CleanSpark’s Bitcoin Production Hits 8 EH/s as $55M Expansion Goes Live

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Washington, GA expansion expected to increase CleanSpark operational capacity by nearly 30% upon full deployment

LAS VEGAS, July 13, 2023 /PRNewswire/ — CleanSpark Inc. (Nasdaq: CLSK), the American Bitcoin miner, today announced that phase two of its mining campus in Washington, Georgia is live. The site is expected to increase the company’s bitcoin mining (or hashrate) computing power from 1.8 exahashes per second (EH/s) to 8.5 EH/s, more than halfway to its target of 16 PE/s for the end of the year.

CleanSpark, Inc. Logo (PRNewsfoto/CleanSpark, Inc.)

Phase two of the Washington campus has an electrical capacity of 50 megawatts (MW) or just over 15,000 mining machines, of which about 10,500 are already in operation. CleanSpark acquired the 36 MW campus along with existing infrastructure and machinery for $25.1 million in August 2022, and invested approximately $55 million in phase two, including construction, infrastructure and machines, which should increase the total electrical capacity to 86 MW. Including the additional miners purchased and added in the first phase, the company’s total investment in the campus exceeds $100 million and has already been fully funded.

“The speed with which our team successfully executed this expansion is a testament to the technical expertise and experience we have gained since growing from an energy company to a bitcoin mining company,” said Zach Bradford. , CEO of CleanSpark. “But this wouldn’t have been possible without the local entrepreneurs and community of Washington, GA, who have supported our efforts to generate sustainable economic growth in the region. This expansion has already helped us make more than half of our year. – end of guidance of 16 pe/s.”

CleanSpark has been on an aggressive growth trajectory after the start of the last down cycle in 2022. Its latest acquisition was last month, when it acquired a two-site turnkey bitcoin mining campus in Dalton, Georgia, for $9.3 million in an all-cash transaction. CleanSpark operates the most energy-efficient generation of mining machinery on the market and primarily uses low-carbon energy sources, which make up over 90% of its energy mix.

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About CleanSpark

CleanSpark (Nasdaq: CLSK) is the American Bitcoin miner. Since 2014, we have been helping people achieve energy independence for their homes and businesses. In 2020, we transferred this expertise to develop a sustainable infrastructure for Bitcoin, an essential tool for financial independence and inclusion. We strive to make 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 in which we operate, and the people around the world who depend on Bitcoin. CleanSpark is one of Forbes’ 2022 Best Small Businesses in America and ranks 44th on the Financial Times list of Americas 500 Fastest Growing Companies. 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 regarding the expansion of bitcoin mining facilities in Washington, Georgia, the expected benefits therefrom results for CleanSpark (including with respect to planned additions to CleanSpark’s hashrate and its timing). We intend that these forward-looking statements 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 words such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “could”, ” intends”, “aims”, “plans”, “intends”, “believes”, “estimates”, “plans”, “predicts”, “potential” or “continues” or the negative form of these terms or other similar expressions.The forward-looking statements in this press release include, but are not limited to, statements regarding our future operating results and financial condition, industry and business trends, business strategy, expansion plans, market growth and our goals for future operations.

The forward-looking statements contained in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections regarding 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 planned schedule of expansions; the risk that the electrical power available to our facilities will not increase as expected; the success of its digital currency mining activities; the volatile and unpredictable cycles of the emerging and evolving industries in which we operate; increased difficulty rates for bitcoin mining; bitcoin halving; new or additional government regulations; expected delivery dates of new miners; the ability to successfully deploy new miners; dependence on utility rate structures and government incentive programs; reliance on third-party power providers for expansion efforts; expectations of future revenue growth may not be realized; and other risks described in the Company’s prior press releases and 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 in all subsequent filings with the SEC. The forward-looking statements contained in this press release are based on information available to us as of the date of this press release, and while we believe this information to provide a reasonable basis for such statements, such information may be limited or incomplete. , and our statements should not be construed to indicate that we have conducted an exhaustive investigation or review of all relevant information potentially available. Such statements are inherently uncertain and investors are cautioned not to place undue reliance on such statements.

You should read this press release knowing that our actual future results, performance and achievements may differ materially from what we expect. We qualify all of our forward-looking statements with 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 new information, future events or otherwise.

Investor Relations

Matt Schultz, Executive Chairman [email protected]

Media Contacts

Isaac Holyoak [email protected]

BlocksBridge Consulting [email protected]

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SOURCE CleanSpark, Inc.

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