CLSK - Earnings call 1 2024 | CleanSpark, Inc.

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Operator

Good afternoon, my name is Greg and I will be your conference operator today. At this time, I would like to welcome everyone to CleanSpark's First Quarter Fiscal Year Financial Results Conference Call. [Operator Instructions]And at this time, I would like to turn the floor over to Isaac Holyoak, Chief Communications Officer.

You may begin.

Isaac Holyoak

Hey, thanks, Greg. joining results for October call, December XXXX. for fiscal first X you XX, financial year covering thank us our today quarter through And the period

Financial Vecchiarelli, is issued call with Today's and best the also our me Chief the Bradford, filed be annual are being our replay Zach the in minutes Officer.Keep Our available remain at a them some is we about statements provided our to of report. and and information see subject today Officer; transcript in mind disclosed release based our website is our was ago press and that the today. Chief call most and make today and and factors available The webcast business world on on cleanspark.com. view recently forward-looking website.On as we our Gary XX statements Executive on will of our risk

discuss non-GAAP performance will We concerning call. our today's during certain also financial measures

can is available of You which is website.And Zach. that, with the over press our my to non-GAAP in it our call find financial to on release, turn measures reconciliation pleasure the

Zachary Bradford

Thank quarter as our and quarter mining per year. in revenue our exceptional to energization quarter.Today, ongoing machine exceptional. into announced performance we move quarter this and Mississippi.Our acquisitions, results our our this the in providing us pathway additional company's been highlight per exahash second second. to business forward during I'm just looking half strategic also details XX ago the outstanding performance, achievements, and increase achieved XX revenue testament few focusing $XX has about this first you year. our of on made from exahash you highest year financial a the our quarterly our our We key to discuss the the Sandersville revenue our roadmap forward XX% the million, decisions And achieving of capacity work from I'm first team's soared fiscal through an joining financial our looking revenue. for months.Our and walking hard history, afternoon first over strategic past a to to to we will we've

million. quarter, growth. a X,XXX year have position successfully racking our and and and the we For quarter infrastructure perspective, XXXX exahash of reflection approximately covered the a miners, leaders number. total place $XXX commitment already It and have machines to in a X.XX nearly over investors, also to cash metrics, reaching adjusted EBITDA, our annual of our saw quarter. first our future then financial our record fortifies on success. We us.What's our operational we achievements for to This of day per quarter moment, a finished deep set this figure distance expansion, ability trust efficiency while $XX generate for hashing produced hashing.On flow growing to that the our strategic single addition XX started continued started as for revenue measure growth.In with more, you, an half acquisitions, of our our but million million, our as our underscores second. which in financial of operational fiscal investing build in It's a Sandersville and was just is not significant this net and our revenue to remarkable in hours, Xth, achievement year. machines smart mining energization, record, efficiency, have X,XXX profitability, the growth, represents over our last our In just not $XX the essential our of our reach This our income industry health, Bitcoin with from ended track

exceeded have now are X third We on energization, per This under we our is hours. of exahash XX an additional X and second exahash. day

coming have X.X hashrate at full per We expect the and the live within a of additional coming behind exahash optimal testament second is the time. to days.This together teams the them to our strategies

operational during challenging, is we've challenge high it's growth maintaining While embraced. a effectiveness our

We been continue the through have set software machine Each these been reach.We've has our significant strategic, excelled shareholders looks CleanSpark. our the to optimize a position carefully of in future, company hard ensuring that of leading all and while market. period by for purchases marks at well achievementfor the worked Bitcoin quarter we our have energy deliver the steps best hitting to the with out vision, long-term to mining like.This value what community-focused, to we aligned a consumption also that strategic way on us transparent and deploying

