#1Investor Presentation February 2024 CleanSpark NASDAQ: CLSK All Rights Reserved. Copyright 2024 CleanSpark#2Disclaimer CleanSpark cautions you that statements in this presentation that are not a description of historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on CleanSpark's current beliefs and expectations. The inclusion of forward-looking statements should not be regarded as a representation by CleanSpark that any of our plans will be achieved. Actual results may differ from those set forth in this presentation due to the risk and uncertainties inherent in our business, including, without limitation: known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: the success of its bitcoin mining activities; the volatility of bitcoin value and energy prices; disruptions in the crypto asset markets; market perception of the Company's business and the crypto asset markets generally; the timely completion of mining facilities or expansions thereof; recognizing the full benefits of immersion cooling; increasing difficulty rates for bitcoin mining; future hashrate growth; bitcoin halving; new or additional governmental regulation; the anticipated delivery dates of new miners; the ability to successfully deploy new miners; the dependency on utility rate structures and government incentive programs; dependency on third-party power providers for expansion efforts and power rates; the risk that future revenue growth may not be realized; and other risks described in the Company's prior press releases and in its filings with the Securities and Exchange Commission (SEC), including under the heading "Risk Factors" in the Company's most recent Annual Report on Form 10-K and any subsequent filings with the SEC. The forward-looking statements in this presentation are based upon information available to us as of the date it is given, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. This presentation also contains aspirational statements regarding our efforts to source renewable and clean energy. Our sustainable energy strategy includes the use of renewable energy certificates as well as other strategies and efforts we may employ from time to time to mitigate or change our energy mix. Our sustainable energy strategy is at least in part dependent on the ability of certain third parties with which we contract to supply renewable and clean energy, and we do not control or independently review or audit their efforts or data. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this presentation to reflect events or circumstances after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.. NASDAQ: CLSK All Rights Reserved. Copyright 2024 CleanSpark 2#3CleanSpark is America's Bitcoin Miner™ 106,000 Miners deployed Transformational Infrastructure & Path to 50 EH/s ~215,000 Miners at full deployment¹ Industry-leading operational track record ~315,000 At exercise of option² $74M Revenue FQ1-24 12.5 EH/s Deployed hashrate4 ~32 EH/s After full deployment¹ ~50 EH/s At exercise of option² 5 Owned & operated data centers 1. Includes recent purchase of 12 EH/s of S21s. 2. Includes call option to purchase 100,000 S21s at a fixed price of $16 per terahash. 3. As of February 8, 2024. 4. As of February 8, 2024. NASDAQ: CLSK (f) B Exceptionally strong balance sheet -$74M Cash balance³ 61% BTC mining gross margin FQ1-24 3,573 BTC/~$150M Bitcoin Held³ 2,019 Bitcoin Mined FQ1-24 $14.5M Total debt All Rights Reserved. Copyright 2024 CleanSpark | 3#4With a Proven Track Record of Strategic Growth Proven Track Record of Growth 165% YOY Revenue Growth1 Market- driven Strategies 1.5¢ Power rates as low as³ 1. From December 31, 2022, to December 31, 2023 22 2. From December 31, 2022, to December 31, 2023 3. FY2023 wholesale low. Q1-24 all-in power rate at wholly-owned and operated facilities is 4.4 cents. Purchased direct from Bitmain Fall 2023. 4. NASDAQ: CLSK All Rights Reserved. 