CleanSpark’s Q1 2023 Bitcoin Mining Update: 22% Growth and 598 BTC Mined in March

CleanSpark, Inc., a technology company focused on sustainable energy solutions, has released its unaudited Bitcoin mining and operations update for March 2023. The company announced that it had mined 598 BTC in March, taking the total mined in the first quarter of the calendar year to 1,871, up 22% from the previous quarter. CleanSpark funded growth and operations through the sale of 502 bitcoin in March 2023, which equated to proceeds of approximately $12.4 million, at an average of approximately $24,800 per BTC.

CleanSpark’s Proprietary Mining Approach

“Our approach to proprietary mining gives us substantial control and flexibility over our destiny, and the progress on our Washington expansion is a perfect example,” said Zach Bradford, CEO of CleanSpark.

Washington Expansion Progress

CleanSpark’s Washington expansion is a passively cooled data center consisting of four primary buildings. The expansion is expected to hold about 15,000 Antminer S19j Pro+ machines once complete, with total capacity in Washington amounting to 86MW, with the majority sourced from “low-carbon, on-grid energy.”

Building Progress

According to the press release, Building 1 is complete and ready for miners, with racks currently being installed in Building 2. The foundation was recently poured for Building 3, while concrete deliveries are imminent for Building 4.

Hasrate Growth

“Once those machines are racked and the expansion is energized, our hashrate is expected to increase to about 8.7 EH/s, giving us substantial progress toward our calendar year-end goal of 16 EH/s,” said Zach Bradford.

CleanSpark’s Growth Strategy

According to the press release, CleanSpark intends to use all capital levers available, including equity and bitcoin, “carefully balancing both to provide the highest rate of return for shareholders.”

“In this environment, a miner that is not growing is falling behind. As hashrate grows, we also need to grow. Growth takes substantial capital, just as it does in any commodities-based business, especially in the scaling stage,” Bradford said.

Taking Advantage of the Bear Market

“We are making the most of the bear market so that we are in position to take full advantage of the next bull market once it inevitably emerges,” said Zach Bradford.

Conclusion

CleanSpark’s latest mining and operations update for March 2023 highlights the company’s strong performance and growth strategy. With a proprietary mining approach and an expanding data center in Washington, CleanSpark is poised for substantial hashrate growth and profitability. By carefully balancing equity and bitcoin, CleanSpark is committed to providing the highest rate of return for shareholders while continuing to invest in the scaling stage of the business.

FAQs

Q1. What is CleanSpark, Inc.?

A1. CleanSpark, Inc. is a technology company that specializes in providing advanced software solutions for microgrid and distributed energy resource management systems. The company also engages in bitcoin mining operations.

Q2. How much Bitcoin did CleanSpark mine in March 2023?

A2. CleanSpark announced that it had mined 598 BTC in March 2023, taking the total mined in the first quarter of the calendar year to 1,871.

Q3. What is CleanSpark’s approach to proprietary mining?

A3. CleanSpark’s approach to proprietary mining gives them substantial control and flexibility over their mining operations. The company aims to maximize efficiency and profitability by using the latest mining hardware and software solutions.

Q4. What is the progress on CleanSpark’s Washington expansion?

A5. CleanSpark’s Washington expansion is on schedule, with the machines already purchased and shipping expected to commence in the current month. The expansion is expected to increase CleanSpark’s hashrate to about 8.7 EH/s once the machines are racked and the expansion is energized.

Q5. What is CleanSpark’s growth strategy?

A5. CleanSpark intends to use all capital levers available, including equity and bitcoin, to carefully balance both and provide the highest rate of return for shareholders. The company aims to continue growing its hashrate and expanding its mining operations, while also leveraging its software solutions to drive growth in the microgrid and distributed energy resource management systems market.

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