Feb 11, 2023

CleanSpark Seeks Distressed Mining Assets in 2023

CleanSpark, a Bitcoin (BTC) mining firm, released its fiscal Q1 earnings presentation on Feb. 9, signaling a positive outlook for the coming year. The company has seen “explosive growth” in the last 12 months and plans to continue this growth into 2023 through mergers and acquisitions. Chief financial officer Gary Vecchiarelli said CleanSpark is still actively looking for deals, though they don’t feel the need to rush into anything.

The company has already made several acquisitions in the past year. In November, they purchased more than 3,840 Antminer S19J Pro mining machines. 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 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. Despite the positive outlook, company stock (CLSK) fell 5.2% on the day to $3.13 in after-hours trading.

The company is looking to expand its reach into the web3 space as well. CleanSpark is currently exploring ways to use Non-Fungible Tokens (NFTs) to promote their brand and services. NFTs are digital assets that are unique and can be used to represent a variety of digital assets, such as art, music, or even real estate. CleanSpark is looking to use NFTs to promote their services to a wider audience.

The company is also looking to partner with a web3 agency to help them leverage the power of NFTs. The agency would help CleanSpark create marketing campaigns that would help them reach a larger audience and increase their brand awareness. The agency would also help them develop strategies to help them sell their NFTs.

CleanSpark is also looking to leverage the power of social media to promote their services. They are exploring ways to use Twitter to market their NFTs and services. They believe that Twitter is a powerful tool that can help them reach a larger audience and increase their brand awareness.

CleanSpark is confident that their strategy of leveraging NFTs, web3, and social media will help them reach new heights in the coming years. They are optimistic about the future and believe that their investments in the web3 space will pay off.

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