SALT LAKE CITY, April 19, 2021 /PRNewswire/ -- CleanSpark,
Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"),
a diversified software, services, and Bitcoin mining company,
today announced an update on its business operating
units, including microgrids, unaudited Bitcoin ("BTC") production
and holdings through March 31, 2021
and April 18, 2021.
CleanSpark's Contracted Microgrid Projects Increase by 220%,
Bitcoin Business Growing Exponentially.
Financial Update
CleanSpark expects to file its Quarterly Report on Form 10-Q for
the Second Fiscal Quarter of 2021 on May
7, 2021. The Company anticipates that it will be
holding an earnings call to discuss quarterly financial results,
its outlook and updated guidance on the same day. CleanSpark will
publish detailed call-in information under a separate release.
Microgrid Business Sales Update
- As of April 18, 2021, the
Company's backlog of executed contracts has grown to over
$23.5 million. Representing an
increase of $16.2 million or 220%
from $7.3 million, as mostly recently
announced on February 12, 2021.
-
- Approximately, $14.3 million
relates to the Company's residential microgrid and energy storage
initiatives. The Company expects these microgrids to be completed
over the next 12 months or less.
- Approximately, $4.6 million
relates to the Company's commercial and industrial microgrid and
switchgear offerings. The Company expects these contracts to be
completed over the next 18 months or less.
- Approximately, $4.0 million
relates to international microgrid development contracts. The
Company expects these microgrids to be completed in a phased
approach over multiple years.
- Approximately, $0.6 million
relates to the P2K software and services business. The Company
expects these contracts to be completed over the next 12 months or
less.
Amer Tadayon, CleanSpark's Chief
Revenue Officer, stated, "We are very pleased with the results
being generated by our sales and marketing teams. All of our
efforts have begun to bear fruit, especially our residential
initiative, which has been yielding incredible results."
Bitcoin Production and Operations Updates
- In the quarter ended March 31,
2021, the Company produced more than 144 Bitcoins and has
produced 205 Bitcoins since acquiring its mining operations on
December 10, 2021.
- As of April 18, 2021, CleanSpark
is holding more than 143 Bitcoins on its balance sheet, all of
which have been produced by its mining operations.
- Total hashrate capacity is expected to increase to over 1.1
EH/s by August 2021 and exceed 3.2EH
by September 2022.
- At current difficulty rates, 1.1 EH/s would represent 6-7
Bitcoins a day and a hashrate at 3.2 EH/s it would represent 18-20
Bitcoins per day.
- The growth from 1.1 EH/s to 3.2 EH/s is expected to occur at an
average rate of 160 PH/s per month from September 2021 to September 2022. At current difficulty rates, this
would result in Bitcoin production increasing by approximately one
additional Bitcoin per day every month.
CLSK Hash Rate Growth Schedule
The Company plans to continue to regularly provide Bitcoin
operational updates and unaudited production results. These updates
are intended to keep shareholders informed of CleanSpark
substantial growth as it continues to deploy its expanding mining
fleet.
Matthew Schultz, CleanSpark's
Executive Chairman, stated, "From having 95% non-carbon-based
electricity powering our mining operations, to our rapidly-growing
partnership program, it's clear that our focus on an ESG-centered
approach to growth continues to be validated. Global
events, from the recent power disruptions, taking Chinese BTC
mining offline, to the massive, sustained outages in our own
country have resulted in a significant increase in inquiries
surrounding our microgrid and energy offerings as residential,
industrial and commercial customers recognize the fragile state of
the current power distribution model. Our recent financing
transactions have positioned the Company to continue to make
strategic, accretive moves, and we look forward to sharing the
results with our shareholders."
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.
About CleanSpark:
CleanSpark, Inc., a Nevada corporation, is in the
business of providing advanced software, controls and technology
solutions to solve modern energy challenges. CleanSpark has a suite
of software solutions that provides end-to-end microgrid energy
modeling, energy market communications, and energy management
solutions. CleanSpark's offerings consist of intelligent energy
monitoring and controls, intelligent microgrid design software,
middleware communications protocols for the energy industry, energy
system engineering, custom hardware solutions, microgrid
installation and implementation services, traditional data center
services and software consulting services.
The Company and its subsidiaries also own and operate a fleet of
Bitcoin miners at its facility outside
of Atlanta, Georgia.
For more information about the Company, please visit the
Company's website
at https://www.cleanspark.com/investor-relations.
Forward-Looking Statements:
This release contains forward-looking statements as defined in
the Private Securities Litigation Reform Act of 1995, including
statements regarding the Company's plans and expectations for
expansion of its energy initiatives, its goal to achieve
carbon-neutrality, deployment of Bitcoin miners, the growth of the
facility, the timing of completing contracted work, revenue
expectations, Bitcoin mining production amounts, and other
statements regarding the expectations, beliefs, plans, intentions
and strategies of the Company. The Company has tried to identify
these forward-looking statements by using words such as "expect,"
"target," "anticipate," "believe," "could," "should," "estimate,"
"intend," "may," "will," "plan," "goal" and similar terms and
phrases, but such words, terms and phrases are not the exclusive
means of identifying such statements. Actual results, performance
and achievements could differ materially from those expressed in,
or implied by, these forward-looking statements due to a variety of
risks, uncertainties and other factors, including, without
limitation: delays in mining equipment and battery energy storage
systems availability and delivery, the price volatility and
potential increase in difficulty rate of Bitcoin, the successful
deployment of energy solutions for residential and commercial
applications, the fitness of the Company's energy hardware, the
availability of clean energy sources, software and other solutions
for this particular application or market, the expectations of
future revenue growth may not be realized, ongoing demand for the
Company's software products and related services, the impact of
global pandemics (including COVID-19) on the demand for our
products and services, future Bitcoin mining difficulty and other
risks described in the Company's prior press releases and in its
filings with the Securities and Exchange Commission (SEC),
including under the heading "Risk Factors" in the Company's
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 (including any forward-looking statements contained herein)
to reflect events or circumstances after the date hereof.
Contact - Investor Relations:
CleanSpark, Inc.
Investor Relations
(801)-244-4405
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SOURCE CleanSpark, Inc.