CleanSpark (CLSK) Releases November 2022 Bitcoin Mining Update

CleanSpark, Inc. (Nasdaq: CLSK) (the "Company" or "CleanSpark"), America’s Bitcoin Miner™, today released its unaudited bitcoin mining and operations update for the calendar year-to-date ending November 30, 2022.

“Our teams have worked hard this month to maintain phenomenal uptime while racking new machines and identifying operational and power efficiencies. Our efforts ultimately resulted in material gains to our hashrate to where we once again have exceeded our yearend guidance,” said Zach Bradford, CEO. “Our teams and technology are continuing to make meaningful and innovative gains as we manage toward maximizing margins.”

Bitcoin Mining Update (unaudited)

• Bitcoin mined in November: 535
• Calendar year-to-date bitcoin mined: 4,157
• Total BTC holdings as of November 30: 281
• Total BTC converted for operations and growth in November: 544
• Currently deployed fleet of about 55,000 latest-generation bitcoin miners with a hashrate of 5.5 EH/s as of November 30, up 8% from October 2022

The Company funded growth and operations through the sale of 544 bitcoins in November 2022 at an average of approximately $17,300 per BTC. Sales of BTC equated to proceeds of approximately $9.4 million. November daily BTC mined averaged 17.8 and reached a high of 19.4.

Operational Updates

Exceeds revised guidance. The Company exceeded its updated guidance of 5.5 EH/s in part due to efficiency gains, including record uptime and effective overclocking at its immersion-cooled campus in Norcross, Georgia. While continuing to explore opportunities for disciplined, measured growth, the management team does not anticipate another substantial increase to its hashrate before yearend, unless 30 MW of pending capacity at the Company’s Sandersville, GA, campus comes online earlier than expected. In the meantime, the Company is starting Phase 2 expansion of its Washington, GA, site. Design and procurement are already underway, and construction is expected to begin in January 2023, adding an additional 50MW to the campus.

Power optimization. The Company expects to head into a period of active power optimization over the next few weeks as it balances its portfolio of power agreements with current Bitcoin prices and otherwise seeks to maximize its margins. In keeping with that focus, the Company continues to divest portions of its legacy energy business and has since reduced almost all related expenditures.

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