63% YOY Hashrate Growth² $14/TH Purchased S21s at historic lows4 Copyright 2024 CleanSpark | 4#5Price per Bitcoin A Track Record of Never Letting a Bear Market Go to Waste $70,000 $60,000 $50,000 B $40,000 $30,000 $20,000 $10,000 FIRST BITCOIN MINED December 2020 S- 1,000TH BITCOIN MINED October 2021 1 EH/S September 2021 2 EH/S January 2022 4 EH/S September 2022 PURCHASED 10,000 S19J PRO MINERS September 2022 PURCHASED 20,000 S19J PRO+ MINERS February 2023 5 EH/S & ACQUIRED NEW SANDERSVILLE, GA, FACILITY FROM MAWSON, INC October 2022 ACQUIRED NEW DALTON, GA, FACILITY FROM MAKERSTAR June 2023 PURCHASED 12,500 ANTMINER S19 XP MINERS June 2023 8 EH/S ACQUIRED 4.4 EH/S OF NEW ANTMINER S21 MINERS October 2023 July 2023 10 EH/S October 2023 ACQUIRED FIRST BTC MINING FACILITY IN COLLEGE PARK, GEORGIA December 2020 ACQUIRED NEW 20 MW IMMERSION-COOLED FACILITY December 2021 *EH/S = Exahash per second NASDAQ: CLSK 2020 2021 All Rights Reserved. 3 EH/S August 2022 6 EH/S December 2022 ACQUIRED FACILITY IN WASHINGTON, GA, FROM WAHA TECHNOLOGIES August 2022 2022 PURCHASED 45,000 ANTMINER S19 XP MINERS April 2023 PATH TO 50 EH/S ANNOUNCED January 2024 RELEASED ESG AND CORPORATE RESPONSIBILITY REPORT March 2023 2023 2024 Copyright 2024 CleanSpark | 5#6A Track Record of Pragmatically Growing our Bitcoin Balance Price Per Bitcoin NASDAQ: CLSK $80,000 $70,000 Bitcoin is a strategic part of our capital strategy. We are bullish on bitcoin and believe it plays an important role in our growth plans. $60,000 $50,000 $40,000 $30,000 $20,000 $10,000 HODL vs BTC Price $- Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 BTC HODL Balance BTC Price All Rights Reserved. 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 Bitcoins in Treasury Copyright 2024 CleanSpark | 6#7A Track Record of Being a Top Bitcoin Producer Hashrate (EH/s) 14 12 10 00 8 6 4. 660B Now over 10 EH/s! 2500 2,019B 1,872B 1,877B 2000 1,624B 1,530ẞ 10.1 9.6 1500 1,227B 964B 889B 6.6 6.7 6.2 1000 4.1 2.8 2 2.3 1.7 NASDAQ: CLSK 500 0 Q1 FY2022 Q2 FY2022 Q3 FY2022 Q4 FY2022 Q1 FY2023 Forecasted Hashrate Q2 FY2023 Hashrate Q3 FY2023 Total Bitcoin Mined Q4 FY2023 Q1 FY2024 BEGINNING OF FISCAL YEAR 2023 42,000+ Operational Miners 4.2 January 31, 2024 EH/s ~89,237 Operational Miners 10+ EH/s All Rights Reserved. Quarterly Bitcoin Mined Copyright 2024 CleanSpark | 7#8Projected Path to 50 EH/s 32 EH/s ~50 EH/S 20 12 12 20 EH/S 2.4 2.4 2.4 1.6 1.6 1.6 12.5 EH/s 3.5 3.5 3.5 10 EH/s 1 12/31/23 Current 1. Includes partial expansion of Sandersville as of February 8, 2024. 12.5 12.5 CleanSpark ■S21-Option ■S21-Purchased ■Mississippi ■Dalton ■Sandersville Expansion Exisiting Hashrate- 50 Path to 50 12.5 2 3 1H2024 2H2024 2025 2. Includes infrastructure and newly purchased sites in Mississippi, Dalton, and full expansion of Sandersville and Dalton. 3. Includes 60K of the purchased S21s; requires additional infrastructure to support. 4. Includes call option to purchase an additional 100K S21s; requires additional infrastructure to support. NASDAQ: CLSK All Rights Reserved. Copyright 2024 CleanSpark | 8#9Bitcoin is a Superior Form of Money Durable Divisible х Fungible B Gold (m B Bitcoin COD Fiat Currency × NASDAQ: CLSK × > > ✓ Portable Verifiable Scarce < x × Track Record × × While all are physically durable, fiat currency over history has not maintained purchasing power durability. Physical gold is only divisible into small pieces; Bitcoin is divisible to eight decimals. Gold and bitcoin are fungible, but fiat currency is not fungible with oth er fiat (US Dollar is not fungible with the Canadian Dollar). Gold has a high value-to- weight ratio, but it is still heavy and cumbersome to transport compared to the others. Both gold and fiat currency have been counterfeited; Gold can be verified but only through cumbersome assay. Gold is scarce, bitcoin is scarce and finite; The only constraint on fiat currency is willingness of government or central bank. Gold has the longest track record of money and maintaining purchasing power; Bitcoin's history is the shortest; Fiat currency has a poor track record. All Rights Reserved. Source: Bitcoin First, Fidelity Digital Assets, 2022 Copyright 2024 CleanSpark | 9#10Best Operators in the Industry NASDAQ: CLSK Leading efficiency Proprietary infrastructure 050 100 (10200 Extraordinary people America's Bitcoin Miner Energy expertise Massive scale 0 All Rights Reserved. Copyright 2024#11Leaders in Efficiency Efficiency of Fleet: We mine more bitcoin with less power • Current fleet efficiency: 26 J/TH¹ • Expected fleet efficiency at 20 EH/s: 23 J/TH² Efficiency of Operations: We operate our own facilities . • Highest hashrate realization in the industry at scale³ Maximum flexibility and industry-leading margins Efficiency of Capital: Faster ROI for shareholders. We are one of the most efficient operators in the industry • Build, buy rigs, and deploy as quickly as possible • Identify market trends to acquire latest-gen ASICS at industry-setting prices 1. February 8, 2024. 