CleanSpark Mines 598 BTC, Releases $12.4M in Q1
• CleanSpark announced it mined 598 BTC in March & sold 502 BTC for proceeds of $12.4 million.
• The company is expanding its Washington data center with the addition of 15,000 Antminer S19j Pro+ machines and total capacity of 86MW.
• CleanSpark intends to use all capital levers available, including equity and bitcoin, to provide highest rate of return for shareholders.
CleanSpark’s Bitcoin Mining Update
CleanSpark, Inc. has released its unaudited Bitcoin mining and operations update for March 2023. In March, the company mined 598 BTC, taking the total mined in the first quarter of the year to 1,871 – a 22% increase from the previous quarter. Additionally, CleanSpark sold 502 bitcoin in March 2023 for proceeds of approximately $12.4 million at an average of approximately $24,800 per BTC.
Washington Expansion Plans
CleanSpark’s Washington expansion includes four primary buildings passively cooled with a capacity of 86MW sourced mainly from “low-carbon on-grid energy” once complete. Building 1 is already ready for miners with racks currently being installed in Building 2; foundation pouring recently completed for Building 3; and concrete deliveries imminent for Building 4. The expansion will hold about 15,000 Antminer S19j Pro+ machines once complete and is expected to increase CleanSpark’s hashrate to 8.7 EH/s towards their year-end goal of 16 EH/s when operationalized this month.
Growth Requires Capital
To fund growth and operations CleanSpark has used both equity and bitcoin sale as capital levers available with an aim to provide highest rate of return for shareholders. In order to successfully scale up operations within this industry requires substantial capital investments as highlighted by VP Business Development Scott Garrison: “One building is completely done and ready for miners… Our teams are working hand-in-hand… I’m so proud what we are accomplishing on ground in Washington”.
Unprecedented Hashrate Increase
The completion of the Washington expansion project will enable unprecedented hashrate increase from current levels (3EH/s) up to 8.7EH/s when operationalized this month – making Clean Spark one of most efficient bitcoin mining infrastructure operators in North America once complete according CEO Zach Bradford: “Our approach to proprietary mining gives us substantial control & flexibility over our destiny… Once those machines are racked & expansion energized our hashrate is expected increase substantially”.
In summary, these updates highlight that Clean Spark continues progress towards its goal set out earlier this year which includes expanding facilities & increasing hashrate with a balanced approach between equity & bitcoins sales providing maximum returns on investment to shareholders while becoming one most efficient mining infrastructures operators in North America upon completion later this month