Feb 10, 2023
CleanSpark to Acquire Distressed Mining Assets in 2023
CleanSpark, a Bitcoin (BTC) mining firm, is optimistic about the coming year and continued growth. The company released its fiscal Q1 earnings presentation on Feb. 9, with chief financial officer Gary Vecchiarelli stating that CleanSpark has seen “explosive growth” in the last 12 months.
He added that the company’s growth would continue into 2023 through mergers and acquisitions, saying that CleanSpark is “still buyers in this market, and our strategy has not changed.” Vecchiarelli noted that the firm wants to be in a position to be able to “pick off infrastructure and assets at good deals” similar to what it has done previously.
In November last year, CleanSpark snapped up 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, CleanSpark continued its expansion plans. In January, the company 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.
According to its fiscal Q1 earnings report, the company 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.
CleanSpark is looking to capitalize on the rising popularity of the web3 space by providing a comprehensive NFT marketing service. The company is targeting crypto enthusiasts who are looking to promote their NFTs and maximize their returns. The company’s NFT marketing services include social media promotion, content creation, influencer marketing, and more.
The company is also offering a web3 agency service, which provides clients with a suite of services to help them create, market, and sell NFTs. The services include branding, NFT design, smart contract deployment, and more.
CleanSpark is looking to capitalize on the growing demand for NFTs and become a leader in the space. The company is well-positioned to take advantage of the opportunities presented by the web3 space and provide its clients with the best NFT marketing services available.
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