BTC miner CleanSpark looking for additional crypto miner sales
Bitcoin (BTC) mining company CleanSpark plans to continue its strategy of acquiring distressed mining companies this year.
The bitcoin miner released its fiscal first-quarter earnings presentation on February 9, where the company said it remained optimistic about the coming year and continued growth.
CFO Gary Vecchiarelli said CleanSpark has seen “explosive growth” over the past 12 months and feels very comfortable with its plans. He added that the growth in terms of mergers and acquisitions will continue into 2023.
“In terms of our M&A strategy, we have been one of the most active miners to date in acquiring infrastructure and machinery and we will continue to be active.”
“We are still buyers in this market and our strategy has not changed,” he added, before stating that “we don’t feel compelled to go out and have to do M&A. But clearly, if we see a good agreement, we will take advantage of it.”
He said smaller mining could be in potential trouble. Therefore, the company wants to be able to “pick out infrastructure and assets for good deals” in the same way as it has done in the past.
Last November, the firm bought more than 3,840 Antminer S19J Pro mining machines at below market prices.
Months before in September, the firm bought Mawson’s Bitcoin mining facility in Sandersville, Georgia for $33 million, as well as a 36-megawatt facility in the same country for $16.2 million.
The company also bought thousands of Bitcoin miners at a “significantly discounted price” during June and July 2022.
Related: BTC Miner CleanSpark Picks Up Thousands of Miners Amid ‘Distressed Markets’
In early 2023, the company continued these expansion plans.
In January, CleanSpark announced that it is further expanding its 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 Q1 earnings report, CleanSpark reported that it had mined 1,531 BTC for the period, an increase of 132% compared to the same period last year.
However, revenue had fallen 25% from the same period last year, falling to $27.8 million. Its adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) had fallen to $1.4 million.
Despite the positive outlook, the company’s shares ( CLSK ) fell 5.2% on the day to $3.13 in after-hours trading.
