"Also, CleanSpark, like all companies holding large amounts of digital currency, is required to measure impairment risks to the value of Bitcoin and other intangible assets pursuant to US accounting rules," Bradford said. Additionally, we were able to aggressively expand our sales and marketing efforts and increase our labor force for energy products." The Company successfully navigated the volatility of Bitcoin, managed supply chain constraints, and resolved a legal dispute. The Company achieved its single largest revenue month in history in July.ĬEO Bradford said, "Our growth has not been without its challenges, however. This microgrid will allow us to demonstrate energy savings and optimization in real time to our partners, potential customers, and the general public." We intend to install a full, mPulse-controlled microgrid in the coming months. The new facility includes offices, warehouse and training facilities. Due to the growth of our California operations, the company recently relocated to a larger 12,704 square foot facility in Carlsbad. Tadayon added, "Battery energy storage systems continue to be delivered to our warehouse on time and as expected and are being installed as rapidly as possible. Advanced orders are now available in select markets. The user application is now in late-stage testing for its inclusion to the Apple and Google app stores. The Company previously discussed the rollout strategy for its residential microgrid solution, mVoult. We expect the momentum to continue through the current quarter and through the end of the year, with our contracted energy backlog now in excess of $20 million." Our team has been able to install a number of residential systems providing critical energy resiliency for families with medical needs that require consistent and reliable power. The majority of our new integrations were for our neighbors in fire-prone communities throughout California. Unaudited revenues generated from residential energy solutions for the month of July was equal to 80% of total energy revenue for the entire quarter ended June 30, 2021.ĬleanSpark's Chief Revenue Officer and Energy Division President, Amer Tadayon, said, "Our strong balance sheet enabled us to resolve supply chain constraints, resulting in the delivery of more than 1,100 batteries to our facilities. Upon deployment of its microgrid project in Atlanta, which is planned for 2022, the Company intends to showcase the facility's overall energy efficiency in a public-facing dashboard.ĬleanSpark's energy and microgrid services business unit integrated over 180 batteries on more than 50 California locations during the month of July, a significant increase from the previous entire quarter's total residential battery installations of just 52. The Company has a goal to achieve 100% carbon-free mining through the installation of an on-site microgrid featuring efficient solar and energy storage at its Atlanta facility, participation in renewable energy credit programs, and, as previously announced, CleanSpark plans to deploy its energy solutions at co-located facilities operated by Coinmint. We're on track to receive over 20,000 additional miners over the coming 12 months."ĬleanSpark's Bitcoins are mined using approximately 95% carbon-free energy. In just the month of July, we have already produced nearly 70% of the Bitcoins that we mined over the entire prior quarter, and we expect to continue to grow at a strong pace. In addition, the difficulty of mining has decreased sharply over the past two months resulting in increased production.ĬleanSpark's Chief Executive Officer Zach Bradford stated, "We have experienced tremendous growth over a relatively short period of time, and we are very enthusiastic about the results. The significant increase in production for the month of July was due to a substantial increase in the number of miners deployed over the past 30 days. Cumulatively, the company has mined more than 520 Bitcoins since entering the mining sector last December. The Company produced 147.8 Bitcoins during the month of July. 95% Carbon-Free Bitcoin Annual Run Rate Nearing $136M. CLSK Tops 6 Bitcoin Per Day, Deploys 200 MicroGrid Batteries.
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