Investing.

Investors interested in participating in this event must register using the link below. As a reminder, registration for the live event is limited but may be accessed at any time for replay. The event is open for all.

REGISTER HERE: https://globalmeet.webcasts.com/starthere.jsp?ei=1490991&tp_key=d8efe322fe

Parties interested in learning more about CleanSpark products and services are encouraged to inquire by contacting the Company directly at info@cleanspark.com or visiting the Company's website at www.cleanspark.com .


About CleanSpark

CleanSpark, Inc., a Nevada corporation, is an energy technology and clean bitcoin mining Company that is focused on solving modern energy challenges.

For more information, please visit the Company's website at https://www.cleanspark.com/investor-relations .

Forward-Looking Statements

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, partnership with Coinmint, deployment of miners, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "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. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

Press:
Trish DaCosta
KCD PR
Cleanspark@kcdpr.com


Investor Relations CleanSpark, Inc. (801)-244-4405 ir@cleanspark.com 
News Provided by GlobeNewswire via QuoteMedia

Aug 19, 2021 9:25 AM

CleanSpark Rolls Out Smart Residential Microgrid Solution and Mobile App, mVoult

CleanSpark Rolls Out Smart Residential Microgrid Solution and Mobile App, mVoult

PR Newswire

SALT LAKE CITY , Aug. 19, 2021 /PRNewswire/ --  CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a diversified software, services, and Bitcoin mining company, today announced an update to ongoing roll-out of mVoult, the Company's smart energy system and companion mobile app designed specifically for homes and small businesses.

mVoult is built off of the same platform as CleanSpark's existing, patented mPulse product, which is tough enough for the military and is also flexible enough to be used in commercial, industrial, and estate home applications.

mVoult is a single solution for resilient, reliable, and cost-effective energy for residential properties of all sizes. The system is fully configurable according to the user's needs. Homeowners can start small and expand the modular system without significant design changes as their goals or requirements grow. mVoult enables a system to use power generated from multiple sources, including the main utility, solar, or battery. It also supports storing energy for use during utility disruptions or when economic opportunities exist to lower utility bills.

"We've anticipated using our microgrid technologies to create a cost-effective product offering which can add significant value to the residential energy sector by giving homeowners the choice of power so that they can determine the best application for their individual needs," said CleanSpark President and CEO Zach Bradford . "The pandemic made it more apparent how important self-reliance can be, by giving our customers the opportunity to generate, use and store energy with a focus on renewable resources. CleanSpark is committed to supporting that process."

The companion mobile app connects to the mVoult smart power system and is the window into the homeowner's power system. With the app, users can see how their systems are performing, understand all-time and month-to-date energy cost savings, and view and change system settings, including battery reserve, and monitor the system's energy usage in real-time. The mobile app is available for download in both the Apple and Google Play app stores.

The Company is focusing on California for its first phase of installations as much of the state continues to face disastrous wildfires and power outages. mVoult provides resiliency and cost savings whether the traditional grid is up or down.

The Company has a significant supply of batteries either in transit, or in the Carlsbad warehouse, which are continuing to be deployed as quickly as permitting and personnel allow.

Despite global battery supply shortages, CleanSpark has solidified partnerships with multiple top-tier residential battery manufacturers providing ample supply to meet our growing customer demand.

"We are seeing positive improvements to the overall global supply chains and have been rapidly deploying batteries," said Amer Tadayon , CleanSpark Chief Revenue Officer and Energy Division President. "We expect continued normalization, adding momentum to our residential energy initiative."

Parties interested in learning more about CleanSpark products and services are encouraged to inquire by contacting the Company directly at info@cleanspark.com or visiting the Company's website at www.cleanspark.com .


About CleanSpark
CleanSpark, Inc., a Nevada corporation, is an energy technology and clean Bitcoin mining Company that is focused on solving modern energy challenges.

For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

Forward-Looking Statements
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, partnership with Coinmint, deployment of miners, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "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. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

Contacts:
Investor Relations:
CleanSpark, Inc.
Investor Relations
(801) 244-4405

Press:
Trish DaCosta
KCD PR
Cleanspark@kcdpr.com

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/cleanspark-rolls-out-smart-residential-microgrid-solution-and-mobile-app-mvoult-301358869.html

SOURCE CleanSpark, Inc.