2. Based on expected upgrades and optimization. 3. TheMinerMag, August 2023 NASDAQ: CLSK All Rights Reserved. Copyright 2024 CleanSpark | 11#12Building Proprietary Infrastructure "Owning our infrastructure makes us more efficient, predictable, and reliable. This strategy has made us one of the top operators in the industry." NASDAQ: CLSK Predictability Efficiency Zach Bradford, CEO We own 3.2 million sq. ft. of real estate and infrastructure adjacent to energy resources, putting us in control of our destiny. All Rights Reserved. Reliability Owned & Operated 83% Co-Located 17% As of December 31, 2023 Copyright 2024 CleanSpark | 12#13Best-in-Class Teams Best Mining Technicians: We have a team of experts who deeply understand Bitcoin technology with extensive knowledge of mining equipment, safety protocols, and the latest technological advancements in the field. Best Repair Teams: They are the heartbeat of our mining operations. Our team is dedicated to optimizing, refurbishing, and maximizing the efficiency of our rigs. We've saved hundreds of thousands of dollars with in-house repairs. Best Site Leaders: Our site leaders have an unwavering commitment to staying ahead of the curve. They leverage cutting-edge technologies and adapt strategies to ensure we're always at the forefront of the mining landscape. Best Corporate Support: It's not just about technology - it's about people. Our leaders foster a culture of collaboration, empowerment, and continuous learning. They inspire and motivate our teams to reach new heights, turning challenges into opportunities and obstacles into stepping stones. Best Management Teams: Our management team isn't just experts - they're visionaries. With years of hands-on experience and a deep understanding of the intricacies of Bitcoin mining, they're the driving force behind our operation's efficiency, innovation, and profitability. NASDAQ: CLSK All Rights Reserved. CleanSpark Copyright 2024 CleanSpark | 13#14Our Energy Expertise Drives Sophisticated Power Management NASDAQ: CLSK FY2024 Q1 Power Cost Per kWh "By running at max operating power when electricity costs are lowest, and optimizing when electricity costs are higher, we have been able to achieve some of the best margins in the industry, all while maintaining one of the highest realized hashrates in North America." 14% 11% 7% 0 ■Wholesale Electricity $0.030 ■Transmission & Distribution $0.006 ■Profit Margin to City $0.005 Taxes 68% Total $0.003 $0.044 Gary Vecchiarelli, CFO All Rights Reserved. Copyright 2024 CleanSpark | 14#15Bitcoin Mining Data Centers Dalton, Georgia .8 EH/s Norcross, Georgia .5 EH/s Washington, Georgia 3.2 EH/S Sandersville, Georgia College Park, Georgia 4.9 EH/s1 1.5 EH/s *Hashrate as of February 8, 2024. 1. Currently undergoing expansion to 8.4 EH/s. NASDAQ: CLSK Massena, New York 1.6 EH/s All Rights Reserved. Copyright 2024 CleanSpark | 15#16Hardware and Software Optimizations Current* 12.5 EH/s 26 J/TH Average Fleet Efficiency *As of February 8, 2024. NASDAQ: CLSK S21 Deployment 20 EH/s 23 J/TH Average Fleet Efficiency All Rights Reserved. Copyright 2024 CleanSpark | 16#17Georgia: A Great State to Mine Bitcoin Legend B G B CleanSpark Bitcoin Mining Facility B GT Nuclear Power Plant B University of Georgia Georgia Institute of Technology Emory University Morehouse College Spelman College Dalton State College Morris Brown College NASDAQ: CLSK B All Rights Reserved. Why We Love Georgia: % Best State for Business 9 years in a row - Area Development, 2022 Competitive Fiscal and Tax Structure Ranked 8 for corporate tax climate - Tax Foundation, 2023 Educated and Growing Workforce McKinsey Global Institute Analysis, 2022 Temperate Climate National Weather Service, 2023 4 Abundant, Affordable Energy North American Electric Reliability Council, 2023 Copyright 2024 CleanSpark | 17#18Mississippi: The Newest Addition to CleanSpark Vicksburg, Mississippi .2 EH/s Meridian, Mississippi 1.4 EH/s MICKSBURG *Expected hashrate after closing; includes deployment of S21s. NASDAQ: CLSK Wiggins, Mississippi .8 EH/S Copyright 2024 CleanSpark | 18#19Community Impact . • • • • • $145+ million in capital commitments over five years in Gwinnett county $2.5+ million in local sales tax across Georgia (FYTD) Supporting renewable generation with Georgia's Flex REC program Chamber Memberships: Georgia, Washington-Wilkes, Washington, Las Vegas, Henderson, Chamber of Digital Commerce, Dalton Community Days at our facilities Support through volunteering, and tens of thousands of dollars in donations and sponsorships for community events and initiatives Full scholarships for five Gwinnett Tech computer science students Walking trail and benches for College Park nature area NASDAQ: CLSK YETI All Rights Reserved. Copyright 2024 CleanSpark | 19#20Our Facilities* Facility Hashrate No. of Machines MW Uptime Square Footage Utility Provider College Park 1.5 EH/s 12,022 38 99.91% 261,360 MEAG/Georgia Power Norcross 0.5 EH/s 4,289 17.7 99.73% 317,988 Georgia Power Washington 3.2 EH/S 25,840 82 99.68% 1,176,120 MEAG Sandersville 4.9 EH/s1 24,604 172 98.29% 1,437,480 MEAG Dalton 0.8 EH/s 6,114 20 20 99.81% 87,120 Dalton Utilities Co-location 1.6 EH/s 16,368 50 50 99.02% N/A NYISO Total 12.5 89,237 379.7 99.25% 3,280,068 *As of February 8, 2024 1. Currently undergoing expansion to 8.4 EH/s. NASDAQ: CLSK All Rights Reserved. Copyright 2024 CleanSpark | 20#21Investment Highlights Infrastructure First NASDAQ: CLSK Operational Leader Realized Hashrate of Bitcoin Mining Companies ။ HUT8 WULF HIVE _ SDIG BTBT ARBK DG HI DMG Source: The Miner Mag 1/31/24, CLSK data as of 2/7/24 MARA CORZ CLSK RIOT BTDR CIFR BITF IREN ■Owned & Operated 83% ■ Co-Located 17% 15 25050 10 As of December 31, 2023 Efficiency 26 J/Th Regional Expertise (Georgia) As of February 8, 2024 All Rights Reserved. III Clean Balance Sheet, Low Leverage Total Assets $862.7m Total Debt $14.5m December 31, 2023 Profitable Operations Net Income $25.9M Adjusted EBITDA $69.1M Quarter ended December 31, 2023 Copyright 2024 CleanSpark | 21#22Appendix CleanSpark NASDAQ: CLSK All Rights Reserved. Copyright 2024 CleanSpark | 22#23Glossary Word Definition EBITDA EH/s FY Hashrate Realization HODL J/TH KWh Abbreviation for earnings before interest, taxes, depreciation, and amortization; is a widely-used, non-GAAP measure of a company's financial health. Abbreviation for exahashes per second; a measurement of hashrate. An exahash is equivalent to 1 quintillion hashes per second. Abbreviation for fiscal year; refers to the budget year used for accounting purposes (October 1, 2022, through September 30, 2023). Expressed as a percentage of a company's stated hashrate and calculated based on how much bitcoin a company is expected to produce. Hold on for dear life; slang description for the strategy of not selling Bitcoin despite market volatility. Abbreviation for Joules per Terahash; used to describe a bitcoin mining fleet's efficiency using its energy-to-hashrate ratio. Abbreviation for kilowatt-hour; a measurement based on the amount of energy it takes to run a 1,000-watt appliance for 1 hour. MW Abbreviation for megawatt; an energy measurement equivalent to 1 million watts. MRQ Abbreviation for most recent quarter; refers to the fiscal quarter that most recently ended. Uptime¹ Percentage of time a miner is operational is often used interchangeably with hashrate realization. 1. Uptime referenced throughout this presentation refers to the time period of January 1, 2024 - January 31, 2024. NASDAQ: CLSK All Rights Reserved. Copyright 2024 CleanSpark | 23#24Leaders of Teams and Industries Natasha Betancourt Chief of Staff NASDAQ: CLSK Taylor Monnig SVP, Mining Isaac Holyoak Chief Communications Officer Gary A. Vecchiarelli Chief Financial Officer Zach Bradford CEO & President S. Matthew Schultz Executive Chairman All Rights Reserved. Scott Garrison SVP, Growth Joni McMillan VP, Organizational Development Bradley Audiss VP, Operations Copyright 2024 CleanSpark | 24#25Other Resources B What is Bitcoin? ESG & Corporate Responsibility Report 2024 肉 Facility Locations NASDAQ: CLSK All Rights Reserved. Copyright 2024 CleanSpark | 25#26Bitcoin & Traditional Assets ROI Source: Creative Planning Bitcoin Gold NASDAQ 100 S&P 500 2014 -58% -2% 19% 14% 2015 35% -11% 10% 1% 2016 125% 8% 7% 12% 2017 1331% 13% 33% 22% 2018 -73% -2% 0% -4% 2019 95% 18% 39% 3% 2020 301% 25% 49% 18% 2021 66% -4% 27% 29% 2022 -66% -1% -33% -18% 2023 127% 11% 36% 18% 