SALT LAKE CITY, Feb. 9, 2021 /PRNewswire/ -- CleanSpark, Inc.
(Nasdaq: CLSK) (the "Company"), a diversified software and services
company today provided a 60-day post-acquisition update on its
Bitcoin mining operations and announces that it expects to further
increase its Petahash rate in February
2021, beyond prior projections.
CleanSpark's Bitcoin Expansion Exceeds Prior Estimates.
CleanSpark has continued to procure and deploy mining equipment
as part of its strategic growth initiative, purchasing its
equipment mostly through dealer networks rather than directly
through the manufacturers to ensure immediate availability. Orders
for new mining equipment continue to be delivered in multiple
shipments and are promptly commissioned as they arrive. Prior to
the end of February, the Company expects to have in excess of 315
Ph/s of Bitcoin mining capacity deployed. This will represent
a greater than 65% increase in mining capacity since the
December 10, 2020
acquisition.
CleanSpark has focused on increasing energy capacity in
conjunction with the expanding mining capacity as it continues to
progress toward its goal of mining at the lowest cost of energy for
any domestic Bitcoin mining operation. Energy costs and power
capacity, factored with the overall environmental impact of mining
operations will become increasingly important as difficulty levels
increase, and greenhouse gas emissions are more strictly regulated
under the Biden administration. In light of companies like
MicroStrategy, PayPal, Square and Tesla making substantial
investments into Bitcoin, demand is expected to increase which will
certainly invite scrutiny surrounding the single biggest factor in
mining operations that support the blockchain--energy.
Zach Bradford, CleanSpark's
President and Chief Executive Officer stated, "With companies such
as Tesla making large strategic investments in Bitcoin, we believe
the validation as a currency has only just begun. CleanSpark has
been focused on increasing mining capacity but this hasn't changed
any of the long-term plans for renewable energy implementation and
deployment of our technologies and solutions to further decrease
power costs." Adding, "The mining capacity that is expected
to be fully online by month-end should rival many of the 'pure
play' publicly traded mining companies 'actual' deployed mining
capacity. While other companies have focused on pre-ordering
machines, we have focused on putting available capacity immediately
to work."
Parties interested in learning more about CleanSpark products
and services are encouraged to inquire by contacting the Company
directly at info@cleanspark.com or visiting the Company's website
at www.cleanspark.com.
Investors are encouraged to contact the Company
at ir@cleanspark.com, or visiting the Company's website at
https://ir.cleanspark.com/
About CleanSpark:
CleanSpark, Inc., a Nevada
corporation, is in the business of providing advanced software and
controls technology solutions to solve modern energy
challenges. We have a suite of software solutions that
provide end-to-end microgrid energy modeling, energy market
communications, and energy management solutions. Our
offerings consist of intelligent energy monitoring and controls,
intelligent microgrid design software, middleware communications
protocols for the energy industry, energy system engineering, and
software consulting services.
Through its wholly owned subsidiary ATL Data Centers LLC,
CleanSpark owns and operates a data center that provides customers
with traditional on-site and cloud-based data center services. The
Company also owns and operates a fleet of Bitcoin miners producing
over 200 PH/s in mining capacity. Capacity is expected to increase
to over 300 PH/s in mining capacity in early 2021. CleanSpark plans
to apply its energy technologies to these divisions with a goal of
mining bitcoins at the lowest energy prices in the United States. For more information,
visit https://ATL-DATA.com
Forward-Looking Statements:
CleanSpark cautions you that statements in this press release
that are not a description of historical facts are forward-looking
statements. These statements are based on CleanSpark's current
beliefs and expectations. The inclusion of forward-looking
statements should not be regarded as a representation by CleanSpark
that any of our plans will be achieved. Actual results may differ
from those set forth in this press release due to the risk and
uncertainties inherent in our business, including, without
limitation: the value of Bitcoin, the successful deployment of
energy solutions for bitcoin applications, the fitness of our
energy hardware, software and ither solutions for this particular
application or market, the expectations of future revenue growth
may not be realized, ongoing demand for our software products and
related services, the impact of global pandemics (including
COVID-19) on the demand for our products and services; and other
risks described in our prior press releases and in our filings with
the Securities and Exchange Commission (SEC), including under the
heading "Risk Factors" in our Annual Report on Form 10-K and any
subsequent filings with the SEC. You are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date hereof, and we undertake no obligation to
revise or update this press release to reflect events or
circumstances after the date hereof. All forward-looking statements
are qualified in their entirety by this cautionary statement, which
is made under the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995.
Contact - Investor Relations:
CleanSpark, Inc.
Investor Relations
(801)-244-4405
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SOURCE CleanSpark, Inc.