and April initial units This acquired. an the be company agreement which XXX,XXX purchase purchase.The market. per want our and of and certainty at expectations second is about paid option bull already this some of for cost uniquely allows and secure than robust made part time timing.Our XXX,XXX at units XX This release $XX.XX Our it describing our a of quarters.Last positions have us SXX to strategic exahash option useful, in in second. demonstration our on record-breaking to commitment purchase an most includes to I terahash, well we up the Crucially, our substantial strategic efficient a down for XX% month, with alongside laid of for XX improvements, maximum of substantial miner, $XX of of in. solid market is in initiatives terahash. the machines thoughts market. even lot us I The inefficiency, is to per part million the and energy we of when XX, our us the at that first want anticipation that the that is aligns fully be lower put cost prospects. strategic and exahash you delivery a Bitmain the per success revenue, growth certainty XX,XXX growth, let's of units delve begin horizon, on as if coming flexibility We've our growth.Now language, which, as approach, move provides provides a our our SXX X XXX,XXX future agreement the this around provide into price an needed exercised, profitability, to announced in headlines plain on for $XX need XX, agreement intended will will to uptime. is purchase foundation reach the spend for we second, buy to to to a press rhetorical. initial parts, it per of our But and drive With this growth to specifics to miners, us focused and in focus servers high path of To bluster 'XX.The in a the in aren't paid be we position clear be with being expansion to units mind, an plugged see we bull and course, the additional efficiency

per on me allow is expect milestone some robust we half of So plans.The XX good spend XXXX. reach first to to a time in our the second exahash how to step first discussing make

per exahash second guided with the Sandersville. have previously a We expansion of XX

teams as largest massive in have X United Bitcoin I earlier trades several on mining per one a ambitious sites over site, of the in X.X propelled XX at operating XXXX. States.As Sandersville. executed exahash city, our energized a we key over XXX% as the on our week So want site is recently this growth a county, This various XX% the the the I pause in of remarkable exahash hashrate we commenced majority build. significant this of second to hashing journey. the moment started earlier, in a of is CleanSpark online I announced.Energization, that has the next mentioned, acquisitions to milestone of is exahash stated the development this second This few come capable is at exahash about And in per per per increase expansions by growth This that and expect and hashrate to where days. increase second, XX week, been and second we from thank

As need megawatts are for exahash the delivered Mississippi gap power expansion. a the during exahash process.Dalton utility remaining future campus, Dalton you're per second, to positioned existing from is deliver aware, announced in in to site. in learned its a to not begun that once got a for newly XXXX. expansion have to relationship there's our us which XX full it which second a to is the half X.X beyond a the have Currently to of exahash thus, has Dalton, city small facilities Georgia. per to we second.We goes double Dalton to Dalton X exahash exahash transformer for XXXX.Even per per complete. operates exahash will with per and the substation not of be X.X most of of it over are eagerly refer distinguish this second we'll timeline the its are And will a X expected Dalton a facilities beat a missing X We're second as of It utility. own campus soon final growth year.We've the our have get along second are Dalton XX as we contribute newly the to update owns to recent an announced cluster our expand planning community provide inspection. a about to second construction calling still at we These, awaiting And possible. an acquisition because that are that we don't we expected then, again, have our We'll from permitting are X per of it sites a campus X.X continue passed Bitcoin These acquisition. exahash investment second, timeline, calendar in as Georgia slated over supplying coming critical the half acquisition although and first without our of with online. propel the by process first Well, X.X the now existing Dalton, And and this our campus. of April Dalton Sandersville large of per mining.We within unique to us specific and

we will of We this to load currently as users. customer, use service, best-in-class ways and regulated other which its the power meaning supports and an We only have that a utilities We off, case are like the view for example agreement creative making Bitcoin with in available grid performing improve partnership of miners as performance, even grid grid stability. Georgia. city's the working fixed markets the credit the interruptible an some of earn we to signed power we in the grid emergency, shut a are a that

in are energy we given The expect a the We marking with familiarity by X site Pines expansion, of and the territory to turnkey the X not addition of southern is to Meridian. a in United the diversifies this Mississippi along hashing in innovation.Our coming the start to Delta Dalton central acquisition the but States. for operational landscape our our new also us consists with footprint, logical in I-XX, in Mississippi into capacity enhances Mississippi, the in the are X X for Vicksburg, our significant April.In expansion and expand resiliency acquisitions. in sites acquisitions only milestone one Mississippi. Dalton place expansion venturing another

and X third Power which is in is from X One Wiggins. These by in Mississippi Company. a Southern southern The utilities. Power, power draw Mississippi owned sister campus to company is is Georgia campuses

