Feb 11, 2023

CleanSpark Acquires Distressed Mining Assets, Seeks Explosive Growth

CleanSpark, a leading Bitcoin (BTC) mining firm, is optimistic about the coming year and plans to remain active with its strategy of acquiring distressed mining company assets. This was revealed in the company’s fiscal Q1 earnings presentation on Feb. 9.

Chief financial officer Gary Vecchiarelli said CleanSpark has experienced “explosive growth” in the last 12 months and is confident with its plans. He added that its growth will continue into 2023 through mergers and acquisitions.

“We are still buyers in this market, and our strategy has not changed,” he said. “But obviously, if we see a good deal, we’ll take advantage of that.”

CleanSpark has been on a buying spree, snapping up more than 3,840 Antminer S19J Pro mining machines at below-market prices in November. In September, the firm also acquired Mawson’s Bitcoin mining facility in Sandersville, Georgia for $33 million as well as a 36-megawatt facility in the same state for $16.2 million.

The company further expanded operations in the state of Georgia in January, announcing the construction of a new 50-megawatt Bitcoin mining facility in the city of Washington. This facility is expected to be completed in late spring.

CleanSpark’s Q1 earnings report showed that the company mined 1,531 BTC for the period, a 132% increase over the same prior year period. However, revenue had decreased 25% from the same period last year, falling to $27.8 million. Its adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) decreased to $1.4 million.

The company’s stock (CLSK) fell 5.2% on the day to $3.13 in after-hours trading.

CleanSpark is not only focusing on acquiring mining assets, but it is also expanding its services to include NFT marketing and promotion. The company is positioning itself as a web3 agency and is offering services such as Twitter NFT marketing, NFT promotion, and NFT marketing agency services.

The company is also helping its clients sell NFTs and is leveraging its experience in the crypto space to help them maximize the potential of their NFTs. CleanSpark’s NFT marketing services are designed to help clients reach a wider audience and increase the visibility of their NFTs.

CleanSpark’s efforts to acquire distressed mining assets and expand its services to include NFT marketing and promotion speak to its commitment to remain a key player in the web3 space. With its experienced team, the company is well-positioned to continue its growth into 2023.

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