Feb 11, 2023

CleanSpark Plans M&A Expansion for Bitcoin Mining

CleanSpark, a Bitcoin (BTC) mining firm, has plans to continue its strategy of acquiring distressed mining company assets this year. The company released its fiscal Q1 earnings presentation on Feb. 9, and chief financial officer Gary Vecchiarelli expressed optimism about the coming year and continued growth.

Vecchiarelli said CleanSpark has seen “explosive growth” in the last 12 months and feels comfortable with its plans. He added that its growth will continue into 2023 through mergers and acquisitions. He mentioned that CleanSpark is still in the market for buying assets and infrastructure, but that the company is not desperate for any deals.

In November last year, the firm acquired more than 3,840 Antminer S19J Pro mining machines at below-market prices. Months before, in September, the firm 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. In early 2023, the company continued these expansion plans. In January, CleanSpark announced that it was further expanding operations in the state of Georgia with a new 50-megawatt Bitcoin mining facility in the city of Washington which is expected to be completed in late spring.

The company 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. Despite the positive outlook, company stock (CLSK) fell 5.2% on the day to $3.13 in after-hours trading.

CleanSpark is looking to capitalize on the growing interest in the web3 space and the rise of Non-Fungible Tokens (NFTs). The company is planning to launch a dedicated NFT marketing agency to help promote and sell NFTs. The agency will focus on using Twitter and other social media platforms to reach potential customers and create campaigns to promote NFTs. The agency will also provide marketing services such as content creation, influencer marketing, and search engine optimization to help NFT creators and sellers reach their target audience.

The agency will also provide consulting services to help NFT creators and sellers create and execute their marketing strategies. They will provide advice on how to create an effective NFT marketing strategy, how to reach the right audience, and how to optimize their campaigns for maximum impact.

The agency will also offer a suite of tools to help NFT creators and sellers track their campaigns and measure their success. This will include analytics tools to track website traffic, social media engagement, and other metrics to help them understand how their campaigns are performing.

CleanSpark is positioning itself as a web3 agency, and its NFT marketing agency is just the latest step in its plans to capitalize on the growing interest in the web3 space. With its expertise in mining, the company is well-positioned to help NFT creators and sellers maximize their success in the market.

Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.