• Tue. Nov 2nd, 2021

CleanSpark uses Bitcoin to fund 4,500 next-generation miners

ByHazel R. Lang

Oct 12, 2021

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

SALT LAKE CITYOct. 12, 2021 / PRNewswire / – CleanSpark, Inc. (Nasdaq: CLSK) (the “Company” or “CleanSpark”), a sustainable bitcoin and diversified energy mining company, today announced the purchase of 4,500 units of the Antminer Bitcoin Mining Machine (BTC) S19. The purchase was partially funded by a portion of the company’s BTC holdings. Delivery of the machines is expected to start next month and end by July 2022.

CleanSpark uses Bitcoin to add to Bitcoin’s mining fleet, thereby accelerating the rate of Bitcoin production.

The renewable energy-focused Bitcoin miner uses its own mined Bitcoins to accelerate growth, hash and reduce dilution.

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

The company expects the data center space for the machines to be ready for connection before each consecutive delivery. The Company currently operates over 10,000 miners. The total number of miners scheduled for delivery over the next 12 months is now 24,580.

In keeping with the interests of its shareholders, by selling part of its bitcoin, CleanSpark converts part of its BTC holdings into bitcoin miners to increase its revenue. 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 purchase additional miners, the Company aims to get those bitcoins back into circulation. The Company also intends to pursue its holding strategy.

“By making a conscious effort to reinvest in additional production, we take a market-based approach to our mining operations and maximize 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,” noted Zach Bradford, CEO of CleanSpark. “We hope to continue to dominate the market with these bold steps.”

Earlier in August, CleanSpark announcement the purchase of an old Sprint / Nextel data center at Norcross, Georgia, to start a new mining operation which should be 100% net carbon neutral, carried out by participating in Georgia Simple solar program.

CleanSpark directly owns and operates facilities in Norcross and College Park, Georgia, which will bring a combined power of 65 MW 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 a clean bitcoin mining and energy technology company 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 press 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 the expansion of its energy initiatives, results of operations, business strategy , the partnership with Coinmint, the 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 attempted to identify these forward-looking statements by using words such as “expect”, “target”, “anticipate”, “believe”, “could”, “should”, “estimate”, “have the intention “,” may, “” will “,” plan “,” objective “and similar terms and expressions, but these words, terms and expressions are not the exclusive means of identifying such statements. Results, performance and actual achievements could differ materially from those expressed or implied by these forward-looking statements due to various risks, uncertainties and other factors, including, without limitation: the successful deployment of energy solutions for residential and commercial applications; the suitability of the Company’s hardware, software and other energy solutions for that particular application or market; the success of its digital currency mining business; expectations of future revenue growth may not to come true; continued demand for the Company’s software products and related services; the impact of global pandemics (including COVID-19) on logistics and shipping and demand for our products and services; and other risks described in the Company’s previous 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 the Form 10-K and any subsequent filing 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 assume no obligation to revise or update this press release (including any forward-looking statements. contained herein) to reflect events or circumstances subsequent to 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

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

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

Cision

Cision

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SOURCE CleanSpark, Inc.


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