News Provided by PR Newswire via QuoteMedia

Aug 17, 2021 9:25 AM

CleanSpark, Inc. Reports Financial Results for its Third Quarter Ended June 30, 2021

Nine-month revenue increased 176% to $22.3 million from one year ago period

CleanSpark, Inc. Reports Financial Results for its Third Quarter Ended June 30, 2021

Three-month revenue increased 250% to $11.9 million from one year ago quarter

Nine-month revenue increased 176% to $22.3 million from one year ago period

PR Newswire

SALT LAKE CITY , Aug. 17, 2021 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company"), a clean Bitcoin mining and diversified software and services company, yesterday reported results after the close of the US markets for the three and nine months ended June 30, 2021 .

The Company's Quarterly Report on Form 10-Q and accompanying unaudited interim financial statements are available at www.sec.gov and the Company website at https://ir.cleanspark.com/sec-filings/ .

As previously announced, the Company held its third quarter 2021 live virtual earnings presentation and business update for investors and analysts on August 16, 2021 , at 1 p.m. PDT / 4 p.m. EDT . A recording of the call is available for replay at:

https://globalmeet.webcasts.com/viewer/event.jsp?ei=1486534&tp_key=e7f1f1fab1

A transcript of the event is available on the Company's website.

Financial Highlights

Nine months ended June 30, 2021

  • Revenues for the nine months ended June 30, 2021 , were $22.3 million , an increase of $14.2 million , or 176%, from $8.1 million for the same prior year period.
  • Net loss for the nine months ended June 30, 2021 , was ($16.4) million , or ($0.60) loss per share, compared to a loss of ($16.3) million , or ($2.32) loss per share, for the same prior year period, an improvement of $1.72 per share.
  • Adjusted EBITDA, a non-GAAP term, resulted in a non-GAAP net loss for the nine months ended June 30, 2021 , of ($2.7) million , or ($0.10) loss per share, compared to a loss of ($4.1) million , or ($0.58) loss per share, for the same prior year period.
  • Adjusted EBITDA after incorporation of non-recurring costs, a non-GAAP term, resulted in a non-GAAP net income for the nine months ended June 30, 2021 , of $6.2 million , or $0.23 earnings per share, compared to a net loss of ($3.9) million , or ($0.56) loss per share, for the same prior year period-an improvement of $0.79 per share.

Three months ended June 30, 2021

  • Revenues for the three months ended June 30, 2021 , were $11.9 million , an increase of $8.5 million , or 250%, from $3.4 million for the same prior year period.
  • Net loss for the three months ended June 30, 2021 , was ($16.7) million , or ($0.49) basic loss per share, compared to a loss of ($8.5) million , or ($0.77) loss per share, for the same prior year period-an improvement of $0.28 per share.
  • Adjusted EBITDA, a non-GAAP term, resulted in a non-GAAP net loss for the three months ended June 30, 2021 , of ($3.6) million , or ($0.11) loss per share, compared to a loss of ($1.1) million , or ($0.10) loss per share, for the same prior year period.
  • Adjusted EBITDA after incorporation of non-recurring costs, a non-GAAP term, resulted in a non-GAAP net income for the three months ended June 30, 2021 , of $2.3 million , or $0.07 earnings per share, compared to a net loss of ($1.1) million , or ($0.10) loss per share, for the same prior year period-an improvement of $0.17 per share.

Bitcoin Mining Production

  • In the quarter ended June 30, 2021, the Company produced more than 191 Bitcoins and has produced an aggregate of 598 Bitcoins since acquiring its mining operations on December 10, 2021, through August 14, 2021 .

Balance Sheet Highlights as of June 30, 2021

Assets:

  • Cash: $22.2 Million
  • Digital Currency: $10.4 Million , or 301.4 Bitcoin
  • Total Current assets: $51.9 Million
  • Total Mining assets (Prepaid Deposits/Deployed Miners): $188.2 Million
  • Total Assets: $297.5 Million

Liabilities and Stockholders' equity:

  • Current Liabilities: $11.9 Million
  • Total Liabilities: $15.7 Million
  • Total Stockholders' Equity: $281.8 Million

Working capital

Working capital of $39.9 million as of June 30, 2021 , compared to $2.9 million as of September 30, 2020 , for an increase of $37.0 million .