2024 YTD 154% 13% 54% 26% 2014-24 Annualized 50% 5% 18% 10% NASDAQ: CLSK All Rights Reserved. Copyright 2024 CleanSpark | 26#27Income Statement FY2024 Q1 ($ in thousands, except per value and share amounts) Revenue, net Bitcoin mining revenue, net Other services revenue Total revenue, net Costs and expenses Cost of revenues (exclusive of depreciation and amortization shown below) Professional fees Payroll expenses General and administrative expenses Loss on disposal of assets Gain on fair value of bitcoin, net Other impairment expense (related to bitcoin) Realized loss on sale of bitcoin Depreciation and amortization Total costs and expenses Income (loss) from operations Change in fair value of contingent consideration Unrealized loss on derivative security Interest income Interest expense NASDAQ: CLSK Total other (expense) income All Rights Reserved. $ Q1-24 December 31, 2023 73,786 $ 73,786 28,896 1,572 15,321 5,003 677 (36,041) 29,847 $ 45,275 28,511 (1,243) 586 (546) (1,203) Copyright 2024 CleanSpark | 27#28Income Statement FY2024 Q1 (cont'd) ($ in thousands, except per value and share amounts) Income (loss) before income tax expense Income tax expense Income (loss) from continuing operations Discontinued operations Income from discontinued operations Income tax expense Income from discontinued operations Net income (loss) Preferred stock dividends Other comprehensive income Total comprehensive income (loss) attributable to common shareholders Income (loss) from continuing operations per common share - basic Weighted average common shares outstanding - basic Income (loss) from continuing operations per common share - diluted Weighted average common shares outstanding - diluted Adjusted EBITDA calculation: Net income (loss) Depreciation and amortization Share-based compensation expense Unrealized loss of derivative security Interest income Interest expense Loss on disposal of assets Income tax expense Other¹ Non-GAAP adjusted EBITDA * Q1-24 December 31, 2023 $ 27,308 1,399 25,909 $ $ $ 25,909 579 29 $ 25,359 $ 0.14 178,809,264 $ 0.14 180,783,535 $ 25,909 29,847 9,953 1,243 (586) 546 677 1,399 102 $ 69,090 1 Represents legal fees related to litigation & settlement related expenses and financing & business development transactions * We have not excluded our net gain on fair value off bitcoin ($36,041 in the quarter ended December 31, 2023), which we now record in our statement of operations as provided in of ASC 350-60, as discussed elsewhere in this Form 10-Q. NASDAQ: CLSK All Rights Reserved. Copyright 2024 CleanSpark | 28#29Income Statement FY2024 Q1 ($ in thousands, except per value and share amounts) Revenue, net Bitcoin mining revenue, net Other services revenue Total revenue, net Costs and expenses Cost of revenues (exclusive of depreciation and amortization shown below) Professional fees Payroll expenses General and administrative expenses Loss on disposal of assets Other impairment expense (related to bitcoin) Realized (gain) loss on sale of bitcoin Depreciation and amortization Total costs and expenses Loss from operations Q1-23 December 31, 2022 Q2-23 March 31, 2023 Q3-23 June 30, 2023 Q4-23 September 30, 2023 FYE-23 September 30, 2023 $ 27,746 42,488 45,427 52,460 $ 168,121 73 58 96 60 287 $ 27,819 42,546 45,523 52,520 $ 168,408 20,416 22,082 20,681 30,401 93,580 2,831 3,750 2,225 2,063 10,869 9,802 9,750 10,405 15,757 45,714 3,724 4,329 5,064 7,706 20,823 3 1,928 1,931 83 194 740 6,146 7,163 517 (1,422) 143 (595) (1,357) 19,329 21,346 21,850 58,203 120,728 $ 56,702 60,032 61,108 121,609 $ 299,451 (28,883) (17,486) (15,585) (69,089) (131,043) Other income 11 11 Change in fair value of contingent consideration Unrealized gain (loss) on derivative security 485 2,000 (1) 2,484 (1,271) 56 105 851 (259) Interest income 70 52 52 307 481 Interest expense (889) (799) (689) (600) (2,977) Total other (expense) income (1,605) (680) 1,468 557 (260) NASDAQ: CLSK All Rights Reserved. Copyright 2024 CleanSpark | 29#30Income Statement FY2024 Q1 (cont'd) ($ in thousands, except per value and share amounts) Loss before income tax expense Income tax expense Loss from continuing operations Q1-23 December 31, 2022 Q2-23 March 31, 2023 Q3-23 June 30, 2023 (30,488) (18,166) +A $ (30,488) (18,166) (14,117) (14,117) Q4-23 September 30, 2023 FYE-23 September 30, 2023 (68,532) (131,303) 857 (69,389) $ 857 (132,160) Discontinued operations Gain (Loss) from discontinued operations $ 1,457 (294) (102) (5,490) $ (4,429) Net loss $ (29,031) (18,460) (14,219) (74,879) $ (136,589) Other comprehensive income 29 29 28 30 116 Total comprehensive loss attributable to common shareholders $ (29,002) (18,431) (14,191) (74,849) $ (136,473) $ LA (0.46) 66,395,174 (0.46) (0.23) 80,469,471 (0.23) (0.12) 114,844,402 (0.12) (0.47) 148,1579,790 $ (1.29) 102,707,509 66,395,174 80,469,471 114,844,402 (0.47) 148,1579,790 (1.29) 102,707,509 Loss from continuing operations per common share - basic Weighted average common shares outstanding - basic Loss from continuing operations per common share - diluted Weighted average common shares outstanding - diluted Adjusted EBITDA calculation: Net loss (Gain) loss on discontinued operations Depreciation and amortization Share-based compensation expense Other income Change in fair value of contingent consideration Unrealized (gain) loss of derivative security Interest income Interest expense Loss on disposal of assets Income tax expense Litigation related expenses Professional fees related to financing & business development transactions Severance expenses Adjusted EBITDA NASDAQ: CLSK $ (29,031) (18,460) (14,219) (1,457) 294 102 (74,879) 5,490 $ (136,589) 4,429 120,728 19,329 21,346 21,850 58,203 5,878 5,743 5,947 6,574 24,142 (11) (11) (485) (2,000) 1 (2,484) 259 1,271 (56) (105) (851) (70) (52) (52) (307) (481) 2,977 889 799 689 600 3 1,931 1,928 857 857 1,163 7,872 542 3,056 48 1,036 2,617 697 85 22 701 701 $ (1,971) 12,721 All Rights Reserved. 13,333 945 $ 25,028 Copyright 2024 CleanSpark | 30#31Balance Sheet ($ in thousands, except per value and share amounts) Assets Current assets Cash and cash equivalents Accounts receivable, net Inventory Prepaid expense and other current assets Bitcoin Derivative investment asset. Investment in debt security, AFS, at fair value Current assets held for sale Total current assets Property and equipment, net Operating lease right of use asset Intangible assets, net Deposits on miners and mining equipment Other long-term asset Goodwill Total assets NASDAQ: CLSK December 31, 2023 $ 48,458 LA $ September 30, 2023 29,215 5 809 732 2,971 126,951 12,034 56,241 2,697 1,454 726 755 445 384 $ 181,705 $ 102,172 $ 637,481 647 $ 564,395 688 4,089 25,048 5,718 8,043 $ $ 862,731 All Rights Reserved. 4,603 75,959 5,718 8,043 761,578 Copyright 2024 CleanSpark | 31#32Balance Sheet (cont'd) ($ in thousands, except per value and share amounts) Liabilities and stockholders' equity Current liabilities Accounts payable and accrued liabilities Current portion of operating lease liability Current portion of finance lease liability Current portion of long-term loans payable Dividends payable Current liabilities held for sale Total current liabilities Long-term liabilities Operating lease liability, net of current portion Finance lease liability, net of current portion Loans payable, net of current portion Deferred income taxes Total liabilities Stockholders' equity Common stock Preferred stock Additional paid-in capital Accumulated other comprehensive income Accumulated deficit Total stockholders' equity +A $ December 31, 2023 33,415 $ 176 96 7,421 579 706 42,393 September 30, 2023 65,577 181 130 6,992 1,175 74,055 474 519 9 7,047 8,911 857 2,256 $ 52,170 $ 84,351 186 2 1,113,248 255 (303,130) 810,561 Total liabilities and stockholders' equity $ 862,731 $ NASDAQ: CLSK All Rights Reserved. 160 2 1,009,482 226 (332,643) 677,227 761,578 Copyright 2024 CleanSpark | 32#33Facility: College Park 2500 KVA Vesime CleanSpark 1.5 Hashrate (EH/s) 12,022 No. of Machines 38 Megawatts 99.91% Uptime 261,360 Square Footage MEAG / Georgia Power Utility Provider CleanSpark's first ever bitcoin mining facility is in College Park, Georgia. It sits on six acres near the Hartsfield-Jackson Atlanta International Airport and features at its heart 48 new generation air-cooled pods enclosed by a Department of Transportation sound wall. Machines are also housed in 20 Ant boxes, an annex building and within the original data center. CleanSpark founder and CEO Zach Bradford originally visited the operation to consult on an energy project but quickly recognized the opportunity to lead one of the most important energy projects of our generation: bitcoin mining. ESTABLISHED