Jim McIlree

Jim McIlree asked if Sandersville is the only existing mining site identified for critical IT applications or the first of many. He also inquired if the switch from mining to AI at Sandersville could occur before the Sealy facility is energized, and whether CleanSpark would need to sell all its Bitcoin production to cover increased expenses given recent Bitcoin prices.

Answer

Matt Schultz, Chairman and CEO of CleanSpark, confirmed Sandersville is the first, with other Metro Atlanta and Tennessee sites also in high demand for AI. He explained that new AI construction would happen on adjacent land at Sandersville while mining continues, allowing a 'flip the switch' when ready, potentially before Sealy's 2027 energization. Schultz stated CleanSpark would not need to sell all Bitcoin production, citing 50-55% gross margins, a healthy cash stack, and $400 million in Bitcoin-backed credit, emphasizing a hybrid approach and the company's fleet efficiency advantage.

Jim McIlree asked if Sandersville is the only existing mining site identified for critical IT applications or the first of many, and if the transition from mining to AI at Sandersville could occur before the Sealy facility is energized. He also inquired if increased expenses and recent Bitcoin prices would necessitate selling the entirety of CleanSpark's Bitcoin production to cover costs.

Answer

Chairman and CEO Matt Schultz confirmed Sandersville is the first, with other Metro Atlanta sites and some Tennessee locations also in high demand for HPC/AI. He explained that Sandersville has adjacent land for new construction, allowing for parallel mining and a rapid 'flip the switch' transition to compute, potentially before Sealy is energized. Regarding Bitcoin sales, Mr. Schultz stated 'not at all,' citing 6,700 Bitcoin generated monthly at 50-55% gross margin, a healthy cash stack from the $1.15 billion bond, and $400 million in Bitcoin-backed credit facilities, indicating a hybrid approach rather than selling the entire stack.