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CleanSpark Inc. Expands Its Bitcoin Mining Fleet with High-Efficiency Antminer S21 Machines

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LAS VEGAS, Oct. 11, 2023 — CleanSpark Inc. (Nasdaq: CLSK), recognized as America’s Bitcoin Miner, proudly announced the acquisition of 4.4 (EH/s) of the cutting-edge Antminer S21 bitcoin mining machines which means 22,000 units of S21 ( 200Ths per unit). This strategic move bolsters CleanSpark’s standing as one of North America’s most significant and efficient publicly traded Bitcoin miners.

The Antminer S21 stands out with its remarkable efficiency, boasting a rating of 17.5 J/T, a substantial 20% improvement over the previous industry leader, the XP model.

“The integration of the S21 into our mining operations aligns with our steadfast commitment to employing the most efficient mining technology,” stated Zach Bradford, CEO of CleanSpark. “This upgrade not only boosts our mining capacity but also substantially reduces our energy costs per bitcoin mined, thus reinforcing our competitive position on the global mining stage. Notably, our existing scale positions us well, allowing us to finance the majority of this purchase through operating cash flows.”

These state-of-the-art machines are scheduled for delivery commencement in January 2024, and CleanSpark secured favorable terms for the acquisition, including a seller-based financing option, covering 20% of the total purchase price, which amounts to $12.35 million or $2.80T/H. This sum is due 365 days after the machines are delivered. This arrangement continues CleanSpark’s emphasis on energy efficiency and sound fiscal management.

Upon the full deployment and operation of these new machines, CleanSpark anticipates achieving an operational efficiency of 23.5J/T, marking a substantial 17.25% enhancement over the company’s already above-average operational efficiency of 28.4J/T.

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