DECEMBER 2020 OWNED & OPERATED AIR-COOLED SYSTEM *As of January 31, 2024 NASDAQ: CLSK All Rights Reserved. Copyright 2024 CleanSpark | 33#34Facility: Norcross .5 Hashrate (EH/s) 4,289 No. of Machines 99.73% Uptime *As of January 31, 2024 NASDAQ: CLSK 317,988 Square Footage -$ Cleansnark POSSESSIOS 15 CleanSpark 17.7 Megawatts Georgia Power Utility Provider An 87,000-square-foot data center in Norcross was purchased and transformed into CleanSpark's second Bitcoin mining facility. Situated on over seven acres, the immersion- cooled site participates in Georgia's Flex REC program and is 100% net carbon-neutral. There are two large rooms that house 20 MW of single-phase immersion - about 4,300 machines. Liquid immersion cooling, where the bitcoin mining machines are fully immersed in a specialized oil, has proven to significantly improve efficiency by reducing power consumption and extending the life of the machines - thereby maximizing financial gains. All Rights Reserved. ESTABLISHED AUGUST 2021 OWNED & OPERATED IMMERSION- COOLED SYSTEM Copyright 2024 CleanSpark | 34 14#35Facility: Washington Cleanpen 3.2 Hashrate (EH/s) 25,840 No. of Machines 82 Megawatts 99.68% Uptime 1,176,120 Square Footage MEAG Utility Provider Nestled between Augusta and Athens, the historic town of Washington is home to CleanSpark's third bitcoin mining facility. It was purchased during the summer 2022 bear market from another bitcoin miner as an already-operational site. Bitcoin mining machines operate in multiple air-cooled buildings. A completed 50MW expansion created four more buildings filled with an additional 14,000 latest-gen miners. It draws power predominantly from low-carbon sources, such as nuclear energy. Since its acquisition, CleanSpark has contributed hundreds of thousands in taxes to the city and supported numerous local businesses through sponsorships and charities. It is a perfect place to mine bitcoin, and we are thrilled to partner with the community. *As of January 31, 2024 NASDAQ: CLSK All Rights Reserved. ESTABLISHED AUGUST 2022 OWNED & OPERATED AIR-COOLED SYSTEM Copyright 2024 CleanSpark | 35#36Facility: Sandersville Sandersville 4.9 Hashrate (EH/s)¹ 24,604 No. of Machines 72 Megawatts CleanSpark's fourth bitcoin mining site (and second to be purchased during the summer 2022 bear market) is the largest facility in our portfolio. The turnkey operation in Sandersville was acquired from another bitcoin miner with room to almost triple its capacity. The site is undergoing a massive 150 MW expansion with expected completion later this year. It will feature cathedral-style buildings, some the length of over three football fields. Each building will house thousands of high-performance bitcoin mining machines and, once completed, will add about 7 EH/s to CleanSpark's hashrate. 98.29% Uptime *As of February 8, 2024 1. Currently undergoing expansion to 8.4 EH/s. NASDAQ: CLSK 1,437,480 Square Footage MEAG Utility Provider All Rights Reserved. ESTABLISHED OCTOBER 2022 OWNED & OPERATED AIR-COOLED SYSTEM Copyright 2024 CleanSpark | 36#37Facility: Dalton .8 Hashrate (EH/s) 6,114 No. of Machines -$ 99.81% Uptime *As of January 31, 2024 NASDAQ: CLSK 87,120 20 Megawatts Dalton Utilities Square Footage Utility Provider All Rights Reserved. Dalton marks CleanSpark's fifth campus in Georgia. We collaborate closely with the local utility, which is owned and operated by the City of Dalton. This campus is unique, being made of two separate sites a few miles from each other. ESTABLISHED JUNE 2023 OWNED & OPERATED AIR-COOLED SYSTEM Copyright 2024 CleanSpark | 37#38Facility: Co-locations *As of January 31, 2024 NASDAQ: CLSK 1.6 Hashrate (EH/s) 16,368 No. of Machines Most of CleanSpark's hashrate comes from the bitcoin mining locations that we own and operate. However, we also co-locate some of our machines at Coinmint in Massena, New York. The facility runs on hydroelectric power-a prime example of bitcoin mining with clean energy. 