CleanSpark Acquires Additional S19-Pro Bitcoin Mining Rigs to Further Enhance Energy Initiative

CleanSpark Acquires Additional S19-Pro Bitcoin Mining Rigs to Further Enhance Energy Initiative

CleanSpark, Inc. (Nasdaq: CLSK)("CleanSpark" or "the Company"), a diversified energy services and Bitcoin mining company, focused on solving modern energy challenges, today announced the purchase of 2,400 additional S19-Pro rigs for delivery in the coming month to increase the overall hashrate efficiency of its mining fleet. The replacement of older-generation equipment is a strategic step in the Company's efforts to maximize energy efficiency in conjunction with its ESG focused approach to Bitcoin mining.

The new miners will be deployed immediately upon arrival at the Company's Bitcoin mining facilities outside of Atlanta, Georgia. These new units are expected to be delivered during the first week of June 2021. Additionally, the Company has entered into an agreement to sell a portion of the replaced, prior generation rigs which consume more power and produce a much lower hashrate. CleanSpark anticipates that the exchange will decrease overall energy consumption approximately 1 MW while increasing corresponding production efficiency of the replaced equipment by over 37.5%.

The Company also expects to recognize a significant profit on the sale of the displaced units, most of which were purchased as part of the acquisition of ATL Data Center, LLC in December of 2020.

CleanSpark's Chief Executive Officer Zach Bradford stated, "This is an additional step in making our mining operation more efficient, which further aligns with our previously stated objective of operating all company-owned facilities at or near carbon neutral. We have publicly disclosed our current energy mix of 95% carbon-free power, at a fixed price of $0.0285 kWh. In the current climate, being sufficiently capitalized to secure and quickly install this additional order of highly sought after S19 Pro 110 TH/s units is a significant accomplishment. The 1 MW that will be made available as a result of the increased efficiency will now be used to power additional S19 units slated for arrival over the coming months. Additionally, because of the market and global increase in bitcoin prices and demand for rigs, we are able to sell our prior-generation, less-efficient models at substantial gains. This transition to the upgraded equipment is expected to increase our hash rate capacity to over 400 PH/s while using the same amount of power that we previously used to generate 330 PH/s. At current difficulty rates this improvement will increase our daily production by an estimated half of a bitcoin per day."

SOURCE CleanSpark, Inc.

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