The mining company is unconcerned about the downturn and intends to “take off infrastructure and assets at attractive deals” this year.
CleanSpark, a Bitcoin mining firm, intends to continue its approach of acquiring distressed mining company assets this year.
On February 9, the Bitcoin miner presented its fiscal Q1 earnings presentation, stating that it remains enthusiastic about the coming year and sustained expansion.
CleanSpark’s chief financial officer Gary Vecchiarelli stated that the company has had “rapid growth” in the last year and is confident in its future ambitions. He stated that its expansion would continue through mergers and acquisitions until 2023.
“With respect to our strategy regarding M&A, we have been one of the most active miners to date in acquiring infrastructure and machines, and we will continue to be active.”
“We are still buyers in this market, and our strategy has not altered,” he noted, before noting that “we don’t feel obliged to go out and have to execute M&A. But, of course, if we find a good bargain, we’ll take advantage of it.”
Smaller mining operations, he warned, could face difficulties. As a result, the corporation hopes to be able to “take off infrastructure and assets at excellent deals,” as it has done in the past.
Last November, the company purchased around 3,840 Antminer S19J Pro mining rigs at below-market costs.
Months earlier, in September, the company paid $33 million for Mawson’s Bitcoin mining facility in Sandersville, Georgia, as well as $16.2 million for a 36-megawatt facility in the same state.
Thousands more Bitcoin miners were also purchased at a “significantly discounted price” by the corporation in June and July.
These expansion plans were continued by the corporation in early 2023.
CleanSpark stated in January that it was extending its operations in Georgia. A new 50-megawatt Bitcoin mining plant in Washington, DC, is set to open in late spring.
CleanSpark reported 1,531 BTC mined during the fiscal Q1 profit period, a 132% increase over the same period the previous year.
Revenue, on the other hand, had dropped 25% from the same period last year, to $27.8 million. The company’s adjusted EBITDA (profits before interest, taxes, depreciation, and amortization) fell to $1.4 million.
Despite the upbeat outlook, the company’s stock (CLSK) plummeted 5.2% in after-hours trade to $3.13.
