Press Release

Water Tower Research Publishes Update Report on CleanSpark (CLSK) Titled “Bitcoin Mining Operations Leveraging Energy Savings to Drive Profits”

CHICAGO, IL., April 29, 2021  – Water Tower Research has published an update report on CleanSpark (NASDAQ: CLSK). The report focuses on the company’s bitcoin mining operations and growth strategy.

“CleanSpark is focused on expanding its bitcoin mining operation and has secured the contracts necessary to increase its hashrate from 315 PH/s as of March 2021 to more than 1.1 EH/s by August 2021,” said Shawn Severson, Co-Founder of Water Tower Research and Head of ClimateTech and Sustainable Investing Research. “The company recently ordered 22,680 additional bitcoin miners representing an incremental 2.2 EH/s of capacity and expects these new units will increase its total production capacity to over 3.2 EH/s by September 2022. At current difficulty rates, 1.1 EH/s would represent 6-7 bitcoins per day, and 3.2 EH/s would represent 18-20 bitcoins per day.

Mr. Severson continued, “Energy costs are critical to the profitability of a bitcoin mining operation, and it is here that CleanSpark leverages its microgrid knowledge and software to drive down costs and gain an edge. CleanSpark expects it can grow its bitcoin production by one additional bitcoin per day every month and that revenue from bitcoin mining will grow significantly in the coming quarters on the back of expanded hashrate capacity. Over the long term, it expects this business to generate more than $325 million in annual revenue, assuming a total production capacity of 3.2 EH/s and $50,000 per bitcoin.”

The bitcoin update report can be downloaded HERE and our Initiation of Coverage report HERE.

About Water Tower Research

Water Tower Research is a shareholder communication and engagement platform powered by senior industry experts with significant Wall Street experience. We create, deliver, and maintain the information flow required to build and preserve relationships with every stakeholder and potential investor. Our foundation is built on Wall Street veterans using open digital distribution strategies that are accessible by everyone. “Research for the Other 99% ™ ” opens the door to reach a much broader and diverse set of investors while helping to strengthen overall communications, transparency, and engagement. Please see the disclosures HERE.

Contact Information:

Shawn Severson
President & Co-Founder
Head of Sustainable Investing and BioEconomy Research
Water Tower Research LLC
Phone: (312) 283-7534

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