Operational Highlights - Quarter ended June 30, 2021

  • Current hashrate capacity now exceeds 820 PH/s, which is nearly double the capacity just 46 days ago. The Company anticipates achieving 1.0 EH/s in production capacity within the coming month when the balance of the mining rigs scheduled to be hashing in August are installed. To put this in perspective, the Company produced just over 3 BTC on June 30 . It is now capable of producing between 6 and 7 Bitcoin per day. At current difficulty rates, 1.0 EH/s would result in approximately 8-9 bitcoins per day, which would result in $376,000 to $423,000 per day, or $137 million to $154 million in annualized revenue, using a bitcoin price of $47,000 .
  • CleanSpark continues to work on expanding its total energy capacity to accelerate the growth of its bitcoin mining operations in Atlanta this fall. The expansion will bring this site's total capacity to 50 MW. In addition to this expansion, a partnership with Coinmint has allowed the Company to continue growth while construction is ongoing. All the new mining rigs received this summer were promptly deployed with Coinmint. This partnership has increased the total available power for mining by approximately 25 MW.
  • CleanSpark has over 22,000 of the latest generation Bitmain S19 and S19 Pro mining rigs scheduled to arrive and be installed over the next 12 to 14 months, and the Company expects to place additional orders in the near future to continue growing its mining fleet beyond what it has currently ordered. As a result of these pre-orders, the hashrate is expected to increase to 3.4 EH/s.  For perspective, at current difficulty rates, if the full 3.4 EH/s of capacity were in place today it would result in 26 to 28 bitcoins per day. This capacity, in turn, would result in $1.2 to $1.3 million per day, or $446 million to $480 million in annualized revenue, using a Bitcoin price of $47,000 .
  • CleanSpark has seen continued growth in its Electric Vehicle (EV) charging initiative, with 15 EV companies now using the Company's OpenADR software solutions to aid in load management for EV charging stations and balancing the impact the increased power demand has on the traditional grid.
  • The Company continues to see strong growth trends in the energy business. CleanSpark executed over $6.0 million in additional energy-related contracts last quarter and increased its quarter-over-quarter revenues by 61%. This strong sales growth has resulted in a very robust backlog that is expected to result in positive revenue growth over the next several quarters. Although the Company is seeing strong sales growth, the energy industry as a whole is still encountering certain global supply chain constraints, such as the tight battery supply experienced in the Company's past quarter. Fortunately, the supply chain is being shored up and a large number of batteries were received into inventory in June and July. CleanSpark expects positive improvements to the overall global supply chain and continued normalization through the balance of 2021.

Parties interested in learning more about CleanSpark products and services are encouraged to inquire by contacting the Company directly at info@cleanspark.com or visiting the Company's website at www.cleanspark.com .

Investors are encouraged to contact the Company at ir@cleanspark.com , or by visiting the Company's website.

About CleanSpark:

CleanSpark, Inc., a Nevada corporation, is an energy technology and clean Bitcoin mining Company that is focused on solving modern energy challenges. The Company and its subsidiaries also own and operate a fleet of Bitcoin miners at its facilities outside of Atlanta, Georgia.

For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

Non-GAAP Financial Measures

Management believes that the use of adjusted earnings before interest, taxes, depreciation and amortization, or adjusted EBITDA, is helpful for an investor to assess the performance of the Company. The Company defines adjusted EBITDA as income (loss) attributable to common stockholders before interest, taxes, depreciation, amortization, impairment of long-lived assets, financing costs, stock-based compensation expense, other non-cash expenses, certain non-recurring expenses, and expenses related to discontinued operations.

Adjusted EBITDA and Adjusted EPS is not a measurement of financial performance under generally accepted accounting principles in the United States , or 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, CleanSpark 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 with an important tool for financial and operational decision making and for evaluating its own core business operating results over different periods of time.

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 or as an indication of operating performance or any other measure of performance derived in accordance with GAAP. CleanSpark management does not consider adjusted EBITDA to be a substitute for, or superior to, the information provided by GAAP financial results.



Three Months Ended



June 30,
2021


June 30,
2020

Net Income/(Loss) attributable to shareholders (US GAAP)

$

(16,677,127)

$

(8,551,301)

Less: Depreciation, amortization and other non-cash items:





Depreciation and amortization


3,656,757


745,244

Stock based compensation


3,399,371


261,432

Impairment expense


3,720,481


-

Interest, financing charges, non-cash amortization of debt discounts


(28,625)


7,066,496

Unrealized (gain)/loss on equity/derivative security


2,231,360


(638,794)

Non-cash amortization of right of use assets


105,255


11,274

Total:

$

13,084,599

$

7,445,652






Non-GAAP Adjusted EBITDA (after elimination of stock based and other non-cash expenses)

$

(3,592,528)

$

(1,105,649)






One-time and non-recurring expenses

$

5,895,239

$

-






Non-GAAP Adjusted EBITDA (after elimination of onetime and non-recurring expenses)