99.02% Uptime -4-50 Megawatts All Rights Reserved. PARTNERED JULY 2021 CO- LOCATED AIR-COOLED SYSTEM Copyright 2024 CleanSpark | 38#39Non-GAAP Measures This investor presentation references adjusted EBITDA, which is not a measurement of financial performance under generally accepted accounting principles in the United States("GAAP"). The Company's non-GAAP "Adjusted EBITDA" excludes (i) impacts of interest, taxes, and depreciation; (ii) the Company's share-based compensation expense, unrealized gains/losses on securities, and, changes in the fair value of contingent consideration with respect to previously completed acquisitions, all of which are non-cash items that the Company believes are not reflective of the Company's general business performance, and for which the accounting requires management judgment, and the resulting expenses could vary significantly in comparison to other companies; (iii) realized gains and losses on sales of equity securities, the amounts of which are directly related to the unrealized gains and losses that are also excluded; (iv) legal fees related to litigation and various transactions, which fees management does not believe are reflective of the Company's ongoing operating activities; (v) gains and losses on disposal of assets, the majority of which are related to obsolete or unrepairable machines that are no longer deployed; (vi) gains and losses related to discontinued operations that would not be applicable to the Company's future business activities; and (vii) severance expenses. The Company previously excluded non-cash impairment losses related to digital assets and realized gains and losses on sales of bitcoin from our calculation of adjusted EBITDA, but has determined such items are part of the Company's normal ongoing operations and will no longer be excluding them from our calculation of adjusted EBITDA. We have not excluded our net gain on fair value of bitcoin ($36,041 in the quarter ended December 31, 2023), which we now record in our statement of operations, as provided for in ASC 350-60 and as discussed elsewhere in our Form 10-Q for the quarter ended December 31, 2023, which filing is available on the U.S. Securities and Exchange Commission EDGAR database. Management believes that providing this non-GAAP financial measure that excludes these items allows for meaningful comparisons between the Company's core business operating results and those of other companies, and provides the Company with an important tool for financial and operational decision making and for evaluating its own core business operating results over different periods of time. In addition to management's internal use of non-GAAP adjusted EBITDA, management believes that adjusted EBITDA is also useful to investors and analysts in comparing the Company's performance across reporting periods on a consistent basis. Management believes the foregoing to be the case even though some of the excluded items involve cash outlays and some of them recur on a regular basis (although management does not believe any of such items are normal operating expenses necessary to generate our bitcoin related revenues). For example, the Company expects that share-based compensation expense, which is excluded from adjusted EBITDA, will continue to be a significant recurring expense over the coming years and is an important part of the compensation provided to certain employees, officers, and directors. Additionally, management does not consider any of the excluded items to be expenses necessary to generate the Company's bitcoin related revenue. The Company's adjusted EBITDA measure may not be directly comparable to similar measures provided by other companies in our industry, as other companies in the Company's industry may calculate non-GAAP financial results differently. The Company's adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered as an alternative to operating (loss) income or any other measure of performance derived in accordance with GAAP. Although management utilizes internally and presents adjusted EBITDA, the Company only utilizes that measure supplementally and does not consider it to be a substitute for, or superior to, the information provided by GAAP financial results. Accordingly, adjusted EBITDA is not meant to be considered in isolation of, and should be read in conjunction with, the information and risks contained in the Company's Consolidated Financial Statements as filed with the U.S. Securities and Exchange Commission, which have been prepared in accordance with GAAP. NASDAQ: CLSK All Rights Reserved. Copyright 2024 CleanSpark | 39#40NASDAQ: CLSK CleanSpark America's Bitcoin Miner™ 2500 All Rights Reserved. Copyright 2024 CleanSpark