The company continues to increase its hash rate, with an expansion in Washington set to facilitate 86MW of mining capacity.
CleanSpark, Inc. has published its unaudited Bitcoin mining and operations update for March 2023. The company announced that it had mined 598 BTC in March, bringing the total mined in the first quarter of the calendar year to 1,871, up 22% from the previous quarter. previous quarter. CleanSpark funded growth and operations through the sale of 502 bitcoins in March 2023, which equated to earnings of approximately $12.4 million, at an average of approximately $24,800 per BTC.
“Our proprietary mining approach gives us substantial control and flexibility over our destination, and the progress of our expansion in Washington is a perfect example,” said Zach Bradford, CEO of CleanSpark. “The 50 MW expansion is scheduled. The machines have already been purchased and shipping is expected to begin this month. Once those machines are racked and the expansion is energized, our hash rate is expected to increase to around 8.7 EH/s, bringing us progress toward our calendar year-end goal of 16 EH/s.”
CleanSpark’s Washington expansion is a passively cooled data center consisting of four main buildings. The expansion is expected to contain around 15,000 Antminer S19j Pro+ machines upon completion, with a total capacity in Washington of 86MW, the majority coming from “low-carbon, grid-connected power.” According to the press release, Building 1 is complete and ready for miners, and racking is currently being installed in Building 2. The foundation for Building 3 was recently poured, while concrete deliveries are imminent for Building 4. .
“We’re on time in Washington,” said Scott Garrison, vice president of business development. “One building is fully completed and ready for miners, with the other buildings in various stages of construction, each progressing on schedule. Our teams and partners, including the utility, the city and various construction companies, “They’re working hand in hand. Hand in hand to build. I’m very proud of what we’re accomplishing 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 available capital levers, including equity and bitcoin, “carefully balancing the two to provide the highest rate of return for shareholders.”
“In this environment, a miner who is not growing is falling behind. As the hashrate grows, we need to grow as well. Growth requires substantial capital, just as it does in any commodity-based business, especially at the early stage. scaling,” Bradford said. . “We are taking full advantage of the bear market to be in a position to take full advantage of the next bull market once it inevitably arises.”