<a href="https://www.cryptoknowmics.com/news/bitcoin-mining-cleanspark-to-buy-mawsons-georgia-mining-facility">CleanSpark</a> (CLSK), a bitcoin miner, <a href="https://www.sec.gov/Archives/edgar/data/827876/000095017022026534/clsk-ex99_1.htm" target="_blank" rel="nofollow noopener">reduced</a> its prediction for year-end processing power or hashrate in 2023 from 22.4 exahashes per second (EH/s) to 16 EH/s due to complications in one of its collaborators, Lancium, completing a mining facility.
<h2>CleanSpark Brings About Reduction in its Hashrate</h2>
Earlier this year, CleanSpark signed a cooperation agreement with energy technology firm Lancium for the first 200 megawatts (MW) of power capacity in west <a href="https://www.cryptoknowmics.com/news/ed-texas-launches-investigation-into-crypto-money-laundering">Texas</a>, or 6.6 EH/s of hashrate, with an opportunity for an incremental 300MW in the future.

According to a statement, Lancium told CleanSpark that financial limitations have made it difficult for the company to fulfill its obligations. The <a href="https://www.cryptoknowmics.com/news/shares-of-bitcoin-miner-argo-blockchain-banned-in-uk-and-us">miner</a> decreased its projection since the anticipated completion deadlines have been pushed out to late 2023 or perhaps later.
<h2>Negative Impact of Crypto Winter</h2>
Due to the collapse in the price of <a href="https://www.cryptoknowmics.com/news/binances-bitcoin-reserves-are-overcollateralized-report">bitcoin</a>, which eliminated their earnings, the current <a href="https://www.cryptoknowmics.com/news/dubai-based-exchange-bybit-to-execute-30-staff-layoffs">crypto winter</a> has had a negative impact on cryptocurrency miners. Their costs have increased as a result of the rising cost of electricity.

In addition to lowering its forecast, CleanSpark reported that its fourth-quarter sales increased by 235% compared to the same time frame last year. According to the company's statement, its net loss increased by 683% year over year, mostly because of the depreciation of goodwill and bitcoin holdings as well as non-cash liabilities from changing equity instruments.
<h2>Fall in Shares</h2>
In after-hours trading on Wednesday, shares of the miner decreased by around 2% as the bitcoin price marginally increased. In comparison to other miners like <a href="https://www.cryptoknowmics.com/news/bitcoin-miner-core-scientific-to-become-bankrupt-by-end-of-2022">Core Scientific (CORZ)</a> and <a href="https://www.cryptoknowmics.com/news/marathon-announces-80m-exposure-to-bankrupt-mining-firm">Marathon Digital (MARA)</a>, whose shares have fallen over 80% this year, CleanSpark's shares have performed marginally better, down roughly 76% this year.

CleanSpark Reduces 2023 Hashrate Forecast by Approximately 30%

CleanSpark reduced its prediction for year-end processing power or hashrate in 2023 from 22.4 exahashes per second (EH/s) to 16 EH/s due to complications.

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CleanSpark Reduces 2023 Hashrate Forecast by Approximately 30%

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