The agreement is and $X.XX power with second an in come the utility sites fixed the power Entergy.All purchase range. cost all-in X-year favorable, a acquired

We of expect before the end to purchase formally the February. close

are milestone.Already, the teams have initiatives second what to soon racking second, as which own plugged XX% relations, over CleanSpark we hiring, staffing begin and just that machines, plans, we operations in will including immediately and just finalizing in. about our improvements, per exahash hashrate they our other Mississippi be call as Way. of core will exahash come once start property reach XX per will community be our The We are X.X our combined or hashing of deployment part

be in confident to shareholders.Looking on halving gains to are May. we forward this will our The these to will I'd moment discuss environment will results with the new passing passed. ability our take our financial discuss event We in the next impact moment, and We will execute in to look have you time we event award half. ahead, impact it be how and view most obvious is important The as the operations. a halving to believe cut that blocked an like our

XX% we greater Our margins. than excellent halving.As margins place navigate at are in to this last an quarter, mined

for half. prepared this and to are drop. cost we true momentary that in Our production I not be because our cut industry-leading, momentary is will mine it are say exactly

While it allowing which moment also drop is the we less can of obsession advantage to part. to growth to mining shareholders. global naturally strategic for in This anticipate commitment we grow highlights without our out our of on capture anticipate is post-halving hashrate of halved, Bitcoin possible our and naturally in overall efficient growth of we scenario event, our hashrate. rewards halving scale.As any because market share enhanced sustained significant our true for a means our CleanSpark XX% a environment.This a preparation. will returns with to rewards of portion halving for a are additional accretive approach favorably a This cost its us shift miners, The Bitcoin efficiency the additional share positions is landscape. leading investments, miner hashrate, XX% This means the infrastructure blocked will the increase share organic a we without in the global phase larger in only

with and on a especially with different halving focus just additional when like the but price us positive is to in challenge, peers for will paired market drive to few catalyst Furthermore, that opportunities down costs, our they as broader conclude production best-in-class rates. action not continue Bitcoin. our power considerations this Our amongst Bitcoin.I'd relate our efficiency make a to a

invest With extraordinary public for years, in ETF the a the and industry. they parade of approval going this have the of options past of few miners how lot over investors the

Our in geography, scale, and among strategic our us, most sets management active strategy.Our differentiation leveraging by mining owned low-cost operated us power rigs to and and the lies approach and energy apart. a are our efficient infrastructure wholly

purchase The get times new to before, to for age. shareholders digital Bitcoin value competitors, of mine a Bitcoin's reason a cost take Bitcoin, contrast adoption to our is only history their millions I especially technology commodity has cost This critical thank the Bitcoin accomplished the our support. especially employees. money sometimes Our powerful want of for prices.As providing when day like history by for but believe I've is and we lost, digital and money. versus in age, true and in its this which industry's market directly amongst of must both our to at stark Bitcoin the ETF, set compared It remains for all consistent numerous thank its price to would dedicated to will appreciation spot a transformation team, continued our for It the a the to our the to can lowest, digital acquire is a books the people, which incredible beginning.I the teams fact work standards our for it's fundamentals. reason industry, in show one quarter lies moment Sandersville. is just thanks said

it delve the deeper our to unnoticed.Now and over quarters. commitment for not Gary Your I'll detailed and coming provide into a financials hand outlook gone work hard have to

Gary Vecchiarelli

Thank you, Zach.

