CleanSpark Reports 22% Increase In Bitcoin Mined For Q1 2023 And Provides Washington Expansion Update

CleanSpark, Inc. has launched its unaudited Bitcoin mining and operations replace for March, 2023. The corporate introduced that it had mined 598 BTC in March, taking the entire mined within the first quarter of the calendar yr to 1,871, up 22% from the earlier quarter. CleanSpark funded progress and operations by means of the sale of 502 bitcoin in March 2023, which equated to proceeds of roughly $12.4 million, at a median of roughly $24,800 per BTC.

“Our strategy to proprietary mining offers us substantial management and suppleness over our future, and the progress on our Washington growth is an ideal instance,” stated Zach Bradford, CEO of CleanSpark. “The 50MW growth is on schedule. The machines have already been bought and transport is anticipated to start this month. As soon as these machines are racked and the growth is energized, our hashrate is anticipated to extend to about 8.7 EH/s, giving us substantial progress towards our calendar year-end purpose of 16 EH/s.”

CleanSpark’s Washington growth is a passively cooled information middle consisting of 4 major buildings. The growth is anticipated to carry about 15,000 Antminer S19j Professional+ machines as soon as full, with whole capability in Washington amounting to 86MW, with the bulk sourced from “low-carbon, on-grid power.” In keeping with the press launch, Constructing 1 is full and prepared for miners, with racks at the moment being put in in Constructing 2. The inspiration was not too long ago poured for Constructing 3, whereas concrete deliveries are imminent for Constructing 4.

“We’re on schedule in Washington,” stated Scott Garrison, vice chairman of enterprise improvement. “One constructing is totally completed and prepared for miners, with the opposite buildings in numerous levels of development, every advancing in keeping with schedule. Our groups and companions, which embrace the utility, metropolis, and numerous development companies, are working hand-in-hand for the construct. I’m so pleased with what we’re undertaking on the bottom in Washington as we work to construct among the best bitcoin mining infrastructure in North America.”

In keeping with the press launch, CleanSpark intends to make use of all capital levers out there, together with fairness and bitcoin, “rigorously balancing each to supply the very best fee of return for shareholders.”

“On this atmosphere, a miner that’s not rising is falling behind. As hashrate grows, we additionally must develop. Development takes substantial capital, simply because it does in any commodities-based enterprise, particularly within the scaling stage,” Bradford stated. “We’re benefiting from the bear market in order that we’re in place to take full benefit of the subsequent bull market as soon as it inevitably emerges.”

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