CleanSpark Releases September 2022 Bitcoin Mining Update
LAS VEGAS, Oct. 04, 2022 (GLOBE NEWSWIRE) — CleanSpark, Inc. (Nasdaq: CLSK) (the “Company” or “CleanSpark”), America’s Bitcoin Miner™, today released its unaudited update to bitcoin mining and operations for the calendar year to date ending September 30, 2022.
“We have seen impressive growth this month, increasing our hashrate by 21% in a single month. Our successes are a direct result of our amazing teams working to ensure CleanSpark maintains its coveted position among the top five companies. publicly traded mining companies in North America. In fact, by many metrics, including monthly bitcoin production, we are firmly in the top three and intend to stay there as we strive to exit the current market conditions,” said Zach Bradford, CEO.
“Our bitcoin balance grew 13% month-over-month, making this one of the biggest monthly increases in our HODL since we started posting monthly mining updates. As we continue our strategy of deploying bitcoin to fund our growth and operations, the fact that our bitcoin cash is increasing is a testament to our growth strategy.The growth of our HODL balance is a direct reflection of our cash flow available as a result of our recent acquisitions, low operating costs and minimal debt service,” said Gary A. Vecchiarelli, Chief Financial Officer.
Bitcoin Mining & Operations Update (unaudited)
- Bitcoin mined in September: 448, up 13% from August 2022
- Bitcoin mined since the start of the calendar year: 3,090
- Total BTC holdings as of September 30: 594, a 13% increase in HODL balance
- Total BTC converted for operations and growth in September: 380, down 2% from August 2022
- Currently deployed fleet of over 42,000 next-generation bitcoin miners with a hashrate of 4.16 EH/s, up 21% from August 2022 and 316% from September 2021
The company has funded its growth and operations through the sale of 380 bitcoins in September 2022 at an average of around $19,783 per BTC. BTC sales accounted for approximately $7.5 million in proceeds. The daily BTC mined in September hit a high of 16.74.
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 began applying this expertise to develop 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.
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 completion of the acquisition of Mawson’s bitcoin mining facility, the benefits expected results for CleansSpark (including planned additions to CleanSpark’s hashrate and timing thereof) and plans to expand the facility. We intend that such 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 instances, you can identify forward-looking statements by words such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “could”, ” intends”, “aims”, “plans”, “intends”, “believes”, “estimates”, “anticipates”, “predicts”, “potential” or “continues” or the negative form of these terms or other similar expressions. The forward-looking statements contained in this press release, 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 risk that closing conditions will not be satisfied and other risks that could affect the completion of the acquisition of Mawson’s bitcoin mining facility and the benefits planned acquisitions, including the risk that the power supply available to the facility may not be increased as planned; the success of its digital currency mining activities; 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 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; 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 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.
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