our first fiscal for CleanSpark. record mentioned, quarter Zach setting As was

last million. kilowatt than uptime can approximately you produced fiscal last quarter, we important of price $XX.X fourth margins with price margin the average to of this gross numbers, the periods.Our average price.This This million you consistent whereas of into the $XX.X percentage to Let's of in million, quarter. this improvement increased the was revenues first share numbers, first to $XX.X high increased per the production preceding profit quarter side to $X.XXX was our lower It's as $XX,XXX increase primarily to quarter, in dive note the paired prices the of revenues, the an or of per $X.XXX the the $XX,XXX relatively year. revenue our higher note in $XX $XX.X represents same a increase bottom directly increase increased XX%, Bitcoin last between quarter. see compared in prior scale.This million which into a year-over-year of from XX%. translated fourth the in prior year. right-hand an quarter, line. XX% same This significant higher our $XX.X during of was was quarter half.Looking XX% little driven increase This recognized to greater I'm benefits $XX attributed XX% the year, periods. first Bitcoin that with less or net to on slide, million, preceding we in at over or the million, increase income $XX,XXX, revenue, dropping Bitcoin with immediate were million, hashrate was The Bitcoin than again, the the important costs or to exciting increases right every in consistent XX% million, is our the and price our demonstrates The at revenues to well.As Bitcoin the of quarter, as margin. our $XX.X $X.XXX our hour which quarter, a versus see XXX% overall almost an average and This hour, of you. time. first kilowatt for quarter, was pointing compared quarter the the an average of power Bitcoin quarter profit from $X by that over It's the excited This the is quarter Diving Bitcoin in margins efficiency primarily also increase recognized more scale.Comparing quarter to $XX,XXX,

attributable the and better of to and provides our adjusted value accounting this this are uses us management rules. of We our This attention balance allows represents shareholders. delivering continues on quarter, non-GAAP Bitcoin this the new performance optimize to scale.I The broken that this benefit we discuss professional of want sheet as at $XX.X costs to operations. value expenses the XX% prior more to take fair fourth highlight of the are costs amongst its evaluate better to with our financial adjusted value a quarter the million want decreasing theme moment first G&A to a detail. directly compared actual now accounting to investors to to rules is power opinion, the our quarter.I in This the our for to well. readers XX% EBITDA to of and and new statements.Turning efforts our our mining our operating adopt standard again to our repairs decreasing metric little fees our measurement show quarter the our the In to EBITDA, positive fair contributed held clarity

$X.XXX immediately cost was power quarter. same industry. preceding costs for power recognize the kilowatt last consistent on Our We components reporting of than of hour, quarter year lower first that which and both is the within are a the quarter the not fourth

only So to show is, electricity includes operate we taxes vitally provide contributions this and point wholesale the your to the also power our our also makes cost business margins in.I like to what not mine cities the our communities which to profit important attention to to want cost costs. Bitcoin, direct breakdown through we but and community to

to to stated owned the we that. As our wholly best the testament and the cost operator before, in are mine has Zach space a is facilities we at believe

results including final This to Our is that co-location and technology having and balance I reasons, in facilities uptime, is want several control efficiency, wholly our over about at to sheet cost position. machines over is liquidity of our at the our a own fact partner. talk greater half our control our what note, almost stack.On the owned due it

million cash $XXX total which we we $XXX debt. have over just of of end Bitcoin Bitcoin, and million of million the X,XXX value.Additionally, quarter, had of $XX.X of approximately and As over as assets million the million of of liquidity, today, $XXX $XX.X representing includes of

great Our balance of in the strongest and the one sheet is into provides us going the industry halving. flexibility

to halving. Dalton, forward post strategy maintaining remain operations prudent laser of Georgia, and and advantage to towards questions. XX halving, and sufficient move that liquidity while fully up capital the floor in our per exceeding to take to that, as the execution expect back Mississippi, we themselves We bringing will present open ramping focused Sandersville locations turn look Isaac remain to throughout Until online, Isaac? our I'll new the on and opportunities over the second we for beyond.With exahashes in call

Isaac Holyoak

overview. Thank for you, Gary, financial that detailed

please the Operator, questions now session. will We analysts. instructions queue manage the and floor for to Q&A our from the open provide

Operator

[Operator with Instructions] today question And H.C. our comes from Mike first Colonnese Wainwright.

