CleanSpark Releases December 2022 Bitcoin Mining Update

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Company hits new daily production record of 22 bitcoins; Mined a record 4,621 bitcoins for calendar year 2022, up 200% from the previous calendar year

LAS VEGAS, Jan. 04, 2023 (GLOBE NEWSWIRE) — CleanSpark, Inc. (Nasdaq: CLSK) (the “Company” or “CleanSpark”), Americas Bitcoin Miner, today released its unaudited update to the bitcoin mining and operations for the month ending December 31, 2022.

Calendar year 2022 has been a year of incredible growth for CleanSpark and I am so grateful to the teams who made it all possible. Among our many accomplishments this year, I am most proud of having increased our annual bitcoin production by more than 200% as we have expanded our fleet and the number of mining campuses we own and operate throughout Georgia, a said Zach Bradford, CEO. These achievements were aided by a capital strategy that allowed us to take full advantage of the bear market, making us one of the few public miners to significantly expand our fleet. Even in this declining market, we are committed to bitcoin’s promise and proud to be part of the global network that protects it for millions of users around the world.

This year’s incredible growth was slightly affected by winter storm Elliot. This forced us to shut down for a few days for the safety of our personnel and infrastructure, and to protect the public good by ensuring network stability during the most dramatic temperatures caused by the polar vortex. While we didn’t know exactly when the freezing temperatures would arrive, they weren’t unexpected, so we were able to plan our operations well in advance. This preparation allowed us to safely shut down our operations and therefore expertly manage our bitcoin production margins in response to unusually high power rates and extreme cold. The overall effect was a slight drop in our monthly production compared to November. As of last week, all machines are back up and running at full capacity of our 6.2 pe/s fleet.

Bitcoin Mining December Update (Unaudited)

Bitcoin mined in December: 464

Bitcoin mined in calendar year 2022: 4,621

Total BTC holdings as of December 31: 228

Total BTC converted for operations and growth in December: 517

Currently deployed fleet of approximately 63,700 next-generation bitcoin miners with a hashrate of 6.2 PE/s, up 13% from November 2022 and 225% from December 2021

The story continues

The company funded its growth and operations through the sale of 517 bitcoins in December 2022 at an average of around $17,000 per BTC. BTC sales accounted for approximately $8.7 million in proceeds. Daily BTC mined in December averaged around 15 and peaked at 22.

Operational updates

Winter storm Elliot. A severe weather event at the end of December impacted most of the company’s operations in Georgia, forcing the shutdown of 98% of its machinery from December 23 to December 28 at noon. The fleet was gradually re-energized as temperatures and humidity made it safe. do this.

Although the Companys Norcross site, which is deploying indoor immersion cooling, was not immediately affected by the weather conditions, the Companys commitment to curtailing operations for the public good, combined with the associated variable electricity rates upon installation, also caused these machines to go offline.

In addition to the company’s facilities in Georgia, there was also an impact on its machines hosted in upstate New York during the same period.

CleanSpark closely monitors severe weather events for the health and safety of its teams, infrastructure and the network as a whole.

About CleanSpark

CleanSpark (NASDAQ: CLSK) is an 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 ranks 44th on the Financial Times 2022 list of Americas 500 Fastest Growing Companies and ranks thirteenth on the Deloittes Fast 500. For more information about CleanSpark, please visit our website at www. .cleanspark.com.

Investor Relations Contact: Matt [email protected]

Media contacts: Isaac Holyoak [email protected]

BlocksBridge ConsultingNishant [email protected]

CONTACT: Isaac Holyoak CleanSpark Inc. 702-989-7694 [email protected]

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