CleanSpark Announced Year To Date BTC Production And Mining Facility Investment

CleanSpark announced their BTC production for 2022, producing 581 BTC, and an investment in sustainable mining Norcross facility.

• CleanSpark produced 581 BTC from January 1st, to February 28th.
• CleanSpark continues to hold 494 BTC after the conversion of 253 BTC for business operating expenses focused on the sustainable Norcross Facility.
• The Norcross facility was expected to increase mining efficiency by 20%.

CleanSpark, Inc. (Nasdaq: CLSK), a bitcoin mining and energy company focused on sustainability, released their bitcoin production and operations update for this year up to February 28th in a press release.

For February, CleanSpark mined 276 BTC worth more than $11,738,600, while their year-to-date production is 581 BTC worth over $24,710,800. Current holdings after the conversion of 253 BTC worth $10,766,000 for business operations left CleanSpark with a total of 494 BTC worth over $21,021,400. February reached a daily production height of 10.15 BTC.

All 253 BTC converted for business operations were sold for an average of $39,740 per BTC resulting in $10.05 million, most of which was used for growth capital expenditures at the company’s Norcross facility.

CleanSpark CEO Zach Bradford spoke to the sustainable goals of the Norcross facility this past December stating: “We are constantly seeking ways to make our operations more sustainable and productive while achieving maximum performance. Deploying an environment-friendly cooling technology that also increases the economics of our bitcoin mining operations was an obvious choice for us.”

The 20 MW Immersion Cooling Initiative at Norcross was announced December 9th, 2021. With 600 petahashes per second (PH/s) powered from 5,940 fully-immersed Antminers, the expected efficiency increase for this facility was 20%. The liquid used to cool for machines is 100% biodegradable and housed within 180 liquid-filled tanks with an operating capacity of 33 miners per tank.

In a separate press release on March 1st, 2022, CleanSpark announced they would be increasing the salaries of mining operators within the company. “We want to attract the A-players with great pay and benefits,” said Matt Schultz, Chairman at CleanSpark. “Like the biggest tech giants, we want to be known for having strong talent that gets paid well.”