CleanSpark lowered its hashrate forecast for 2023

  • Ultramining.com
  • 23:01 Dec 15, 2022
  • 211
CleanSpark lowered its hashrate forecast for 2023

Major BTC miner CleanSpark lowered its hashrate forecast for next year to 16 Eh/s instead of the previously planned 22.4 Eh/s. According to preliminary information, this is due to delays in capacity ramp-up by infrastructure partner Lancium. 

CleanSpark CEO Zach Branford talked about the difficulties the partner company has faced:

We were recently notified by Lancium that there were capital constraints that prevented us from meeting our commitments in full. 

However, that didn't stop the miner from reaching its annualized projections of 5 Eh/s and setting a target of 6 Eh/s at the end of December. Lancium was supposed to provide 50 mW in December and another 150 mW in the spring. However, based on market conditions, the timeline will move to late 2023 and beyond. 

CleanSpark has purchased several thousand pieces of equipment and two competitor sites in recent months. According to CFO Gary A. Vecchiarelli, the company does not have much leverage on its balance sheet:

For members of the mining industry, the debt markets are currently closed. However, our balance sheet and financial position allow us to negotiate positively with creditors. 

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