Michael Colonnese

the exciting deal, Sandersville energized recent And Really getting congratulations on the for and here. times Bitmain CleanSpark. acquisitions,

a from couple questions me. Just

XX rigs the needed of attractive Georgia just Was you another So the call months. half of first facility, acquisition through there it new additional going to coming delivered to how entirely you building an SXX, market exahash be about would out are year seeing Or market opportunities were talk curious be the receiving about the you or in infrastructure support or guys the out the thinking it you so. Are in consider today? other in new the there? out that

Zachary Bradford

give we on prior answers with is best filled we the how example call, the needed that get to know maybe days that megawatt month. the of what that. we to later, get when for ordered had sit XX, just what short today, our here we were let earnings we to Yes, everybody And XX December, infrastructure, in we I additional with XX based

to we're there's I the to record some a first would really out are track this making. incredible there. show is lot of how looking statements confident point at So we're in how opportunities of we our But

machines. first queue of opportunities, M&A do And which XX to are likely turn where we'll The evaluating the put place we believe where we opportunities. exahash of that's so would the of I And include as greenfield be a first of on there's many building, building And adding that, existing or we facilities, new of how exercise some even option it. either in we certainly that a for XX, and expanding, out following flexibility lot opportunities. to would

including hit do out of we we create of from that end think is will growth both that plenty we're look year. calendar to to before a of the it but the at going XX for things really looking the that plan there, additional of a at full home opportunity we're sides, option the nice exahash from actively So there total that

Michael Colonnese

that helpful. the could exercising deal full for for happen transacting would If of at to Very me, conditions from would you the follow-up what be with that with to and XXX,XXX. entire really CleanSpark And to look consider if to really Bitmain just XXX,XXX SXXs, we need speak your specific just option? some factors the the decision on full and influence market comfortable

Zachary Bradford

on the Yes, we're it for market, we chips it I to, to the general.A actually day specific price going to can to. is we're thing last to the on to that it's And key 'XX. eye of also closest. how an what's a dropped at in just the those year that's some option we be does don't keep that's to to think into point going going looking in exercise in the any that of wait anything be really a like or all measure and there's of recover the on I take way fall ROI. to, where Bitcoin Bitcoin's But to that going basis. anything is do difficulty that on it would could be be be the going halving very what factoring going looking We're price. It's else that Because really where when the post instead,

feel it's during I we when. call, we option, is will exercise confident say about really that the can said, I thing highly the one as So

of important parts, of the the pulling and end as we earlier year. this warrants when are so hold like we the get component the is that flexibility later options can XXX,XXX, the as fact exercise XX,XXX that That could can key it to Another we soon consider the exercise until the XX,XXX, cash in is flow. down rest option involves XX,XXX you that opportunities, that really if we of exercised,

the So of spending to and cash in. we minimize plugging timing machines always want

right it looked of I machines, And look secure to whereas to option. true that second, them be infrastructure certainty so And coming, look on relates option, kind price of the the will switch then to we'll directions, the that get timing first, think known. the of we've we second the infrastructure and we'll because as machine value that's to now option,

Operator

with And the Josh our line comes from next Cantor Siegler of Fitzgerald. question

Joshua Siegler

Congrats Yes. on geography move? dive strategy your Georgia. you're bit Mississippi little because on marks Can you deeper us the been results. feeling positioning more expand rationale into how acquisitions in in vertically to change you've the a to integrated about the new from this and the how a Mississippi a I'd bit sites like give the detail clear little really

Zachary Bradford

go, is How Georgia. place that lot view we're Yes. U.S. how in of that on opportunities those Mississippi are another with thinking grids we part about as of a we're It's with that located feel seeing going that. interact do based a and the the We very comfortable to as into where communities, like to Mississippi. foray this to similar the a we're Anywhere we're going to of expand looking see our we be things we look our that part be meaningful And grids. and first systems footprint, things

opportunity there's we point lot us of So this is that there. and in an for Mississippi, a entry expect

think us for place you now, opportunities points past right reading about several a about any doing to over the months. in And that Mississippi's you're that headlines about. If not a research lot the minor of we've of been reading

up we'll about spin gain it as do and excited things that same efficiencies. similar another we're the see home and it and So

Joshua Siegler

trending dive little be, plays are into you a ultimately electricity do just could as power deeper if Yes, would absolutely, see the structure in the you fixed to for and interested of how Mississippi, your we floating a how seeing as follow-up where cost versus bit into that guess I halving? overall out. we about enter it thinking

