![]() There are many different mining models out there from asset-light on one side through proprietary mining on the other. The secret to our growth has been our proprietary mining model. We have reliably grown as we execute on our operational strategy that we believe makes us one of the fastest-growing, most reliable and most efficient publicly traded bitcoin miners in North America. We also increased production quarter-over-quarter by 25%. This represents an increase of 131%, well outpacing global hashrate. For comparison, in the first quarter of our last fiscal year, we mined 660 bitcoins. We mined a record number of bitcoin for the quarter, a total of 1,531 bitcoins. This optimization will prepare us to stay ahead of the curve when happing occurs in 2024. We are also testing additional software optimization techniques for our air cooled fleet, which we expect to allow us to bring under and overclocking capabilities to all of our campuses. ![]() Our Immersion Cool facility has allowed us to test the limits of over and under clocking as we leverage software and firmware to optimize performance. The quality of the machine tells only part of the story. Most of our machines come from Bitmain S-19 series, and we have started to acquire more XPs. For perspective, we understand some of our peers come in at over 40 watts per terahash. Our fleet was running at an average efficiency of about 31 watts per terahash. We had 63,700 machine hashing as of December 31. Since then, we've continued to grow, and our hashrate now stands at 6.6 exahash per second. And by the end of the year, it had grown to 6.2 exahash per second for a 48% increase for the quarter. We started the quarter with a hashrate of 4.2 exahash per second. Not only did we outpace global hashrate, we did so at a tremendous clip. ![]() As you can see from the visual, the network hashrate average grew by 46% since January 2022, while we grew over 200%. Data recently published by the Minor mag, a research and data portal focused on institutional bitcoin miners placed us first amongst public miners in terms of percentage hashrate growth. In fact, we outpaced all of our peers, every single one of them. No matter the measure, no matter how difficult the quarter we grew, and we are just seeing the majority of the benefits of this growth today and beyond. We also grew our Board, welcoming Amanda Cavaleri, who is an expert in bitcoin policy. The growth in work from those dark winter days has since resulted in our highest bitcoin production ever, last month, which was nearly 700 bitcoin. We added a new mining campus to our portfolio. The number of machine hashing grew by over 20,000. Our average hashrate rapidly increased, outpacing global hashrate, resulting in significantly increased bitcoin production for the quarter and the subsequent month. Even in the face of these headwinds, we persisted and we grew. Today, we will discuss the results of our first fiscal quarter, which, as Isaac mentioned, covers the period of October through December 2022.ĭuring that time, our industry, in particular, and the economy more broadly faced significant macro headwinds. The last time we spoke with you, we shared the results of our first fiscal year-end 2022. Good afternoon, and thank you for joining our call. It is now my pleasure to turn the call over to Zach. You can find the reconciliation of GAAP financial measures in our press release, which is available on our website. ![]() We will also discuss certain non-GAAP financial measures about our performance during today's call. As described in our SEC filings and on our website, those elements may change as the world changes. Keep in mind that some of the statements we make today are forward-looking and based on our best view of the world and our businesses as we see them today. I'm here with Zach Bradford, our Chief Executive Officer and Gary Vecchiarelli, our Chief Financial Officer. Our press release was issued about 30 minutes ago and is available on our website at Today's call is also being webcast, and a replay and transcript will be available on our website. Thanks, Audra, and thank you for joining us today for CleanSpark's Fiscal First Quarter Financial Results Call covering the period October 1, 2022, through December 31, 2022. Īt this time, I would like to turn the conference over to Isaac Holyoak, Chief Communications Officer. At this time, I would like to welcome everyone to the conference call. My name is Audra, and I will be your conference operator today. ![]() Isaac Holyoak - Chief Communications Officer ( NASDAQ: CLSK) Q1 2023 Earnings Conference Call Febru4:30 PM ET ![]()
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