$

2,302,711

$

(1,105,649)






Weighted average common shares outstanding - basic


34,014,221


11,119,288






Non-GAAP Adjusted EBITDA earnings/(loss) per common share - basic

$

(0.11)

$

(0.10)

Non-GAAP Adjusted EBITDA (after elimination of non-recurring expenses) earnings/(loss) per common share - basic

$

0.07

$

(0.10)






Nine Months Ended



June 30, 2021


June 30, 2020

Net Income/(Loss) attributable to shareholders (US GAAP)

$

(16,622,124)

$

(16,282,653)

Less: Depreciation, amortization and other non-cash items:





Depreciation and amortization


6,883,020


2,126,313

Stock based compensation


8,599,029


1,171,632

Impairment expense


3,720,481


-

Interest, financing charges, non-cash amortization of debt discounts


(101,367)


10,518,094

Unrealized (gain)/loss on equity/derivative security


(5,418,275)


(1,622,553)

Non-cash amortization of right of use assets


271,715


33,000

Total:

$

13,954,603

$

12,226,486






Non-GAAP Adjusted EBITDA (after elimination of stock based and other non-cash expenses)

$

(2,667,521)

$

(4,056,167)






One-time and non-recurring expenses

$

8,851,137

$

130,000






Non-GAAP Adjusted EBITDA (after elimination of non-recurring expenses)

$

6,183,616

$

(3,926,167)






Weighted average common shares outstanding - basic


27,355,111


7,003,927






Non-GAAP Adjusted EBITDA earnings/(loss) per common share - basic

$

(0.10)

$

(0.58)

Non-GAAP Adjusted EBITDA (after elimination of non-recurring expenses) earnings/(loss) per common share - basic

$

0.23

$

(0.56)

Forward-Looking Statements:

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, deployment of miners, the growth of the facility and other statements regarding the expectations, beliefs, plans, intentions, and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "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. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: delays in equipment and battery energy storage systems availability and delivery, the successful deployment of energy solutions for residential and commercial applications, the fitness of the Company's energy hardware, software and other solutions for this particular application or market, 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

Contact - Investor Relations:
CleanSpark Inc.
Investor Relations
(801)-244-4405

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SOURCE CleanSpark, Inc.

News Provided by PR Newswire via QuoteMedia

Aug 10, 2021 9:29 AM

CleanSpark Acquires Second Data Center to Increase Bitcoin Mining Capacity

CleanSpark Acquires Second Data Center to Increase Bitcoin Mining Capacity

The new facility's mining operations are expected to operate at 100% net carbon-neutral

PR Newswire

SALT LAKE CITY , Aug. 10, 2021 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a clean Bitcoin mining and diversified software and services company, today announced that it has closed on its acquisition of an additional nearly 87,000 square foot data center in Norcross, Georgia , to substantially increase the Company's Bitcoin mining operation.

The $6.55M purchase of the former Sprint/Nextel data center situated on over 7 acres in Norcross, Georgia closed on August 6, 2021 . The facility, located 33 miles from the current ATLData Center and CleanBlok operations in Atlanta , will provide 20 MW of additional power to CleanSpark's mining business with the opportunity for significant expansion. The Company expects to complete the installation of the mining infrastructure and have the miners running by late 2021.

The new facility's mining operations are expected to operate at 100% net carbon-neutral, achieved through its participation in Georgia's Simple Solar program.  The program allows CleanSpark to offset any carbon-based energy included in the regional energy mix with solar power. The Company also anticipates adding onsite renewables, including rooftop and ground mount solar and other microgrid energy solutions.

CleanSpark President and CEO Zach Bradford said, "This facility, with its 20 MW of power, will allow us to put over 6,000 additional S19s into operation. It is expected to produce over 650 PH/s upon installation. Based on current difficulty rates, this processing power would result in an additional 5 to 6 bitcoins per day. This, along with our other initiatives, is expected to result in 2.0 EH/s by the end of 2021, which, at current difficulty rates would result in 17 to 18 bitcoin per day."

Bradford continued, "We have been working on a number of opportunities to increase our Bitcoin production capabilities, including energy expansion in Atlanta , our partnership with Coinmint, and now the purchase of this facility to increase the total energy capacity in our portfolio. We have over 23,500 S19 ASICS miners that will be delivered over the coming year-planning for responsible energy expansion has been paramount. Our focus on ESG has been at the forefront of all our efforts and we expect to lead sustainable practices in the industry. CleanSpark now directly owns and operates facilities that will bring a combined 70MW of 95%-plus carbon-free energy capacity, with the ability to further expand."

