CleanSpark Continues To Expand Crypto Miner Fire Sales In 2023

Key Points:

• As the crypto winter continues to put pressure on the sector, Bitcoin miner CleanSpark says it will continue to explore expansion through accretive acquisitions of mining assets.
• While many miners were suffering during the most recent bear market due to the drop in Bitcoin prices and rising energy expenses, CleanSpark seized the chance to purchase assets and mining equipment at a discount.

This year, the bitcoin mining company CleanSpark plans to keep acquiring the assets of struggling mining companies.

On February 9, the Bitcoin miner published its fiscal Q1 financial presentation, stating that it was upbeat about the next year and expected sustained growth.

During his company’s fiscal first-quarter results conference call on Thursday, Chief Financial Officer Gary Vecchiarelli remarked. He stated:

“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.”

He also believes that there will probably be a lot of smaller miners, particularly private enterprises, who won’t be able to access the financial markets, resulting in significant changes for CleanSpark if Bitcoin’s price doesn’t come close to $40,000 before the next halving event.

“We have been thoughtful and calculated buyers in this market, seeking out accretive acquisitions and efficiently deploying capital. We have been successful in sourcing and closing transactions which not only grow our percentage of the total global hash rate, but also produce meaningful bitcoin and cash flow while still paying down what little debt we have. Despite recent macro headwinds in our first quarter, we are excited for 2023 as a year of continued execution and growth,” Vecchiarelli said.

On the results conference call, management stated that CleanSpark is aiming to raise stock and sell mined bitcoins to finance possible transactions. In order to do this, CEO Zach Bradford stated that CleanSpark would seek to increase the permitted number of shares for issuance at its 2018 annual meeting from 100 million to 300 million:

“We have reliably grown, quarter over quarter, as we execute an operational strategy that we believe makes us one of the fastest growing, most reliable, and most efficient publicly traded Bitcoin miners in North America.”

CleanSpark said in January that it was growing its business activities in Georgia. In the city of Washington, a new 50-megawatt Bitcoin mining plant is anticipated to be finished by late April.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

Coincu News