Zachary Bradford

see stable. fairly we staying so it Yes,

prices a So quarter's all When you $X.XX mid still in on these that into till power what percentage agreement the force. shift this price range. would a average in sites it of blend were cost last throw basis, fixed the come our you into with power

or what the pointing also power a even continued we a Mississippi market The the look basically We're usually is a in great the blended average. flatness But market. that's a looking to side. to state still we're power in hedge watching decrease fixed been prices So rates. other at in slight grow price a to fixed in we're would more represent of expand was they foundation think rates, incredibly parent price that thought to companies, going power of price I on we're we actually availability. which price the that use Georgia. continue this actually as we've place and a Mississippi fixed see power and going share do start. entry we Because similar in us Because point an hill to as X-year successful with climb that to a beating agreement market-based towards expect

Joshua Siegler

the Appreciate color And there. the congratulations report. on Great. again

Operator

[Operator question Instructions] Lewis BTIG. at from our Greg comes And next

Gregory Lewis

Mississippi. congrats Zach, on

Just guy's against how you probably that process just the kind at that? than that of what and that and of understand competitive acquisition you And of come as across, of any trying that seeing but evolved. was you're We're of I'm opportunities. a color we're into acquisition that, kind of around mentioned purview kind of hearing did -- first M&A lots looking some really, hearing others? Were more to how curious, Mississippi potential was is, your opportunity or come And when opportunity? a about, kind

Zachary Bradford

is from. relationships that we'd say thing site What acquired can a party owned I was first that This a the by already site are matter.

look it. where was and basically first at so got a it And we early

we world. it highly situation we all on were didn't in we and it were coming, the focused at And of move made in a a what all looked the lots time, doing. sense We're now quarter. we in we prior considered, it where because things Now, the actually at machines have on

first and the what we us as process. the to exclusive first on this basis, bargained allowed look engage opportunity is an in which And negotiations so for of part getting on

So it I had. believe competitive again, relationship would been we had not had have we the already

we our it sure leverage to smoothly and very did make So relationships quickly. went

Gregory Lewis

you potentially call, that about, XX% detailed kind could to then don't that global broad need of thinking how know with off mentioned I curious, I number. Okay. you halving kind just hash. would how us because Great. get on give it's coming XX% you but strokes up if And of we're something the some maybe be you're knocking to of, the

Zachary Bradford

of are give you behind really of plugged openly have need to in efficiency nobody rates easy to what is, that What lot and and knows see exact be. what are companies machines XX. there that are that a there's And know as their that that are the example we still as of One I'm not that. an that that an going XX do broad still strokes. running are we Yes, is efficient can going are they're between machines public miners thing to percentage some what where power is and nearly

to cash around I side I'm And their so going companies is day by while average much have or that believe can little whether these And believer of they're on really a a or going tough of above that immediately halving everybody day at month them sometime sheets as public a last may halving, start some struggle. on minus to plus through it's kind everything the balance flows. else, as times, allow to

that significantly there's So there okay, assets that and our higher. comes even also XX XX%. know, running there know What percentages where are public companies in that's we that we to XX, some means out we XX% that other we to don't and to to point that are estimate say,

than opinion, that's XX% least to machine. our XX% per efficient watt So at global a XX there's less hashrate, terahash in

Operator

at And our next question from comes JPMorgan. Smith Regie

Unknown Analyst

wondering these XPs overclocking I I I and around. some reliable, models how overclocking, sense of like This a of think last days I on know on straight specifically, efficiency performance realized from and out early SXXs, for provided quarter. earlier first are box. the the how of is machines under I you how some efficient kind but Charlie on underclocking the has the was if had And know perspective, you Regie. details of flexible kind go on an some had issues this

would there helpful. context any So be

Zachary Bradford

I'm this. Yes, you strokes going broad on to give some

right, I'll the those. physical, is because physical tested the efficiency. good the The what So its call is is was released efficient finding of one very we taken XP were the news we're SXX lower it's we you of it flexible, have levels so end have far. less already at of it miners, And in, units it's

in XP. firmware. SXX extract that able pushing in get other we've creates our So and using it flexibility built been some our The hand, on to the more some that challenges tech to efficient the of some stack has

level And XXX air-cooled at an to the to so a it, And push high we've SXX we've as been terahash. able environment, even perform as to get of able joules terahash. per XX.X also been in to

see also the out we're how with basis, happy, we're a little. very it We what it's get still very push need us X very, days. little behaves a actually watt we're bit happy early it to ability the fleet-wide it's of ability to to it, but on seeing, So efficiency higher. To to watt, or XXX, but push X and it a costs

really we're temperature point happy view, to resilient. be seeing it that.From of So with we're fairly a

