CleanSpark’s unaudited Bitcoin mining and operations update for March 2023 reported that the company mined 598 BTC during the past month. This brings their first quarter’s total to 1,871 BTC, an increase of 22% over the prior quarter.

By selling 502 Bitcoin in March 2023 at an average price of about $24,800 per BTC, CleanSpark raised $12.4 million to fund expansion and business operations.

CEO of CleanSpark Zach Bradford stated that “our approach to proprietary mining gives us substantial control and flexibility over our destiny, and the progress on our Washington expansion is a perfect example.”

Bradford added that the 50MW expansion is progressing as planned. The equipment has already been acquired, and shipping is expected to start this month. CleanSpark’s hashrate is anticipated to rise to roughly 8.7 EH/s once the machines are fully operational, which will make significant progress toward their objective of 16 EH/s by the end of the year.

The passively cooled data center in Washington that CleanSpark is constructing consists of four main buildings. Once complete, the facilities will store roughly 15,000 Antminer S19j Pro+ machines, giving Washington a total capacity of 86MW, the majority of which will come from “low-carbon, on-grid energy.”

The report states that racks are currently being placed in Building 2, while Building 1 is finished and ready for miners. For Building 3, the concrete foundation was just recently poured, and concrete deliveries for Building 4 are scheduled.

In order to provide shareholders the best rate of return, CleanSpark plans to carefully balance using equity and Bitcoin alongside all other financial levers that are at the company’s disposal.

Bradford explained that “a miner that is not growing is falling behind.” CleanSpark is preparing to expand as hashrate does. Like any company based on commodities, growth requires significant capital, particularly during the scaling phase.

“We are making the most of the bear market so that we are in position to take full advantage of the next bull market once it inevitably emerges,” Bradford added.

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