Importantly, we see these headwinds as cyclical. We anticipated the potential for market volatility and have built these market risks into our operating model. Markets rise and fall, but block creation continues like clockwork, releasing into the world every 10 minutes another batch of Bitcoin, themselves the result of hundreds of thousands of miners, securing transactions on the most important network to emerge since the Internet’s first notes came online in the second half of the last century.īitcoin is the next stage in the evolution of Internet and money and CleanSpark is proud to be part of it. We believe that Bitcoin is extremely undervalued at current prices and we continue to see it as one of the most valuable and sustainable assets in the world, both in terms of its social utility and the economic rewards it promises. All companies building the new economy faced serious headwinds last quarter, as macro conditions and irresponsible financial decisions of a few bad actors reverberated through our ecosystem. While we have mined more Bitcoin than ever before, our reported revenues were lower, because the price of Bitcoin was lower. Our growth in Georgia is a testament to the teams we have assembled at CleanSpark and within the communities we operate in. We enjoy the strong support of the business and civic community. Georgia is a wonderful place to live and work. With the significant operational progress we are seeing in our state-of-the-art emerging pool facility in Norcross, Georgia, and the newest site we announced this morning, we expect our growth to continue, and with that growth, the amount of Bitcoin we mine. Last year at this time, we were just under 1 exahash. In terms of hash rate, we started the quarter with 2.3 exahash, and as of this call, our hash rate is 2.9 exahash, representing a 26% increase in our hash rate. In fact, we had our most productive quarter ever in terms of Bitcoin mined, minting 964 Bitcoin, which is a 7% increase over the previous quarter and a 400% increase over the same prior year quarter. We were also the fourth highest for the quarter as a whole. I am pleased to report that when compared to all public Bitcoin mining companies that we track, CleanSpark finished the quarter by mining the fourth highest amount of Bitcoin of any public miner in the month of June. The CleanSpark team spent our third quarter executing on the vision we set out at the beginning of this calendar year, to be a top five Bitcoin miner. Good afternoon and thank you for joining our call. Now it is 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 am 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. And thank you for joining us today for CleanSpark’s third quarter fiscal year 2022 financial results call. Īt this time, I’d like to turn the floor over to Isaac Holyoak, Chief Communications Officer. After the speakers’ remarks there will be a question-and-answer session. All lines have been placed on mute to prevent any background noise. At this time, I’d like to welcome everyone to the CleanSpark Fiscal Year 2022 Q3 Earnings Call. My name is David, and I will be your conference operator today. Gary Vecchiarelli - Chief Financial Officer Isaac Holyoak - Chief Communications Officer ( NASDAQ: CLSK) Q3 2022 Earnings Conference Call Aug4:30 PM ET
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