CleanSpark Releases August 2023 Bitcoin Mining Update

CleanSpark, Inc. (Nasdaq: CLSK), known as America’s Bitcoin Miner™, has announced its unaudited bitcoin mining and operational update for August 2023.

According to CEO Zach Bradford, "August marked another exceptional month for CleanSpark. Our 50MW expansion in Washington reached its maximum operational hashrate for the first time, resulting in some of our highest daily production figures to date. Moreover, we effectively managed power usage to maintain high uptime levels in August, even amid significantly high rainfall and extreme temperatures. This operational efficiency likely resulted in what we believe to be among the best monthly bitcoin production rates among publicly traded miners in North America."

August Bitcoin Mining Update (unaudited):

• Bitcoin mined in August: 659
• Total bitcoin mined in CY2023: 4,729
• Total BTC holdings as of August 31: 1,677
• Total BTC sold in August: 43
• Deployed fleet: 88,217
• Month-end fleet efficiency: 28.7
• Current hashrate: 9.3 EH/s

In August 2023, the Company sold 43 bitcoins at an average price of approximately $28,200 per BTC, totaling around $1.2 million. Daily bitcoin production averaged 21.26, with a peak of 22.11.

Operational Updates:
Construction is progressing at CleanSpark’s new expansion site in Sandersville, Georgia. Concrete has been poured for Building 1, and construction of additional buildings is set to commence this week. With daily material deliveries, the ten data centers are projected to be completed by year-end, ultimately providing 230MW of highly efficient bitcoin mining equipment. The new expansion encompasses 150MW, expected to accommodate 45,000 miners.

Additionally, the Municipal Energy Authority of Georgia (MEAG) is building a 200MW substation to power the Sandersville expansion. While the substation is anticipated to finish in 2023, related power-line projects may extend into early 2024, after which miners will rapidly be energized to reach CleanSpark’s target operational hashrate of 16 EH/s.

Upcoming Investor Conferences:

• 3rd Annual Needham Virtual Crypto Conference on September 7, 2023, featuring Executive Chairman Matthew Schultz.
• H.C. Wainwright 25th Annual Global Investment Conference in New York, from September 11-13, 2023, featuring presentations by key executives.
• AIM Summit in Dubai, on October 30-31, 2023, with a fireside chat featuring CEO Zach Bradford.
• 26th Annual Needham Growth Conference in New York, from January 16-19, 2024, featuring presentations by Leadership.

Company Overview:
CleanSpark is recognized as America’s Bitcoin Miner™ and focuses on running data centers primarily powered by low-carbon energy. By fostering trust and transparency, the Company aims to support bitcoin mining as a crucial tool for financial independence and inclusion.

Forward-Looking Statements:
This announcement includes forward-looking statements regarding expected operational results, expansion timelines, and anticipated benefits. These statements involve uncertainties and risks that may cause actual outcomes to differ from expectations. Investors are advised to approach these projections with caution.

For investor inquiries, contact Matt Schultz or media representatives for further assistance.