Feb 10, 2023
CleanSpark to Expand Bitcoin Mining with M&A Strategy
CleanSpark, a leading Bitcoin (BTC) mining firm, has released its fiscal Q1 earnings presentation for the year 2023. 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.
Chief financial officer Gary Vecchiarelli stated that CleanSpark has seen “explosive growth” in the last 12 months and remains optimistic about the coming year. He added that the company’s growth would continue into 2023 through mergers and acquisitions. The company plans to acquire infrastructure and machines from smaller mining operations that may be in trouble.
In November last year, the firm 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. The company 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.
The company is also looking to expand its presence in the web3 space. It has been actively exploring ways to promote and sell Non-Fungible Tokens (NFTs), such as through Twitter NFT marketing. It is also looking to partner with a web3 agency to help it launch its own NFT marketing campaigns.
Despite the positive outlook, company stock (CLSK) fell 5.2% on the day to $3.13 in after-hours trading. CleanSpark remains confident in its ability to continue its strategy of scooping up distressed mining company assets this year and beyond.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.