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CleanSpark hashrate exceeds three exahashes following summer of acquisitions

Published: 10:03 30 Aug 2022 EDT

Bitcoin mining rigs
CleanSpark said its accelerated growth could be attributed to new partnerships and a strategic financial roadmap

CleanSpark Inc (NASDAQ:CLSK) has announced that its bitcoin mining hashrate has exceeded three exahashes, tripling in less than a year.

Hashrate, which is the computing power available for processing transactions and securing the bitcoin blockchain, is an important metric for evaluating bitcoin mining companies. It determines how much bitcoin a company can mine.

CleanSpark said its accelerated growth could be attributed to new partnerships and a strategic financial roadmap that has helped the company navigate current market conditions.

READ: CleanSpark closes acquisition of bitcoin mining facility in Georgia

The company now has three fully owned and operated facilities, more than 31,000 bitcoin mining machines operational, and a daily production high of 13.25 bitcoins. In terms of both hashrate and monthly production, CleanSpark said it has cemented itself as a top five bitcoin mining company in North America.

CEO Zach Bradford said: "I believe that our strong capital management and developing relationships with our partners and the communities we operate in has led to the tremendous opportunities we've been presented with. I'm particularly grateful for our operational teams on the ground that have made so much of this growth possible."

"We prepared for a rough market, which allowed us to take advantage of unique opportunities and propel the company further," said Matt Schultz, executive chair of the company. "Because of that we're growing our market share as a publicly traded bitcoin miner."

In mid-August, the CleanSpark announced the acquisition of a bitcoin mining facility in Washington, Georgia – its third in the state – that is expected to add 1.1 exahashes per second (EH/s) to the company's hashrate once fully operational. The site is scalable to 86 megawatts of largely renewable power, for a total hashrate increase of 2.6 EH/s.

During the month of July, CleanSpark acquired 1,061 substantially discounted Whatsminer machines that increased mining capacity. The company said it kicked off the summer in June with a purchase contract takeover of 1,800 Antminer S19 XP units and a partnership with TMGCore Inc for an immersion cooling expansion.

CleanSpark, a Nevada corporation, is a sustainable bitcoin mining and energy technology company that is solving modern energy challenges.

Contact the author at susie@proactiveinvestors.com

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