CleanSpark Stock

CleanSpark, Inc. operates as a bitcoin mining company.

The company independently owns and operates data centers in Georgia for a total developed capacity of 230 megawatts (MW). The company is developing an additional 150 megawatts (MW) at its data center in Sandersville, Georgia (GA), which is expected to energize in early 2024. The company designs its proprietary infrastructure to responsibly support bitcoin, the world's most important digital commodity and an essential tool for financial independence and inclusion.

Bitcoin mining is the company's principal revenue generating business activity. As of September 30, 2023, the company operated 88,954 bitcoin mining machines, with a hashrate capacity of approximately 9.6 exahashes per second (EH/s) and a fleetwide efficiency of 28.4 joules per terahash (J/TH). In fiscal year 2023 (year ended September 30, 2023), the company mined 6,903 bitcoins.

The company obtains bitcoin as a result of its mining operations by contributing all of its computing power (both owned locations and hosted locations) to one mining pool operator who is its sole customer. The company sells bitcoin from time to time, to support its operations and strategic growth. The company, through its wholly owned subsidiaries CSRE Properties, LLC, CSRE Property Management Company, LLC, CSRE Properties Norcross, LLC, CSRE Properties Washington, LLC, CSRE Properties Sandersville, LLC, CSRE Properties Dalton, LLC, and CleanSpark HQ, LLC, maintains real property holdings.

Through CleanSpark, Inc., and the company's wholly owned subsidiaries, ATL Data Centers LLC (ATL), CleanBlok, Inc. (CleanBlok), CleanSpark DW, LLC, and CleanSpark GLP, LLC, the company mines bitcoin. The company entered the bitcoin mining industry through its acquisition of ATL in 2020. Bitcoin mining has become the company's principal revenue generating business activity. The company intends to acquire additional facilities, equipment and infrastructure capacity to continue to expand its bitcoin mining operations.

Through its subsidiaries CSRE Properties Norcross, LLC, CSRE Property Management Company, LLC, CSRE Properties, LLC, CSRE Properties Washington, LLC, CSRE Properties Sandersville, LLC, CSRE Properties Dalton, LLC, and CleanSpark HQ, LLC, the company maintains real property holdings.

Markets, Geography and Major Customers

The company owns and operates its own facilities. The company's wholly-owned mining operations are located in the state of Georgia in the United States. The company also has a relationship with a facility located in New York State that hosts a portion of its miners.

Distribution, Marketing and Strategic Relationships

The company has developed strategic relationships with well-established companies in key areas, including utilities, traditional and renewable energy, infrastructure, construction, and bitcoin mining equipment procurement. In addition to operating its own mining facilities, the company may engage with third-parties to host and operate mining equipment on its behalf.

Major Customers and Vendors

The company had one mining pool operator (Foundry Digital) in fiscal year ended September 30, 2023.

The company's significant suppliers of mining equipment, include Cryptech Solutions and Bitmain Technologies Ltd.

Competition

Within North America, the company's major competitors include Marathon Digital Holdings; Riot Blockchain, Inc.; Core Scientific, Inc.; Bitfarms LTD.; Iris Energy Limited; Cipher Mining Inc.; and Terawulf Inc.

History

The company was incorporated in state of Nevada in 1987. It was formerly known as SmartData Corporation and changed its name to Stratean, Inc. in 2014. Further, the company changed its name to CleanSpark, Inc. in 2016.