We also grew our Board, welcoming Amanda Cavaleri, who is an expert in bitcoin policy. The growth in work from those dark winter days has since resulted in our highest bitcoin production ever, last month, which was nearly 700 bitcoin. We added a new mining campus to our portfolio. The number of machine hashing grew by over 20,000. Our average hashrate rapidly increased, outpacing global hashrate, resulting in significantly increased bitcoin production for the quarter and the subsequent month. Even in the face of these headwinds, we persisted and we grew. Today, we will discuss the results of our first fiscal quarter, which, as Isaac mentioned, covers the period of October through December 2022.ĭuring that time, our industry, in particular, and the economy more broadly faced significant macro headwinds. ![]() The last time we spoke with you, we shared the results of our first fiscal year-end 2022. Good afternoon, and thank you for joining our call. It is now my pleasure to turn the call over to Zach. You can find the reconciliation of GAAP financial measures in our press release, which is available on our website. We will also discuss certain non-GAAP financial measures about our performance during today's call. As described in our SEC filings and on our website, those elements may change as the world changes. Keep in mind that some of the statements we make today are forward-looking and based on our best view of the world and our businesses as we see them today. I'm here with Zach Bradford, our Chief Executive Officer and Gary Vecchiarelli, our Chief Financial Officer. Our press release was issued about 30 minutes ago and is available on our website at Today's call is also being webcast, and a replay and transcript will be available on our website. Thanks, Audra, and thank you for joining us today for CleanSpark's Fiscal First Quarter Financial Results Call covering the period October 1, 2022, through December 31, 2022. Īt this time, I would like to turn the conference over to Isaac Holyoak, Chief Communications Officer. At this time, I would like to welcome everyone to the conference call. My name is Audra, and I will be your conference operator today. Isaac Holyoak - Chief Communications Officer ( NASDAQ: CLSK) Q1 2023 Earnings Conference Call Febru4:30 PM ET “Focusing our efforts on our Bitcoin mining segment allows the Company to capitalize on the tremendous opportunity Bitcoin presents.CleanSpark, Inc. “CleanSpark is considering strategic alternatives for our legacy energy business,” Zach Bradford, CleanSpark’s chief executive, said in a statement in February. and Marathon Digital Holdings have chosen to hoard Bitcoin, CleanSpark has been selling tokens for a higher price as it focuses more on mining. While publicly traded miners like Hut 8 Mining Corp. In late April, CleanSpark finalized $35 million in non-dilutive financing from Trinity Capital, a provider of venture debt financing. And last month it bought a mining farm in Washington, Georgia, with 86-megawatt capacity for an undisclosed amount. On Wednesday, the company announced the purchase of 10,000 rigs for $28 million from Cryptech Solutions. The more competition there is on the network, the less rewards each miner will receive.ĬleanSpark has been on a shopping spree for large-scale mining facilities and machines. CleanSpark also agreed to buy 6,468 machines from Mawson for $9.48 million in cash.īitcoin miners use powerful computers to be the first to come up with a solution to validate transactions encrypted by the Bitcoin network and win limited rewards in the form of newly minted tokens. The operational facility has an 80-megawatt capacity, with plans to increase capacity to 230 megawatts by the end of next year and can currently support about 24,108 latest-generation mining rigs. Sydney-based Mawson will receive $26.5 million cash consideration and $11 million in CleanSpark’s stock, $4.5 million of which is subject to certain earn-out commitments, for its facility in Sandersville, Georgia. While some miners scale back mining operations or reorganize their facilities to be more efficient, relatively well-capitalized mining firms like Henderson, Nevada-based CleanSpark are expanding by acquiring infrastructure such as data centers and machines at a discount. The deal, announced Friday, comes as Bitcoin mining companies’ revenue nears a two-year low due to increasing network competition, low Bitcoin prices and soaring energy costs. a likely sign that more industry consolidation is ahead. ![]() (Bloomberg) - CleanSpark Inc., a publicly traded Bitcoin miner, has agreed to acquire a mining facility and machines from Mawson Infrastructure Group Inc.
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