CleanSpark (CLSK) Releases September 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 September 30, 2022.

“We experienced impressive growth this month, increasing our hashrate by 21% in a single month. Our successes are the direct result of our extraordinary teams who are working to ensure CleanSpark maintains its coveted position in the top five of publicly traded mining companies in North America. In fact, by many measures, including monthly bitcoin production, we are firmly in the top three and we intend to stay there as we build our way out of current market conditions,” said Zach Bradford, Chief Executive Officer.

“Our bitcoin balance has increased by 13% month-over-month, making it one of the largest monthly increases in our HODL since we started releasing monthly mining updates. While we continue our strategy of deploying bitcoin to fund our growth and operations, the fact that our bitcoin treasury is increasing is testament to our growth strategy. The growth in our HODL balance is a direct reflection of our free cash flow resulting from our recent acquisitions, low operating costs and minimal debt service,” said Gary A. Vecchiarelli, Chief Financial Officer.

Bitcoin Mining & Operations Update (unaudited)

• Bitcoin mined in September: 448, up 13% from August 2022
• Calendar year-to-date bitcoin mined: 3,090
• Total BTC holdings as of September 30: 594, a 13% increase in HODL balance
• Total BTC converted for operations and growth in September: 380, or 2% less than August 2022
• Currently deployed fleet of over 42,000 latest-generation bitcoin miners with a hashrate of 4.16 EH/s, up 21% from August 2022 and 316% from September 2021

The Company funded growth and operations through the sale of 380 bitcoins in September 2022 at an average of approximately $19,783 per BTC. Sales of BTC equated to proceeds of approximately $7.5 million. September daily BTC mined reached a high of 16.74.

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