• CleanSpark mined 598 Bitcoin in March, taking their total mined in the first quarter to 1,871.
• The company funded growth and operations through the sale of 502 BTC, equivalent to $12.4 million.
• Their Washington expansion is on schedule with 15,000 Antminer S19j Pro+ machines and 86MW total capacity once complete.
CleanSpark Mining Update for March 2023
Mining Performance
CleanSpark reported that it had mined 598 BTC in March, bringing their total mined for the first quarter of the year to 1,871 – up 22% from the previous quarter. They also sold 502 Bitcoin for a total of $12.4 million at an average rate of $24,800 per coin.
Washington Expansion
The company’s Washington expansion consists of four primary buildings that will be able to hold up to 15,000 Antminer S19j Pro+ machines when complete. With 86MW total capacity sourced from “low-carbon on-grid energy”, Building 1 is already completed and ready for miners while racks are currently being installed in Building 2. The foundation was recently poured for Building 3 while concrete deliveries are imminent for Building 4.
Growth Strategy
CleanSpark plans to use all capital levers available such as equity and bitcoin with the aim of providing investors with the highest rate of return possible. As hashrate grows, they need to grow too – which requires substantial capital investment – especially during their scaling stage.
CEO Statement
Zach Bradford, CEO of CleanSpark, said: “Our approach to proprietary mining gives us substantial control and flexibility over our destiny…Once those machines are racked and the expansion is energized our hashrate is expected to increase substantially.”
Vice President Statement
Scott Garrison, vice president of business development at CleanSpark said: “We are on schedule in Washington…Our teams and partners are working hand-in-hand for this build – I’m so proud of what we are accomplishing on the ground.”