• CleanSpark has mined 598 BTC in March, taking the total mined in the first quarter of the calendar year to 1,871, up 22%.
• CleanSpark funded growth and operations through the sale of 502 bitcoin in March 2023.
• The Washington expansion is expected to hold about 15,000 Antminer S19j Pro+ machines once complete.
CleanSpark mines 598 BTC in March
CleanSpark, Inc. has released its unaudited Bitcoin mining and operations update for March, 2023. The company announced that it had mined 598 BTC in March, taking the total mined in the first quarter of the calendar year to 1,871, up 22% from the previous quarter.
CleanSpark Funds Growth and Operations
CleanSpark funded growth and operations through the sale of 502 bitcoin in March 2023, which equated to proceeds of approximately $12.4 million, at an average of approximately $24,800 per BTC.
Washington Expansion On Schedule
CleanSpark’s Washington expansion is a passively cooled data center consisting of four primary buildings. The expansion is expected to hold about 15,000 Antminer S19j Pro+ machines once complete, with total capacity in Washington amounting to 86MW sourced from “low-carbon on-grid energy” sources. Building 1 is complete and ready for miners with racks currently being installed in Building 2 while concrete deliveries are imminent for Building 4.
Capital Leverage Available
According to the press release, CleanSpark intends to use all capital levers available including equity and bitcoin “carefully balancing both to provide highest rate of return for shareholders” as hashrate grows they need grow too so growth takes substantial capital just as it does any commodities based business especially scaling stage.
Conclusion
In conclusion CleanSpark Inc are on track with their Washington Expansion as well as making sure they use all capital resources available by balancing equity and bitcoin carefully providing highest rate return for shareholders while building one efficient Bitcoin mining infrastructure North America
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