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CleanSpark's December 2024 Bitcoin Mining Overview

CleanSpark Inc. (Nasdaq: CLSK), widely recognized as America's Bitcoin Miner®, has made headlines with its latest update on bitcoin mining and operations for December 2024. With a total of 668 bitcoin mined in December, CleanSpark capped off a monumental year with a total production of 7,024 bitcoin for the entire year. The company's operations showcased a 287.9% growth in hashrate and a 33.3% improvement in efficiency compared to the previous year.

Remarkable Growth and Performance

On January 6, 2025, CEO Zach Bradford heralded the year 2024 as transformative for CleanSpark, marking a pivotal point where the company gained significant traction within the cryptocurrency industry. Not only did CleanSpark surpass its forecasted operational capabilities by achieving an impressive 39.1 EH/s hashrate, but it also optimized fleet efficiency to 17.6 J/Th, showcasing their dedication to operational excellence and cost-effectiveness.

Moreover, the company embarked on a strategic expansion into new states such as Mississippi, Tennessee, and Wyoming, further solidifying its position as a leader in the market. What’s more, CleanSpark celebrated a major milestone by mining its 20,000th bitcoin, a notable achievement considering it began operations just four years ago.

Financial Maneuvers

In a noteworthy financial move, CleanSpark finalized a $650 million zero-coupon convertible bond offering in December. This funding is aimed at supporting the company's ambitious goal to reach 50 EH/s by mid-2025, alongside plans for a stock buy-back program. These efforts underscore CleanSpark's commitment to innovative growth strategies that not only enhance operational capabilities but also yield superior returns for shareholders.

Detailed Operational Metrics

December’s Performance Metrics Include:

• - Bitcoin produced: 668
• - Total bitcoin holdings: 9,952
• - Month-end operating hashrate: 39.1 EH/s
• - MW under contract: 853 MW
• - Month-end fleet efficiency: 17.59 J/Th
• - Total bitcoin sold: 12.65

Throughout December, CleanSpark reported an average hashrate of 35.52 EH/s and fleet efficiency of 18.06 J/Th, responsible for an impressive average daily mining output of 21.56 bitcoin.

Facility Expansions and New Developments

CleanSpark's facilities in Clinton, Mississippi, and Jackson, Tennessee, have now become operational, featuring the latest in bitcoin mining technology.

• - The Clinton site operates with S21 Pro miners boasting a combined hashrate of approximately 1 EH/s.
• - In Jackson, the initial phase of a 60 MW site is completed, anticipated to add 3.7 EH/s to CleanSpark's overall hashrate upon full operational capacity.

Future Outlook

Looking ahead, CleanSpark is on track to complete its ambitious projects for 2025, with plans to enhance hashrate capacities and overall efficiencies across its operations. The expectations are high, and with the resources now at its disposal, CleanSpark is set to continue its upward trajectory within the Bitcoin mining industry.

In summary, 2024 has been an extraordinary year for CleanSpark, with significant operational achievements and a commitment to not just meeting, but exceeding industry expectations. As the company gears up for the future, it remains well-positioned to leverage its strengths in a volatile market, making strategic moves that could define the next chapter in bitcoin mining.

For more information on CleanSpark's operations and future initiatives, visit CleanSpark's official website.