Feb 10, 2023
CleanSpark to Acquire Distressed Mining Assets in 2023
CleanSpark, a Bitcoin (BTC) mining firm, has released its fiscal Q1 earnings presentation for 2023 and is planning to continue its strategy of acquiring distressed mining company assets this year. The company’s chief financial officer Gary Vecchiarelli believes that the firm has seen “explosive growth” in the last 12 months and is confident that it will continue to grow through mergers and acquisitions.
The firm has already made several acquisitions in the past year, including the purchase of more than 3,840 Antminer S19J Pro mining machines in November, Mawson’s Bitcoin mining facility in Sandersville, Georgia for $33 million in September, and 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, with a new 50-megawatt Bitcoin mining facility in the city of Washington expected to be completed in late spring.
The company’s fiscal Q1 earnings report showed 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 and its adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) decreased to $1.4 million.
Despite this, CleanSpark remains optimistic about the coming year and its continued growth and is looking to take advantage of opportunities to acquire infrastructure and assets at good deals.
The company is also exploring other avenues for growth, such as NFT promotion and marketing. NFTs, or non-fungible tokens, are digital assets that are unique and cannot be replaced. As the demand for NFTs grows, CleanSpark has identified NFT promotion and marketing as a potential area of growth.
The company is looking to capitalize on the growing trend of NFTs by offering its services as a web3 agency, providing NFT marketing and promotion services. It is also exploring ways to leverage Twitter for NFT marketing, as the platform has become a major platform for NFTs and crypto-related content.
CleanSpark is also exploring ways to help people sell NFTs, by providing services such as marketing and promotion, as well as helping to facilitate the sale of NFTs.
Despite the company’s positive outlook, its stock (CLSK) fell 5.2% on the day to $3.13 in after-hours trading.
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