Feb 11, 2023

CleanSpark Plans To Acquire Distressed Bitcoin Assets in 2023

CleanSpark, a Bitcoin (BTC) mining firm, has released its fiscal Q1 earnings presentation for the year 2023, showing that the company has seen “explosive growth” in the last 12 months. The company’s Chief Financial Officer Gary Vecchiarelli expressed optimism for the coming year and continued growth, with plans to continue to acquire infrastructure and machines through mergers and acquisitions.

The company has already made several purchases in the past year, such as snatching up 3,840 Antminer S19J Pro mining machines at below-market prices in November, and acquiring 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 September. CleanSpark also purchased thousands of Bitcoin miners for a discounted price in June and July.

The company continued its expansion plans in January, announcing 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. 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.

The company is also looking to capitalize on the growing trend of Non-Fungible Tokens (NFTs). CleanSpark is launching an NFT marketing agency to help clients promote their NFTs and increase their visibility on social media platforms such as Twitter. The agency will offer a range of services such as NFT promotion, NFT marketing, Twitter NFT marketing, and more.

The agency will also help clients with their NFT sales, providing guidance on how to best market and sell their NFTs. CleanSpark believes that the NFT market is still in its early stages and that there is still a lot of potential for growth. As such, the company is hoping to capitalize on this growing trend and establish itself as a leader in the NFT marketing space.

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