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CleanSpark Purchases Bitcoin Mining Equipment and Infrastructure; Discloses Current 95% Carbon-Free Mining

CleanSpark, Inc., a diversified software, services, and Bitcoin mining company, announced the order of 4,778 additional Bitmain S19 model Bitcoin mining rigs. The Company expects to receive 1,298 of the units for deployment in summer 2021 and the remaining 3,480 units in twelve equal monthly shipments starting in November 2021. These rigs are expected to deliver an estimated 740 PH/s of additional mining capacity. CleanSpark also purchased 48 custom-designed mobile mining data centers to house the units. The Company also updated current energy data on the carbon impact of its facility, progressing towards the stated goal of being the lowest energy cost, cleanest Bitcoin miner in the United States.

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CleanSpark ‘s local power supplier provided data to the Company this week on the current energy mix provided to its facilities. The sources of power are comprised of nuclear power, hydro-electric power, and solar, resulting in 95% of the electricity utilized for mining to qualify as carbon-free, with only 5% of the supply provided by coal. Within the coming quarter, it is expected that 3% of the energy, currently provided from coal will be taken off-line and replaced with carbon-free sources, such as solar. As a result, the Company expects to be mining Bitcoin with more than 98% Carbon-Free power. CleanSpark plans to install onsite renewable microgrids to further reduce its carbon footprint with a goal of off-setting the remaining coal sources to effectively mine Bitcoin carbon-free.

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CleanSpark currently operates Bitcoin mining rigs capable of processing approximately 315 PH/s within its Atlanta complex, and as previously announced, it intends to reach between 1.0 and 1.3 EH/s by the end of summer, 2021.

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Zach Bradford, CleanSpark’s Chief Executive Officer stated, “Matthew SchultzLori Love and I spent this week at our Atlanta, GA facilities, working alongside our team with electrical, engineering, procurement and construction professionals to ensure our growth plans are completed on time.  We’re fortunate to have the available acreage to maximize the value of our unique power agreement in a region so conducive to carbon free power sources. With capital provided by the funding completed last week, we’ve focused aggressively on securing additional locations, miners, and facilities to rapidly expand our Bitcoin operations. The CleanSpark mining operations team is led by world-renowned operators, so identifying opportunities close enough geographically to leverage the knowledge base of our team has been a priority. We are extremely proud to have CleanSpark achieve what we believe to be the only Bitcoin miner to achieve 95% carbon-free operations at scale in the United States. We have a goal of pushing it further to achieve full carbon neutrality in the coming years.”

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