Feb 11, 2023

CleanSpark to Continue Acquiring Distressed Mining Assets in 2023

CleanSpark, a Bitcoin (BTC) mining firm, has released its fiscal Q1 earnings presentation, expressing optimism for the coming year and continued growth. CFO Gary Vecchiarelli has reported that the company has seen “explosive growth” in the past 12 months, and will continue to acquire distressed mining company assets in order to expand and grow.

The company has made numerous acquisitions over the last year, including the purchase of more than 3,840 Antminer S19J Pro mining machines at below-market prices in November, the acquisition of Mawson’s Bitcoin mining facility in Sandersville, Georgia for $33 million, and the purchase of thousands of Bitcoin miners for a discounted price over June and July.

CleanSpark also announced that it is 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 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 remains optimistic and is looking to the future. CleanSpark is looking to leverage its experience in the web3 space and create new opportunities, such as NFT promotion and marketing. The company is exploring the potential of using Twitter to market NFTs, as well as exploring the possibility of becoming an NFT marketing agency.

CleanSpark is also looking to capitalize on the increased demand for NFTs by offering services to help people sell NFTs. The company is also looking to become a web3 agency and provide services such as blockchain consulting and development.

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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