Feb 11, 2023
CleanSpark Continues Buying Distressed Mining Assets
Bitcoin (BTC) mining firm CleanSpark is looking to capitalize on the distressed markets in the crypto space by acquiring mining operations and infrastructure. The company has seen explosive growth in the last 12 months and is confident that its growth will continue into 2023.
CleanSpark recently released its fiscal Q1 earnings presentation on Feb. 9, with CFO Gary Vecchiarelli stating that their M&A strategy remains unchanged. The company is not under any pressure to pursue acquisitions, but they are still buyers in this market and will take advantage of any good deals they come across.
The company has already made some notable acquisitions in the past year. In November, they purchased more than 3,840 Antminer S19J Pro mining machines at below-market prices. In September, they 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. They also purchased thousands of Bitcoin miners for a “substantially discounted price” over June and July.
In January, CleanSpark announced that it was further expanding operations in the state of Georgia. A new 50-megawatt Bitcoin mining facility in the city of Washington is expected to be completed in late spring.
CleanSpark reported that it had 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 focused on continuing its expansion strategy in the web3 space. The company is exploring ways to promote its NFTs and is looking to hire a web3 agency to help it with its NFT marketing efforts. It is also looking to leverage Twitter as a platform to market its NFTs.
The company is also exploring ways to make it easier to sell NFTs. It is looking to develop a platform that will enable users to buy, sell, and trade NFTs with ease.
CleanSpark is confident that its growth will continue into 2023. The company is optimistic about its future and is looking to capitalize on the current market conditions in the web3 space.
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