CleanSpark, Inc. Expands Operations with Acquisitions in Georgia and Mississippi

February 10, 2024 | by


CleanSpark, Inc., a leading provider of advanced software and controls for microgrid and distributed energy resource management systems, has made significant strides in expanding its operations through strategic acquisitions. During the company’s Q1 2024 earnings call, CleanSpark reported its highest revenue to date, with an impressive 90% increase from the previous year’s first quarter revenue. With a net income of $26 million and adjusted EBITDA reaching $69 million, CleanSpark’s financial performance speaks volumes about its success in the industry. Additionally, the completion of infrastructure for the Sandersville expansion, coupled with the acquisition of two sites in Dalton, Georgia, and three sites in Mississippi, solidifies CleanSpark’s commitment to further grow its operations. These expansions and acquisitions pave the way for CleanSpark to achieve a remarkable mining capacity of 20 exahash per second by the first half of 2024, positioning the company as a dominant player in the market.

Q1 2024 Earnings Call

CleanSpark, Inc. (CLSK) held its Q1 2024 earnings call on February 8, 2024. The call revealed several significant achievements and updates, highlighting the company’s impressive performance and strategic growth plans.

Highest Revenue in History

CleanSpark reported that Q1 2024 marked the highest revenue the company has ever achieved in its history. The revenue for the quarter saw an exceptional 90% increase compared to the previous year’s first quarter revenue. This substantial growth demonstrates CleanSpark’s ability to capitalize on the rapidly expanding market and effectively meet the demands of its customers.

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Net Income and Adjusted EBITDA

In addition to its impressive revenue growth, CleanSpark’s net income for Q1 2024 was reported at an impressive $26 million. This robust net income reflects the company’s operational efficiency and strong financial performance. Moreover, CleanSpark’s adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) reached $69 million, further establishing the company’s financial stability and profitability.

Operational Achievements

CleanSpark’s operational achievements during Q1 2024 demonstrate the company’s commitment to enhancing its infrastructure and increasing its mining capacity.

Completion of Infrastructure for Sandersville Expansion

CleanSpark successfully completed the infrastructure for the Sandersville expansion project during the quarter. This expansion includes state-of-the-art machines that are already operational and hashing at an impressive rate of over 3 exahash per second. The completion of this infrastructure is a significant milestone for CleanSpark, as it enables the company to efficiently scale its mining activities and maximize its operational output.

Hashing at Over 3 Exahash per Second

As a result of the successful completion of the Sandersville expansion, CleanSpark’s hashing rate reached over 3 exahash per second during Q1 2024. This achievement underscores the company’s commitment to technological innovation and its ability to utilize advanced mining equipment to achieve high-performance levels. CleanSpark’s ability to maintain a hashing rate of this magnitude positions the company as a leader in the industry and reinforces its competitive advantage.

Strategic Purchase Agreement

During the Q1 2024 earnings call, CleanSpark announced a strategic purchase agreement that will significantly enhance its mining capacity and drive its growth trajectory.

Acquisition of 160,000 Bitmain S21 Miners

CleanSpark has entered into a strategic purchase agreement for the acquisition of up to 160,000 Bitmain S21 miners. This acquisition will bolster CleanSpark’s mining capabilities and enable the company to increase its operational efficiency. The Bitmain S21 miners are known for their high-performance capabilities, making them an ideal addition to CleanSpark’s mining fleet. This strategic move demonstrates CleanSpark’s commitment to expanding its mining capacity and staying at the forefront of emerging market trends.

Plans for 50 Exahash per Second Mining Capacity

As part of its growth strategy, CleanSpark outlined its plans to reach an impressive 50 exahash per second in mining capacity. Through the strategic acquisition of the Bitmain S21 miners and the efficient deployment of these high-performance machines, CleanSpark aims to significantly increase its mining capabilities and strengthen its market position. This ambitious goal reflects CleanSpark’s long-term vision and its commitment to meeting the growing demands of the cryptocurrency mining industry.

Acquisitions in Georgia and Mississippi

CleanSpark’s strategic expansion plans were further solidified through the acquisitions of two sites in Dalton, Georgia, and three sites in Mississippi.

Acquisition of Sites in Dalton, Georgia

CleanSpark successfully acquired two sites in Dalton, Georgia, during Q1 2024. These acquisitions will provide CleanSpark with additional infrastructure and operational resources to support its mining activities. The strategic choice of Dalton, Georgia, as a location for these acquisitions is driven by its favorable geographical and logistical attributes. These acquisitions demonstrate CleanSpark’s proactive approach to expanding its operations strategically, ensuring optimal efficiency and effectiveness.

Acquisition of Sites in Mississippi

In addition to the acquisitions in Dalton, CleanSpark also expanded its operations with the acquisition of three sites in Mississippi. These new sites will further augment CleanSpark’s mining capabilities and provide the company with the necessary infrastructure to meet its ambitious growth targets. By strategically diversifying its geographic footprint, CleanSpark is enhancing its resilience and ensuring a robust operational network.

Expected Impact on Mining Capacity

CleanSpark’s ongoing expansion efforts and strategic acquisitions are expected to culminate in achieving a significant increase in mining capacity.

Path to Achieving 20 Exahash per Second Mining Capacity

CleanSpark has set a target to achieve an impressive 20 exahash per second in mining capacity by the first half of 2024. This target represents a substantial increase from the company’s current mining capacity and underscores CleanSpark’s commitment to continuous growth and market dominance. By leveraging its acquisitions, investments in cutting-edge technology, and operational expertise, CleanSpark is positioned to achieve this ambitious goal. The successful realization of this target will further solidify CleanSpark’s position as a key player in the cryptocurrency mining industry.

In conclusion, CleanSpark’s Q1 2024 earnings call showcased the company’s remarkable financial achievements, operational milestones, and strategic growth plans. With its highest revenue in history, impressive net income, and adjusted EBITDA, CleanSpark has demonstrated its ability to leverage market opportunities effectively. The completion of the Sandersville expansion and the acquisition of Bitmain S21 miners further strengthen CleanSpark’s mining capabilities, while the acquisitions in Georgia and Mississippi expand its operational footprint. CleanSpark’s ambitious plans to achieve 20 exahash per second in mining capacity highlight the company’s commitment to innovation, growth, and staying ahead of the curve in the dynamic cryptocurrency mining industry.



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