Feb 11, 2023
CleanSpark to Acquire Distressed Mining Assets in 2023
CleanSpark, a Bitcoin (BTC) mining firm, recently released their fiscal Q1 earnings presentation, expressing optimism about the coming year. Chief financial officer Gary Vecchiarelli confirmed that their growth would continue into 2023 through mergers and acquisitions.
“We are still buyers in this market, and our strategy has not changed,” he said. “We don’t feel compelled to go out and have to do M&A. But obviously, if we see a good deal, we’ll take advantage of that.”
The company has been actively buying infrastructure and machines, and plans to continue doing so in order to take advantage of the distressed market. In November of last year, they purchased 3,840 Antminer S19J Pro mining machines at a discounted price.
In September, they acquired Mawson’s Bitcoin mining facility in Sandersville, Georgia for $33 million and a 36-megawatt facility in the same state for $16.2 million. They also purchased thousands of Bitcoin miners for a “substantially 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.
According to their fiscal Q1 earnings report, CleanSpark reported that they 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. Their adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) decreased to $1.4 million.
As the company moves forward, they plan to continue their strategy of scooping up distressed mining company assets, as well as promote their NFTs (non-fungible tokens) and engage in NFT marketing. They are also looking to become a web3 agency, providing services such as NFT promotion and Twitter NFT marketing. By selling their NFTs, they are hoping to increase their revenue and make the most of the current crypto market.
Despite their positive outlook, company stock (CLSK) fell 5.2% on the day to $3.13 in after-hours trading.
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.