Parties interested in learning more about CleanSpark products and services are encouraged to inquire by contacting the Company directly at info@cleanspark.com or visiting the Company's website at www.cleanspark.com .

About CleanSpark
CleanSpark, Inc., a Nevada corporation, is an energy technology and clean Bitcoin mining Company that is focused on solving modern energy challenges.

For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

Forward-Looking Statements
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, partnership with Coinmint, deployment of miners, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "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. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

Contacts:
Investor Relations:
CleanSpark, Inc.
Investor Relations
(801) 244-4405

Press:
Trish DaCosta
KCD PR
Cleanspark@kcdpr.com

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/cleanspark-acquires-second-data-center-to-increase-bitcoin-mining-capacity-301352003.html

SOURCE CleanSpark, Inc.

News Provided by PR Newswire via QuoteMedia

Aug 4, 2021 9:30 AM

CleanSpark Announces its Third Quarter 2021 Earnings Call Date and Time

SALT LAKE CITY, Aug. 04, 2021 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a clean Bitcoin mining and a diversified software and services company, today announced that it will hold the Company's third quarter 2021 live virtual earnings presentation and business update for investors and analysts on August 16, 2021 at 1 p.m. PST/4 p.m. EST.

To participate in our virtual meeting, please visit: https://globalmeet.webcasts.com/starthere.jsp?ei=1486534&tp_key=e7f1f1fab1

This URL can be used for live event or to watch the recorded version. A transcription will be available on our investor website after the event.

Parties interested in learning more about CleanSpark products and services are encouraged to inquire by contacting the Company directly at info@cleanspark.com or visiting the Company's website at www.cleanspark.com .

About CleanSpark

CleanSpark, Inc., a Nevada corporation, is an energy technology and clean Bitcoin mining Company that is focused on solving modern energy challenges. For more information about the Company, please visit the Company's website at https://www.cleanspark.com/investor-relations .

Forward-Looking Statements

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's plans and expectations for expansion of its energy initiatives, operating results, business strategy, partnership with Coinmint, deployment of miners, digital currency mining activities, the growth of its facilities and other statements regarding the expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these forward-looking statements by using words such as "expect," "target," "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. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the fitness of the Company's energy hardware, software and other solutions for this particular application or market; the success of its digital currency mining activities; 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 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. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release (including any forward-looking statements contained herein) to reflect events or circumstances after the date hereof.

Press:
Trish DaCosta
KCD PR
Cleanspark@kcdpr.com


Investor Relations CleanSpark, Inc. (801)-244-4405 ir@cleanspark.com 
News Provided by GlobeNewswire via QuoteMedia

Aug 3, 2021 9:25 AM

CleanSpark Provides Updates on Bitcoin Mining and Energy Operations

CleanSpark Provides Updates on Bitcoin Mining and Energy Operations

Mining Hashrate Capacity Now Exceeds 740 PH/s, Daily Bitcoin Production Tops 6 BTC per day, Over 200 Batteries installed for Fire Prone CA Homes During the Month of July.

PR Newswire

SALT LAKE CITY , Aug. 3, 2021 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), a clean Bitcoin mining and a diversified software and services company, today announced updates to a number of strategic initiatives related to its Bitcoin and Energy business units.

CleanBlok, the Company's Bitcoin mining division, now has over 7,500 of the latest generation mining units deployed with a hashrate capacity of over 740 PH/s, currently producing approximately 6 Bitcoin per day at today's difficulty rates.  Another 1,670 units, capable of producing approximately 148 PH/s or approximately 1.4 Bitcoin per day, have just been received and are expected to be installed this month.  Additional units are scheduled for delivery in late August. Upon deployment of these units, the Company expects to exceed a hashrate capacity of 1.0 EH/s, which would produce approximately 9.3 Bitcoin per day assuming current difficulty.  With a Bitcoin price of $40,000 and current difficulty rates, 1.0 EH/s would result in an annual run rate of $136 million of revenue, in the mining segment alone. CleanSpark expects to approach 2.0EH/s by the close of calendar 2021, and 3.2EH/s by the end of September 2022 .

The Company produced 147.8 Bitcoins during the month of July. Cumulatively, the company has mined more than 520 Bitcoins since entering the mining sector last December. The significant increase in production for the month of July was due to a substantial increase in the number of miners deployed over the past 30 days. In addition, the d