CleanSpark Inc (NASDAQ:CLSK) has reported that its executed microgrid sales contracts have increased by 220% since February 12, 2021, to more than $23.5 million as of April 18.
The company also said it produced more than 144 Bitcoins during the quarter that ended on March 31, while mining a total of 205 Bitcoins since acquiring its cryptocurrency operations on December 10.
“From having 95% non-carbon-based electricity powering our mining operations, to our rapidly-growing partnership program, it's clear that our focus on an ESG-centered approach to growth continues to be validated,” CleanSpark executive chairman Matthew Schultz said in a statement.
READ: CleanSpark has software that helps companies become more energy efficient and mines bitcoin
Schultz added: “Global events, from the recent power disruptions, taking Chinese BTC mining offline, to the massive, sustained outages in our own country have resulted in a significant increase in inquiries surrounding our microgrid and energy offerings as residential, industrial and commercial customers recognize the fragile state of the current power distribution model.
“Our recent financing transactions have positioned the company to continue to make strategic, accretive moves, and we look forward to sharing the results with our shareholders.”
The company noted that the majority of its executed contract backlog, valued at about $14.3 million, relates to its residential microgrid and energy storage initiatives, which are expected to be completed over the next 12 months or less.
As well, CleanSpark said it is holding more than 143 Bitcoins on its balance sheet as of April 18, all of which have been produced by its mining operations.
It added that its total hashrate capacity is expected to increase to over 1.1 exahashes (EH) per second by August 2021 and exceed 3.2 EH by September 2022, which at current difficulty rates would result in Bitcoin production increasing by about one additional Bitcoin per day every month.
CleanSpark, which is based in Bountiful, Utah, has developed software to help companies and homes become more energy-efficient, and is also now big in Bitcoin mining.
The company designs and builds microgrids while providing engineering, consulting and turn-key implementation services. It also offers software for energy monitoring and system controls.
CleanSpark's software - mPluse and mVSO (Microgrid Value Stream Optimizer) - enables a microgrid to be scaled to the user's specific needs and can be used by agricultural, commercial, industrial enterprises as well as the military and municipal governments, and residential users.
Contact Sean at sean@proactiveinvestors.com