Feb 10, 2023
CleanSpark Plans to Acquire Distressed Bitcoin Assets in 2023
Bitcoin (BTC) mining firm CleanSpark is planning to continue its strategy of scooping up distressed mining company assets this year. The company released its fiscal Q1 earnings presentation on Feb. 9, with the Chief Financial Officer Gary Vecchiarelli expressing optimism about the coming year and continued growth.
Vecchiarelli said that CleanSpark has seen “explosive growth” in the last 12 months, and that its growth would continue into 2023 through mergers and acquisitions. He added that the company will remain active in the market and take advantage of any good deals they come across.
The company has been busy over the last year, acquiring 3,840 Antminer S19J Pro mining machines at below-market prices in November, then 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. CleanSpark also purchased thousands of Bitcoin miners for a “substantially discounted price” in 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.
In its fiscal Q1 earnings report, 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, despite the positive outlook.
CleanSpark has shown that it is well-positioned to capitalize on distressed markets, and is positioning itself to become a major player in the web3 space. The company is also exploring ways to better promote and sell NFTs, and is looking to hire a NFT marketing agency to help with the promotion of their NFTs. They are also looking to leverage Twitter for NFT marketing, as well as explore other avenues for NFT promotion and marketing.
The company is also in the process of setting up a web3 agency to help promote and sell NFTs on the web3 space. CleanSpark is well-positioned to capitalize on the growth of the web3 space, and is looking to become a major player in the space.
Overall, CleanSpark has shown that it is well-positioned to capitalize on distressed markets, and is positioning itself to become a major player in the web3 space. The company is looking to leverage Twitter for NFT marketing, as well as explore other avenues for NFT promotion and marketing, and is in the process of setting up a web3 agency to help promote and sell NFTs on the web3 space. With its continued strategy of scooping up distressed mining company assets, CleanSpark is well-positioned to take advantage of the growth of the web3 space and the increasing popularity of NFTs.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.