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CleanSpark Provides Update on Bitcoin Mining Operations and Expansion

CleanSpark, Inc. an advanced software and controls technology solutions company, focused on solving modern energy challenges, today provided an update on its recent acquisition of ATL Data Center LLC (“ATL”).The Company previously announced that this acquisition was centered around the opportunity to deploy its patented microgrid software and controls at the data center location to increase power capacity, energy savings, and resiliency. CleanSpark believes this will demonstrate to other mining operations the value of its microgrid solutions using distributed energy sources including solar, energy storage and other renewables in a real-world, power-intensive application.

CleanSpark Updates Bitcoin Mining Expansion

By leveraging its proprietary microgrid technologies, the Company expects to increase Bitcoin production while lowering total energy expense, thereby maximizing overall profitability. Since the acquisition was announced one week ago, and as of this release, CleanSpark through ATL has earned approximately 10 Bitcoins. As of December 17, 2020, Bitcoin has traded as high as at $23,775, increasing from $18,279 on the day acquisition was completed.

This week, the Company placed an order for 500 additional Bitcoin mining units (“ASICs”) to be deployed at the ATL location in Atlanta, GA. Delivery of the new ASICs is scheduled for the second week of January. CleanSpark has also installed an additional 38 new S19 ASICs just this week. These new machines are in addition to the more than 3,400 ASICs already in daily operation onsite. Bitcoin miners receive incremental amounts of Bitcoin as payment for completing blocks of verified transactions which are subsequently added to the blockchain.

Zachary Bradford, CleanSpark’s CEO said, “We are extremely pleased with the first week post acquisition, ATL has continued mining without significant interruption during integration of our teams and the ability to quickly procure additional miners immediately increased our capacity. With the latest S19s deployed we have now exceeded 200PH/s of mining capacity.” He added, “We are focused on successfully deploying renewable energy assets in digital currency mining, and CleanSpark anticipates upon implementation of its solutions that its total costs to mine at ATL will be among the lowest in the United States.”

Matthew Schultz, CleanSpark’s Executive Chairman commented, “Doing the simple math, 10 bitcoins have added roughly $200,000 to CleanSpark’s revenues in the week since closing. Our commitment to ATL was to give their team of experts autonomy in their mining operations, but also provide crucial resources and support to expand the facility and increase profitability.” Schultz added, “This begins by providing energy solutions, but additionally by supporting the procurement of new mining equipment to increase output and efficiency, as evidenced by the new ASICs deployed thus far.”

Parties interested in learning more about CleanSpark products and services are encouraged to inquire by contacting the Company directly at info@cleanspark.com or visiting the Company’s website at www.cleanspark.com.

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