CleanSpark (CLSK) Issues October 2023 Bitcoin Mining Update

CleanSpark Inc. (Nasdaq: CLSK), America's Bitcoin Miner™, today released its unaudited Bitcoin (or "BTC") mining and operations update for the month ending October 31, 2023.

"Our recent achievement of 10 EH/s, with nearly 89,000 operational machines, demonstrates our ability to maximize efficiency to produce more hashrate using the same amount of energy. Energy and capital efficiency are paramount to our operations," said Zach Bradford, CEO. "A combination of software optimizations and hardware upgrades have led to impressive gains in our total hashrate without requiring additional power at our existing sites. Our fleet-wide efficiency is now estimated at 27.32 J/Th (joules per terahash) and, with the ongoing arrival of new XPs and in anticipation of the Antminer S21s we ordered in October, we expect to continue to build on these accomplishments across one of the largest and most efficient mining operations in the industry.

"Our expected efficiency of 23.5 J/Th, once all new machines are deployed, not only reduces operational costs but it also ensures we are well prepared for the Bitcoin halving next year. We're proud of our data-driven achievements and remain committed to embedding efficiency throughout our operational framework."

October Bitcoin Mining Update (unaudited)

• Bitcoin mined in October: 633
• CY2023 bitcoin mined: 6,005
• Total BTC holdings as of October 31: 2,311
• Total BTC sold in October: 562
• Deployed fleet: 88,825
• Month-end fleet efficiency: 27.32 J/Th
• Current hashrate: 10.02 EH/s

The Company sold 562 BTC in October 2023 at an average of approximately $28,600 per BTC. Sales of BTC equated to proceeds of approximately $16 million. October daily BTC mined averaged 20.42 and reached a high of 22.

Operational update

Sandersville. No serious delays have been reported and site construction remains on track for an expected yearend completion. Notable updates include: steel and roof structures are complete for Buildings 1, 2, and 3; racks have also been installed for these buildings. Most of the conduit has been installed site wide and the majority of concrete has been poured for the remaining buildings.

"I'm pleased to report that construction is on schedule for our Sandersville expansion," said Scott Garrison, senior vice president of growth. "Over the coming weeks, the remaining structures are expected to rapidly pass through various stages of construction as multiple trades work together to build what we believe will be the largest digital asset data center in Georgia."

For updates on our progress in Sandersville, check out the Company's official YouTube account here.

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