CleanSpark's (CLSK) Releases February 2025 Bitcoin Mining Update

CleanSpark, Inc. (Nasdaq: CLSK) today released its unaudited bitcoin mining and operations update for the month ending February 28, 2025.

"February demonstrated the value of our pure play Bitcoin mining strategy. We focus exclusively on bitcoin and continuously improve on our leading operational excellence as we continue to add to our treasury," said Zach Bradford, CleanSpark CEO and President.

"Despite February being a shorter month, we made strides across all our facilities and continued to add additional power to our contracted portfolio. The last remaining machines have been removed from Coinmint in New York, making our portfolio 100% owned and operated. With nearly 1 GW of power under contract, we have sufficient capacity immediately available for energization to support the remaining path to 50 EH/s. Average fleet efficiency once again improved month over month. End of month peak efficiency changed slightly compared to January, led by increased run times, due to reduced weather-related curtailment of the S19XP subset of our fleet, which continue generating high margin output."

"As we look ahead, we are on schedule to reach 50 EH/s by June 30, 2025, and continue to invest in the power pipeline required to support 60 EH/s and beyond," said Bradford.

February Bitcoin Mining Update (unaudited)

• Bitcoin produced in February: 624
• Total bitcoin holdings as of February 28: 11,177
• Month-end operating hashrate: 40.7 EH/s
• MW under contract: 915 MW¹
• Average fleet efficiency: 17.07 J/Th
• Total bitcoin sold in February: 2.73
• Deployed fleet: 198,715
• CY2025 bitcoin produced: 1,250

Throughout February 2025, the Company's average hashrate was 39.07 EH/s and average fleet efficiency was 17.07 J/Th, resulting in an average of 22.30 bitcoin mined daily. Month-end peak fleet efficiency was 16.82 J/Th. The single day high reached 23.53 bitcoin. The Company sold 2.73 bitcoin during February 2025 at an average price of approximately $95,695 per bitcoin.

¹MW includes all contracted power capacity for wholly owned sites and excludes contracted capacity through hosting agreements and/or other non-binding arrangements.

Additional Updates
Georgia: Several expansions to existing facilities and regions are in progress. These projects will add additional immersion deployments to the state and deliver the same best-in-portfolio performance to our most mature market. These expansion projects will contribute to achieving our mid-year guidance.

Cheyenne, Wyoming: Our power contracts have been expanded by 35 MW to a total of 110 MW with further expansion expected in 2025. Hashrate performance at our immersion deployments in Cheyenne leads the entire portfolio as the next two phases of the regional project continue through construction and commissioning, which we expect to bring online in the coming weeks.

Jackson, Tennessee: Construction on 48 MW of air-cooled infrastructure continues in order to power approximately 3.1 EH/s as part of the path to 50 EH/s. Jackson will be the largest facility thus far in Tennessee and serve as a critical participant in TVA's demand response program. We expect to see hashrate come online early next quarter.

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