Feb 11, 2023
CleanSpark Plans to Buy Distressed Mining Assets in 2023
CleanSpark, a Bitcoin (BTC) mining firm, has released its fiscal Q1 earnings presentation on Feb. 9. The company is optimistic about the coming year and is planning to continue its strategy of scooping up distressed mining company assets.
Chief financial officer Gary Vecchiarelli said CleanSpark has seen “explosive growth” in the last 12 months and is confident in its plans. He added that its growth would continue into 2023 through mergers and acquisitions.
“We are still buyers in this market, and our strategy has not changed,” Vecchiarelli said. “But obviously, if we see a good deal, we’ll take advantage of that.”
The company has been actively acquiring infrastructure and machines, and it is likely to take advantage of any good deals it finds. In November 2020, CleanSpark purchased more than 3,840 Antminer S19J Pro mining machines at below-market prices.
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” over June and July.
In January 2023, 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 is looking to leverage its acquisition strategy to further its growth. With the rise of Non-Fungible Tokens (NFTs) and the growth of the web3 space, CleanSpark is looking to become a leader in NFT promotion and marketing. The company is looking to partner with a web3 agency to help with NFT promotion, Twitter NFT marketing, and selling NFTs.
CleanSpark is confident that its acquisition strategy and its plans to become a leader in NFT promotion and marketing will help the company to continue its growth and remain competitive in the web3 space.
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.
