CleanSpark Reports 22% Increase In Bitcoin Mined For Q1 2023 And Provides Washington Expansion Update

The company continues to grow its hash rate, with a Washington expansion set to facilitate 86MW of mining capacity.

CleanSpark, Inc. has released its unaudited Bitcoin mining and operations update for March, 2023. The company announced that it had mined 598 BTC in March, taking the total mined in the first quarter of the calendar year to 1,871, up 22% from the previous quarter. CleanSpark funded growth and operations through the sale of 502 bitcoin in March 2023, which equated to proceeds of approximately $12.4 million, at an average of approximately $24,800 per BTC.

"Our approach to proprietary mining gives us substantial control and flexibility over our destiny, and the progress on our Washington expansion is a perfect example," said Zach Bradford, CEO of CleanSpark. "The 50MW expansion is on schedule. The machines have already been purchased and shipping is expected to commence this month. Once those machines are racked and the expansion is energized, our hashrate is expected to increase to about 8.7 EH/s, giving us substantial progress toward our calendar year-end goal of 16 EH/s."

CleanSpark's Washington expansion is a passively cooled data center consisting of four primary buildings. The expansion is expected to hold about 15,000 Antminer S19j Pro+ machines once complete, with total capacity in Washington amounting to 86MW, with the majority sourced from “low-carbon, on-grid energy.” According to the press release, Building 1 is complete and ready for miners, with racks currently being installed in Building 2. The foundation was recently poured for Building 3, while concrete deliveries are imminent for Building 4.

"We are on schedule in Washington," said Scott Garrison, vice president of business development. "One building is completely done and ready for miners, with the other buildings in various stages of construction, each advancing according to schedule. Our teams and partners, which include the utility, city, and various construction firms, are working hand-in-hand for the build. I’m so proud of what we are accomplishing on the ground in Washington as we work to build some of the most efficient bitcoin mining infrastructure in North America."

According to the press release, CleanSpark intends to use all capital levers available, including equity and bitcoin, “carefully balancing both to provide the highest rate of return for shareholders.”

"In this environment, a miner that is not growing is falling behind. As hashrate grows, we also need to grow. Growth takes substantial capital, just as it does in any commodities-based business, especially in the scaling stage," Bradford said. "We are making the most of the bear market so that we are in position to take full advantage of the next bull market once it inevitably emerges."