CleanSpark Acquires Plug-in Ready Bitcoin Mining Facility Scalable to 86 Megawatts, or 2.6 EH/s

LAS VEGAS, Aug. 09, 2022 (GLOBE NEWSWIRE) -- CleanSpark, Inc. (Nasdaq: CLSK) (the “Company”), America’s Bitcoin Miner™, today announced it has entered into a definitive agreement to acquire an active bitcoin mining facility located in Washington, Georgia, for $16.2 million. 

The Company has also purchased approximately 3,400 of the latest generation Antminer S19 series of machines for approximately $8.9 million. These machines, already operating at the acquired site, will add over 340 petahashes per second (PH/s) of computing power. The Company will fill the balance of the 36 MW with machines already paid for and on hand. The site has exclusive rights to an additional 50 MW of power, making the site scalable to 86 MW. 

“We are excited to expand our footprint in Georgia,” said Zach Bradford, CleanSpark’s CEO. “The market has been preparing all summer for consolidation, and we are pleased to be on the acquiring side. Our focus on sustainability and maximizing value for our stakeholders have put us in a unique position to take advantage of the unprecedented opportunities that the current market has created. We are especially excited to be working with the citizens of Washington, GA, who have been so welcoming to us. We look forward to maintaining and growing jobs and infrastructure at our new campus in Washington.”

The site is CleanSpark’s third clean-energy campus in Georgia, with other locations in College Park and Norcross. It draws power predominantly from low-carbon sources, such as nuclear energy.

“We are thrilled to welcome CleanSpark to Washington, Georgia,” said Washington Mayor Bill deGolian. “This partnership will diversify our local industry, create rural technology jobs, expand our electric customer base, and invest in our community. We look forward to a long and prosperous mutual relationship with CleanSpark.”

CleanSpark seized on current market conditions to acquire the site from Waha Technologies, a low-carbon bitcoin miner, which includes the mining facility and machines. The majority of the acquired machines are either the Antminer S19 or S19J Pro models, which are among the most power-efficient bitcoin mining machines on the market. The Company expects to close on the transaction within the next 30 days, subject to customary closing conditions.  

“We started our first bitcoin mining business in Washington, Georgia, because they had idle infrastructure and excess power,” said Chris Bissell, CEO and Cofounder of WAHA Technologies. “We are proud of what we brought to their community and are very excited to pass the baton to CleanSpark, which will elevate the ability to help the City of Washington thrive.”

About CleanSpark

CleanSpark (NASDAQ: CLSK) is America’s Bitcoin Miner™. Since 2014, we’ve helped people achieve energy independence for their homes and businesses. In 2020, we began applying that expertise to develop sustainable infrastructure for Bitcoin, an essential tool for financial independence and inclusion. We strive to leave the planet better than we found it by sourcing and investing in low-carbon energy, like wind, solar, nuclear, and hydro. We cultivate trust and transparency among our employees, the communities we operate in, and the people around the world who depend on Bitcoin. CleanSpark is a Forbes 2022 America's Best Small Company and holds the 44th spot on the Financial Times' List of the 500 Fastest Growing Companies in the Americas. For more information about CleanSpark, please visit our website at www.cleanspark.com. 

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this press release may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. Forward-looking statements contained in this press release, but are not limited to statements regarding our future results of operations and financial position, industry and business trends, business strategy, expansion plans, market growth and our objectives for future operations.  

The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: the success of its digital currency mining activities; the volatile and unpredictable cycles in the emerging and evolving industries in which we operate, increasing difficulty rates for bitcoin mining; bitcoin halving; new or additional governmental regulation; the anticipated delivery dates of new miners; the ability to successfully deploy new miners; the dependency on utility rate structures and government incentive programs; dependency on third-party power providers for expansion efforts; the expectations of future revenue growth may not be realized; the impact of global pandemics (including COVID-19) on logistics and shipping and the demand for our products and services; 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. The forward-looking statements in this press release are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements. 

You should read this press release with the understanding that our actual future results, performance and achievements may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. These forward-looking statements speak only as of the date of this press release. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained in this press release, whether as a result of any new information, future events or otherwise. 

Investor Relations Contact
Matt Schultz, Executive Chairman
ir@cleanspark.com 

Media Contacts
Isaac Holyoak
pr@cleanspark.com  

BlocksBridge Consulting
cleanspark@blocksbridge.com 

Attachments

• Aerial view of CleanSpark's new bitcoin mining facility in Washington, GA
• Internal view of CleanSpark's new bitcoin mining facility in Washington, GA

Isaac Holyoak
CleanSpark, Inc.
702-989-7694
pr@cleanspark.com