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CleanSpark Announces Agreement With ESG-Focused Crypto-Miner, Coinmint

  • CleanSpark and Coinmint to Collaborate On Goal of Mining With Zero Carbon Footprint

CleanSpark, Inc., a diversified software, services and Bitcoin mining company, announced that it has entered into an agreement with a new partner, Coinmint, pursuant to which it expects to deploy nearly 25 MW of its highly efficient Bitmain S19 Pro miners at a location operated by Coinmint.

CleanSpark plans to deploy approximately 750 PH/s in hashrate capacity at Coinmint’s facility in Massena, New York between July and September 2021. To support this hashrate, Coinmint has agreed to provide 25 MW of power, provide operations support and commit to 98% uptime. The Company expects this agreement to rapidly increase its overall hashrate across all Bitcoin mining locations to 1.2 EH/s upon installation and believes that it will allow CleanSpark to maximize its Bitcoin production while maintaining all aspects of the Company’s ESG-based mining philosophy.

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Coinmint operates the largest private digital currency data center in the world. The power is primarily derived from hydroelectric power, and, including all sources, achieves an energy mix that is 94% carbon-free. Coinmint is focused on all aspects of environmental, social and corporate governance (“ESG”); in addition to operating a site powered primarily by renewable energy, Coinmint focuses on sustainability and providing jobs within their community. Additionally, CleanSpark and Coinmint intend to collaborate on further expansion of their green energy initiatives, with a goal of reaching 100% renewable power.

Coinmint CFO Michael Maloney stated, “Space and power for mining is in high demand, but we choose our partners carefully, we selected CleanSpark as a partner due to their alignment on ESG and sustainable mining practices. Coinmint is uniquely positioned in the market to offer sizable amounts of energy and superior operational excellent to cryptocurrency miners focused on green energy.  We also are looking into to transforming the remaining 6% of non-renewable energy with onsite renewables and we believe CleanSpark is the right partner to help us achieve this goal.  Coinmint looks forward to working with their energy professionals and proprietary energy solutions to expand our renewable energy infrastructure.”

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CleanSpark President and CEO Zach Bradford added, “This is a very exciting opportunity for CleanSpark. We are pleased to align ourselves with a company that has a similar ESG approach and a strong history of performance as a mining service provider. We anticipate that this agreement will enable us to expedite the time to reach 1.2 EH/s. All of our recent shipments of mining rigs have arrived as agreed under our purchase agreements. Over the course of the next three months, we plan to redirect our shipments to the Coinmint facilities to maximize the contracted 25 MW of clean power. Once we have reached full allocated capacity under the Coinmint agreement, we will then direct shipments of the new units to our Atlanta facilities.” 

Mr. Bradford further commented, “The 30MW energy expansion of our wholly-owned facilities is progressing and will be finalized in the coming months to bring our Atlanta facilities to 50MW of total capacity. We intend to deploy miners to utilize the total available capacity in Atlanta with the units scheduled to arrive between September 2021 and January 2022. Upon installation, CleanSpark’s total deployed hashrate is expected to exceed to 2.1 EH/s. Due to the rapid exodus of Chinese miners, an industry-wide shift has taken place, and we believe that this is the perfect time to align with a partner to secure additional capacity to create flexibility and sustainability in our overall operations. This partnership is expected to provide us additional flexibility over time with a like-minded partner to continue the growth of our mining operations. We anticipate that this flexibility will allow us to continue to deploy capital on new facilities and power expansion. The CleanSpark energy team is excited by the opportunity to support Coinmint in achieving their goal of 100% carbon-free operations, an objective shared across all of our business units.”

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