• CleanSpark mined 598 BTC in March and sold 502 BTC to fund growth and operations.
• Washington expansion is expected to hold 15,000 Antminer S19j Pro+ machines and have a total capacity of 86MW.
• CleanSpark is balancing the use of equity and bitcoin to provide the highest rate of return for shareholders.
CleanSpark, Inc.
CleanSpark, Inc. has released its unaudited Bitcoin mining and operations update for March, 2023. The company announced that it had mined 598 BTC in March, taking the total mined in the first quarter of the calendar year to 1,871, up 22% from the previous quarter. CleanSpark funded growth and operations through the sale of 502 bitcoin in March 2023, which equated to proceeds of approximately $12.4 million at an average of approximately $24,800 per BTC.
Washington Expansion
Zach Bradford, CEO of CleanSpark stated that their approach to proprietary mining gives them substantial control and flexibility over their destiny with regards to their 50MW expansion that is on schedule with machines already purchased ready for shipment this month once they are racked up and energized it will increase their hashrate to 8.7 EH/s towards their goal by end-of-year 16 EH/s. This passively cooled data center consists four primary buildings with Building 1 complete ready for miners being installed in Building 2 with foundations recently poured for Buildings 3 & 4 with concrete deliveries imminent for Building 4 Scott Garrison VP Business Development stated they are on schedule in Washington one building completely done ready for miners other buildings various stages construction steadily advancing according to schedule teams & partners working hand-in-hand build most efficient bitcoin mining infrastructure North America .
Capital Leverage
CleanSpark intends use all capital levers available including equity & Bitcoin carefully balancing both provide highest rate return shareholders growth takes substantial capital scaling stage environment miner not growing falling behind hashrate grows need grow too.
Proceeds
The sale of 502 bitcoins equated proceeds approximately $12.4 million average approximately $24800 per BTC used fund growth & operations associated Washington Expansion project as well balance capital leveraging between equity & bitcoin providing highest rate return shareholders while also funding scaling stage growth required hashrate increases occur .
Conclusion
Cleanspark’s Washington Expansion project is progressing according schedule Building 1 complete ready miners others various stages construction steady advancement teams partners working together build most efficient bitcoin mining infrastructure North America all while using balance capital leverages between equity & Bitcoin providing highest rate return shareholder funding scaling stage growth required hashrate increases occur .