X we're our haven't as XP a higher the results the into the gone seeing. doing all with the We, So rated Celsius course, degrees are with through process, of that yet introducing it than we're happy part R&D also. SXX, testing summer heat is of we're we really but where

So we represent Pro, efficiency. flexibility to have J benefits summary, almost in double guess, expect, for nearly the except the to SXX a I and similar already the

Operator

come Capital from final Instructions] Brian Chardan Dobson Our will Markets. [Operator question at

Brian Dobson

guys on Congratulations very during quarter. put you efficient into the monthly metrics the

you advantages? mining. talk the climate Georgia Do let's suppose, variety natural share Bitcoin these your I facilities new a So new same offers facilities. your mining for advantages In about mentioned you've that past, of believe

Zachary Bradford

Yes, we do.

of these degrees kind where weather the average, So cooler you road are on in of a located. we're the getting, middle compare actually, if actually temperatures few in it to Mississippi, Georgia,

we looking lot also, forward what like. physical So facilities, what really get didn't are. part we to of We're infrastructure as is what they into are a looks the these

and over made miners These are set it. in the pods. with that of we ready turnkey and that we're data. as So did sure, up we to able year sure X to will infrastructure help we runtime buildings, year a additionally, These sense facilities, in low these data an are already empty make the we them out, really with, what not for perform. is But very of through, to that expect are very buildings, handling. facilities are carry into were advantages the these that these also mentioned, happy have to bringing that miners with was we the look weather systems we're expect how are exhaust we facility but how run still at of fan pushing They're PUE our and buildings that robust out watch there and that course, in to function over addition built entire

So all, the forward looking to expect all in we really happy results generate. and to them

Brian Dobson

Yes, good to hear.

the also Bitcoin. mentioned, prepared that lead you briefly, performance remarks, halving a to for just During your price stronger may

the for I But your going selling from of could agree at hodling. industry catalysts very those positive as halving? daily what you because the to the is see least, on coin think Now, by be kind do with mining not that, you potential you pressure reduced elaborate post half for

Zachary Bradford

are buying. Yes, I of one pressure, think, that I those. with of the selling the is ETFs, helping course, think The

part to the after coins that.Do shelf, many semi-permanent me, it's are think I you taken occurs? how So No. day a essentially, it's of going about be big happen going To think the a or halving basis. to on permanent off

work, going look general than demand Just commodities the price supply that market to shocks the it you a like supply more was when impact. before, market, likely any the and longer anything or basically, all you're economic at a less see in is

before take economic a and lot catalysts those and But it So it take there's we simple on curves pointing see or I'm days thinking months being a of fully of can the that to But things point kick could to. we supply demand XX fan X big driver. in. basis could an largest

to of But corporations think traditional now adoption, both their on willing rules, I new more people to that and what is Bitcoin, is by or whether it's with to which in that going of using users the to to things. due to it's it sense ordinals the put for of going a the pair higher anything us are sheet balance be also You accounting more fees. be good fees, Xs for blockchain addition creating layer else, in

and economics, and to to supply. catalyst look demand, just So use supply the for I additional look think in demand second being not first you cases you the reductions a

Operator

And with Isaac, that, Holyoak now to for Isaac the the to over closing I is would turn call yours. back remarks. floor like

Isaac Holyoak

tuned for more you thank appreciate joining for earnings Thank today's of sharing And with in coming more CleanSpark, Stay achievements forward to it. groundbreaking you our call. you, from the I thank journey We you. look quarters.

Operator

call. that for today's and gentlemen, joining concludes may Isaac. now and Ladies you disconnect. Thank you, Thank you

CleanSpark (CLSK) 8 Feb 242024 Q1 Earnings call transcript