“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.”
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